I live a 450 unit condo building in Chicago. Up until about 3 years ago the Board was annoying but prudent. recently the board decided to upgrade our common areas..budgeted 1MM but spent more than 1.7MM, draining our reserves. The board did this without notifying the owners. We have discovered all kinds of inside contract arrangements.. Everything they did was legal by the letter of the law.. and the board members drunk with power feel that they are not accountable and they can do what ever they want. So far we have mobilized over 50% of the owners and are preparing to tussle.. Anybody else have similar problems? How did you solve it?
2007-02-02 16:19:11 · 2 answers · asked by corporatetrade 2 in Business & Finance ➔ Renting & Real Estate
I don't or never have lived in a condo complex. BUT, from my understanding, from friends and relatives that live in them, your board can pretty much do what they want. Of course as long as it is legal. I suppose if you petition them with the rest of you neighbors you may be able to do some damage control. My mother-in-law just went thru something similiar but they couldn't do anything about it.....from what I hear those condo associations can be really pains in the you know what
2007-02-03 04:59:33 · answer #1 · answered by poodiebear 3 · 0⤊ 0⤋
perhaps since so many people are mobilized, you could put on your own slate of candidates in the next election?
2007-02-02 16:25:46 · answer #2 · answered by njyogibear 7 · 0⤊ 0⤋