Well, it has been an interesting year living in a large condo complex. There are 55 acres and 340 units in the development. It was developed in phases during the late 70's. Unfortunately for the current owners, the original design and development didn't take into account the rain we have here in Oregon. The units are single wall construction and lack eaves. This means "water intrusion" around all doors, windows, and seams in the T1-11 siding. (note: not to imply every unit leaks at every window or seam. However, a report done April 2009 by a forensic archietect/engineer concluded that the mix of materials, design , and application HAS failed at every point on an least one unit, and will continue to fail as long as poor installation procedures are in place. I encourage you to ask to review the April 2009 report done by Western Architects.) An architectural and engineering review led to estimates of as high as $12,000,000 to correct the design defects. That would be about $30,000 in special assessments per unit.
I just looked at the July financial statement. The association has about $1,000,000 in replacement reserves. The board recently voted to spend up to $365,000 to repair siding on just 64 units, and an additional $89,000 to paint just 64 units of the 340. That leaves a bit over $500,000 in reserves.
Of the five board members, three have actually been elected. The other two are appointed because of the stress of dealing with the problems in a community association. The editor of the newsletter had an opinion page for community members to post their thoughts
Nabout the association. It was so negative, the board had it removed from the website.
IF YOU ARE CONSIDERING BUYING A CONDOMINIUM AT TANASBROOK
Caveat Emptor..let the buyer beware! Do your due diligence, and understand that the most recent reserve study reflects a financial shortfallnof at least $2,000,000. The board will need a special assessment of several thousand dollars per unit in the next year!
