Nobody likes hearing that there’s going to be a special assessment they will have to start paying. An unfortunate circumstance can always be understood, but when lack of upkeep and maintenance causes an unexpected dent in everybody’s bank account, it can cause you to lose sleep at night.
Over the last year or so, we’ve been able to instill more confidence in our perceived value of three downtown condo buildings just because their Homeowner’s Associations have made proactive decisions to improve their property, rather than waiting for what could have been an improvement to be a maintenance issue.
Last year, Market Court made the decision to replace the buildings windows and siding, since it originally wasn’t done to their standards to begin with. In March 2009, Bay Vista Tower informed us that they were renovating their amenity floor and should be finished in the next week or two.
The Ellington is also now on that list of downtown addresses that has an HOA an interested buyer can feel good about. Between now and through October, you may see they’re replacing some of the building’s sealant, doing pressure washing, and even doing some painting here and there. It may not be a breaking news story, but as Realtors it’s one of those little things we pay attention to for our clients. It’s easy for buyers to sometimes be sold on a project boasting about their granite countertops and stainless steel appliances, but a solid HOA will serve you the best in the long run.