Saturday’s real estate section in the Washington Post had an interesting article about the problems facing condo associations these days. What happens when you have an entire building to care for, and only a few people living in it?
Navigating the economic downturn is tricky, experts said, and condo associations must weigh budget concerns against retaining the community’s value. Cut back on too many amenities, and a condo risks putting itself at a competitive disadvantage. But if the board raises fees or imposes a special assessment to make up for a budget shortfall, the potential for scaring away buyers can be even higher.
The entire scenario sort of reminds me of concerns facing D.C. Public Schools before Michelle Rhee came in and shut down a significant number of them, cutting fixed janitorial, maintenance, and energy costs. If only someone could round up all the new condo owners, and consolidate them into a few buildings for a while.