I live in a small co-op (32 apartments) that recently refinanced taking an additional 400 thousand for the reserve fund. Prior to this we had 2 assessments that were made permanent and then had a 14% maintenance increase on top of that. Currently there are 6 or 7 apartments for sale, including mine, but no one is even looking. According to my real estate agent the first hurdle is getting someone into the neighbor hood which is shaky since it boarders on an extremely high crime neighborhood (2 blocks away). Then we have a high maintenance fee, limited parking (16 spots with a waiting list), and a flip tax (which used to be paid by seller but was recently change to buyer pays/six of one half dozen of another if you ask me). The previous MA was let go, but under his rein the building deteriorated and is in need of much repair. The building is old (approximately 80 years) and quite charming otherwise, large rooms and ½ of the apartments have working fireplaces.
One serious issue is that the windows are also 80 years old and most of the share holders would like to see them replaced. Also under the previous dysfunctional management shareholders were told that no money was available to replace windows. At this time they were advised that if they wanted new windows they could purchase them on their own. Since some of them chose to do this it is a source of contention among them that others will be getting new windows while they paid out of pocket. Also according to one board member the source that shareholders were told to use for the new windows basically ripped them off (she used the term “hoodwinked”). In this case I think all the windows should be replaced rather then financial compensation to those who purchased on their own, which is now being considered. At a recent shareholder meeting some of us pushed for new windows and told that it was under consideration, but that it was very expensive. Some of us were under the impression that new windows were going to be installed this summer. But in further discussion with a board member it may be more then 2 years before we get what we want (new windows). Instead they are considering new mailboxes, intercoms, and refurbishing the workout room which no one in the building uses, along with some other major but necessary repairs. In speaking with another shareholder she thought that getting a petition signed by shareholders may be the way to go. Does anyone know how this works, and if petitions are a viable way of having our voices heard and responded to?
Thanks for any and all advice.