By Stephen M. Guerra, Esq.*
Assessments are the means by which all associations operate, and assessments provide the necessary income to maintain and enhance a community’s assets to protect and maximize unit values. When assessment levels get too high, the very assessments that are essential to sustain a condominium community may very well end up hurting the market values the association is seeking to increase and protect.
Indeed, in addition to unit types, amenities and location, the single most important factor in condominium unit resale is the amount of association assessments. Consequently, those communities with higher than average assessment levels will find that they are at a market disadvantage. In order to sustain and enhance market value, condominium communities must therefore find ways to lower or stabilize assessment levels, without reducing services necessary to properly maintain and enhance the community’s assets. Continue reading