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Old 11-30-2012, 10:50 AM   #7906
Grainbelt
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Joined: Feb 2006
Location: Minnyhappiness
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Quote:
Originally Posted by pineconeMN View Post
This sounds legit, although I've never lived in that sort of arrangement. But people I know talk of paying in the $300-400 range. $190 sounds like it wouldn't cover much more than just lawn care & snow removal.
Yeah, I dunno if he's talking condo (apartment style) or townhouse. Townhouse style comprehensive HOA that covers roof, exterior, windows, and subsequent insurance on top of lawn care and snow removal will be fairly expensive.

Reading the response, it sounds like they are trying to prop up resale values by bumping up the reserve amount. Great if you're trying to sell, less so if you're planning to stay. Plenty of people in the Mpls market got burned by underfunded associations when the condo market was overbuilt in the 00's and developers weren't putting in the monthly fee for unsold units. That left the reserve very underfunded and required hefty assessments or fee increases in later years to dig out of that hole. That's why prospective buyers are gun-shy about it.
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