Monday, February 28, 2011

Westmoreland condo fees to rise only 3-5%

At the Westmoreland Terrace Condominiums Board meeting tonight, the Board noted that the condo fee increase to be presented for approval at this April's annual condo association meeting is likely to be 3% to 5%.  That's much smaller than last year's 11.4% condo fee increase.  Previously the Board stated that it projected 10% per year condo fee hikes for the next ten years, which would generate a condo fee of about $660 per month for a 1BR Westmoreland condo in the year 2019.  At last night's meeting, the Board stated that condo finances were doing better than they had thought.  Whether projections for future condo fee increases have also been revised isn't clear.

Additional meeting notes:
  • The Board discussed thoroughly the cost tradeoffs between deep-root feeding of trees and possible tree replacement.  No specific decision was reached.
  • The plan to re-issue all Westmoreland parking stickers is moving forward.
  • Brick facade work will begin this spring on building 1336 and is projected to take about a month
Attending the meeting were Board members Jose Calvo, Jennifer Feinleib, Joe Ruland, and Emil Tabakov; residents Mark G., Douglas G., and Clayton T., and Zalco property manager Dennis Freeman.  The next regularly scheduled Condo Board meeting with be Tuesday, March 29, at 7pm in the onsite condo manager's office. Note that, just for this month, the meeting has been moved from the last Monday of the month to the last Tuesday.  The annual condo association meeting will occur in April.


Anonymous said...

Is HOA really a sustainable model in the long run? Particularly for condos, it seems that the math doesn't work. One issue is that contractors performing work generally charge single family homeowners a "consumer" rate, while they charge condo associations a much higher "business" rate. For small HOAs the math doesn't really work when considering the normal maintenance and repairs that are needed each 10, 20 and 40 years. Part-time, amateur management leads to errors in judgment. For larger HOAs, professional management seems to grow in influence once their toe is in the door.

Anonymous said...

Will re-issuing the parking stickers really do any good for the overcrowding of the parking lots? I live in 1336 and just in the last mont, I have not been able to park in the lower, and sometimes upper lot next to the building which I find incredibly frustrating. I've been observing that there are more than a few cars with no WMT stickers or visitor parking passes in these lots and they are not being towed. If towing is not enforced, then what's the point in re-issuing new stickers?

Anonymous said...

Dennis Freeman's still alive and on the job? He must have incredible stamina to have stuck through 23+ years of WT condo meetings. Or he has a strong masochistic streak.
Too bad the your Blog wasn't around in 1989, it's a hoot.

Douglas Galbi said...

Dennis recently moved to a new job at Zalco:

Glad you're enjoying the Ode Street Tribune.