Thursday, April 26, 2012

Westmoreland Condos assessment up 8%

The Westmoreland Terrace Condominiums budget for fiscal year June 1, 2012 to May 31, 2013 has an 8% increase in condo fees.  That's similar to last year's 7.5% increase.

The detailed budget shows some apparent cost overruns in the capital improvement program.  The facade repair, budgeted at $135,000, cost $168,067.  Professional fees for the roof and facade program, budgeted at $13,523, cost $42,063.  Given that the roof replacement cost $77,248, professional fees amounted to 17% of the amount spent on the actual roof and facade replacement / repairs.  Can anyone provide any neighborhood comparables?

Westmoreland continues to spend about $7000 a year on a doorbell system.  Here's an idea for an aspiring entrepreneur: replace legacy telephone-entry systems with a WiFi system that communicates with small, cheap wireless beeping devices given to each unit occupant.  You could charge half as much as the cost of the existing telephone-entry system and still make a huge profit.

The Westmoreland Terrace Condos annual meeting is this Monday, April 30, at 7pm in the onsite management office.  Three positions on the Condo Association Board of Directors will be elected. You can make nominations, including of yourself, at the meeting. Participate in the government of your own home!

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