The president of the board/building manager touts TBN North’s assessments as being the lowest on Sheridan Road, and this is true as far as the base assessment goes. However, we have been hit with special assessments (which were increased this year) every year for the past few years, and we don’t see them abating:
Our sister building, TBN South, is of approximately the same vintage and is made of similar materials as TBN North. So far most repairs that have been needed in TBN South have eventually been completed in TBN North. So, for the coming years, expect special assessments to be levied to pay for a new roof, new elevators and additional monies demanded by Savemax, the contractor who is repairing the balconies.
As for the balconies, the board chose to restore them rather than replacing them as TBN South had done, because of “all the money that was saved”. However, some people feel that this only bought us some time and the balconies will have to be replaced in ten years or so.
This brings our assessments in line with many of our neighboring buildings. However, for a similar amount of assessments, other buildings offer some or all of:
24 Hour Doorman, with 24 Hour surveillance of all entry ways and exits
Recreation Rooms that are actually available to unit owners
Adequate reserves (Does anyone know how much we have in reserves for our 160 unit building?)
A couple of observations made regarding the assessment increase are:
1) We have been informed that by law, the association cannot increase special assessments, only add an additional one. Both our regular and special assessments were increased by 15%. If the association eventually rescinded the increase in special assessments, the increase must have been added to our regular assessments because we have all been paying the increased amount. However, no announcement has been made regarding this increase, although monies are being collected.
2) The cable fee used to be included within our assessment. However, it was broken out as a separate line item when we were informed about the increases in assessments without reducing our base assessment. Thus, we are effectively being double charged for the cable fee, and we were not given a refund when the fee levied was greater than that charged by Comcast.