New Elevators????

Several years ago, two condominiums were bought for homeowners’ benefit.  These units were earmarked to pay for three elevators in the four story buildings. The lifts are over 50 years old and past their useful life.

Last month, the new board tried to sell one of these units without homeowner approval. Thankfully, Coldwell Banker found out and dropped the listing.  They didn’t want to be involved in any fraud.

Why was the new board trying to sell this unit in secret?   It doesn’t seem that the money was going to be used for the elevators.

Soon new board will be asking for your permission to sell or mortgage the units.   Our sources say that that money will go to pay for new board’s attorney fees, there will be no money left for elevator replacement and a special assessment will be needed.  And, yes, two story owners pay too.

Is this how we want to waste association assets?  Do we want this money to pay for legal fees or elevator replacement? Naper Place News