Mountain Green Sales?

[skilab]

Anyone know the specifics of what's up at Mountain Green? 28 condos for sale in this market. Heard rumblings of some type of assessment?

[Seacoaster]

I am told there are significant structural issues that must be fixed, the cost of said repairs is going to be in the millions, which means the HOA is about to blow up.....

[Pedro]

I heard all kinds of things - like over 100K assessment, 10K a year etc....

[Stormchaser]

$19MM major renovations on all 3 buildings. Absorbed into condo fees based on square footage of unit and to be paid over 10 years. Fees go up, but 40 years of deferred maintenance will do that. Those who bought in at the bottom of the market have plenty of value for improvements. Those buying now at a market premium aren't going to fair as well...

[KingsFourMan]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

[Stormchaser]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

That and the indoor pool leaked damaging beams below it and over the garage...

[Pedro]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

That and the indoor pool leaked damaging beams below it and over the garage...

and the building smells like a bong.

[hillbangin]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

Don't guess.

The damage is real.

That's why people are getting out.

Sent from my SM-N960U using Tapatalk

[Stormchaser]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

Don't guess.

The damage is real.

That's why people are getting out.

Sent from my SM-N960U using Tapatalk

To clear the speculation...

new roofs on all 3 buildings
new siding and insulation on 3 buildings
new mechanicals in all 3 buildings including code upgrades
ventilation in garage (none exists, code issue)
elevator replacements/upgrades in all 3 buildings
structural repairs in health club/garage
health club renovation
removal of wood fireplaces and chimney stacks
deck replacement on all units

Many are selling to avoid the cost of improvements. I'm sticking around because even with the costs assessed to me, I've still spent less than its worth and will be worth after improvements. But for those buying in now, $180K for a 600 sf 1-bedroom condo plus another $60K in improvements is a pretty high price point. But you can't beat the location...

[hillbangin]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

Don't guess.

The damage is real.

That's why people are getting out.

Sent from my SM-N960U using Tapatalk

To clear the speculation...

new roofs on all 3 buildings
new siding and insulation on 3 buildings
new mechanicals in all 3 buildings including code upgrades
ventilation in garage (none exists, code issue)
elevator replacements/upgrades in all 3 buildings
structural repairs in health club/garage
health club renovation
removal of wood fireplaces and chimney stacks
deck replacement on all units

Many are selling to avoid the cost of improvements. I'm sticking around because even with the costs assessed to me, I've still spent less than its worth and will be worth after improvements. But for those buying in now, $180K for a 600 sf 1-bedroom condo plus another $60K in improvements is a pretty high price point. But you can't beat the location...

You are smart to stay.

Once they clean it up prices will go up again.

Look at highridge and the woods. Cleaned up old issues and prices went way way up.

Sent from my SM-N960U using Tapatalk

[KingsFourMan]

If I had to guess, I doubt it's anything significantly structural. Structural problems don't tend to appear 40-45 years after something is built, they tend to appear fairly early on unless it's in a seismic area. I'm guessing it probably has something to due with the exterior skin which I believe is stucco or a stucco type material which has a well documented history of monumental failures. If the entire exterior skin of those buildings needs to be replaced, it will be extremely expensive and in all likely there will be water damage behind the exterior skin to insulation, drywall, and possibly to the wood framing adding to the already high costs.

And if there is mold in those walls, which is the new asbestos, you are in a whole other world of hurt.

Don't guess.

The damage is real.

That's why people are getting out.

Sent from my SM-N960U using Tapatalk

To clear the speculation...

new roofs on all 3 buildings
new siding and insulation on 3 buildings
new mechanicals in all 3 buildings including code upgrades
ventilation in garage (none exists, code issue)
elevator replacements/upgrades in all 3 buildings
structural repairs in health club/garage
health club renovation
removal of wood fireplaces and chimney stacks
deck replacement on all units

Many are selling to avoid the cost of improvements. I'm sticking around because even with the costs assessed to me, I've still spent less than its worth and will be worth after improvements. But for those buying in now, $180K for a 600 sf 1-bedroom condo plus another $60K in improvements is a pretty high price point. But you can't beat the location...

That’s a lot of work. How many units are there in total?

What kind of siding are they putting back on it?

Getting rid of the wood burning fireplaces should help with the insurance premiums.

[Stormchaser]

That’s a lot of work. How many units are there in total?

What kind of siding are they putting back on it?

Getting rid of the wood burning fireplaces should help with the insurance premiums.

200 something units iirc.

New siding will be EIFS with new exterior doors and windows.

Will miss the fire...but was another $4MM to keep em.

[KingsFourMan]

That’s a lot of work. How many units are there in total?

What kind of siding are they putting back on it?

Getting rid of the wood burning fireplaces should help with the insurance premiums.

200 something units iirc.

New siding will be EIFS.

Will miss the fire...but was another $4MM to keep em.

$19M / 225 units = +/-$85K. Are they talking that kind of assessment, dependent upon the size of the individual units, or is there some insurance money kicking in?

[Stormchaser]

That’s a lot of work. How many units are there in total?

What kind of siding are they putting back on it?

Getting rid of the wood burning fireplaces should help with the insurance premiums.

200 something units iirc.

New siding will be EIFS.

Will miss the fire...but was another $4MM to keep em.

$19M / 225 units = +/-$85K. Are they talking that kind of assessment, dependent upon the size of the individual units, or is there some insurance money kicking in?

You're math is in the right ballpark, except it's assessed by square footage, not by number of units. A 1,200 sf unit will have double the assessment of a 600 sf unit. My 600+ sf unit will incur about $60k in costs.

[skilab]

That’s a lot of work. How many units are there in total?

What kind of siding are they putting back on it?

Getting rid of the wood burning fireplaces should help with the insurance premiums.

200 something units iirc.

New siding will be EIFS.

Will miss the fire...but was another $4MM to keep em.

$19M / 225 units = +/-$85K. Are they talking that kind of assessment, dependent upon the size of the individual units, or is there some insurance money kicking in?

You're math is in the right ballpark, except it's assessed by square footage, not by number of units. A 1,200 sf unit will have double the assessment of a 600 sf unit. My 600+ sf unit will incur about $60k in costs.

Has the HOA negotiated a financing option on behalf of the owners that they can opt into that's rolled into the quarterly HOA fees or is it totally up to the owners to come up with the $$