Trapped W/ A Bad Condo Board
I currently own a vacation property that I must sell because of extremely high maint. fees. Our newly elected board highered a new management co. and seems to be doing nothing short of bringing all value of the building down. Here's a quick overview of our problem,
1. with a building of 30 units, only 3 are occupied by year round occupants, the rest are doing vacation rentals.
2. New board is trying to make building into only residential which would only benefit the 3 full time occupants and totally crush all of us who use the property for investment purposes.
3. one board member is totally crazy about getting out all who rent by changing by-laws to only 2 rentals per year instead of the previous 4 (which no one paid attention to anyway) and strictly enforcing this new rule by threatening to use managemnt co. lawyers.
Things are getting bad for the investors in the building. I and many others feel the equity and wealth in the building would soar should we go the opposite route and opt to turn the building into a condo/hotel which are prominent in the area.(years ago the building was a hotel converted into condo's). It's amazing how one bad apple in the building can ruin great chances for everyone else. How can we propose this idea and try to put it into action when the board is so against it and the interest of the rest of the owners who mostly live out of the area?
? #2 We recently had a board vote on reserves or no reserves to lower our extroadinary maint. ($480 with NO ammentities except 3 washers and dryers) set by previous manag. co who was ripping of the building) The vote was highly in favor of no reserves. The 3 person board accepted this vote and then opted amoung themselves to have a partial reserve which I'm sure if voted on would not pass. Is this legal for them to do without a vote? And was it legal for them to change by-laws on renting for those who bought in with the previous by-laws?
Appreciate any feedback
Alison
If this minority is pushing the majority around, then I'd say you, the maj., could probably take control and change things to suit the maj. of you.
Two ways: First by parliamentary proceedings, as per the rules of the ass'n itself, with new election of board members and officers; secondly by lawyer action if the min. is NOT following the condo rules & procedures exactly.
If I were you, I'd go to some of the maj. and pool some cash for a lawyer, then get his/her opinion as to what you can do legally, under the condo rules, to change things to suit the maj of you.
The min. has to follow the condo rules and the law, just like the rest of you.
Sounds like you have some politicing to do:
New rules should not effect existing members in a contrary or "predatory" fashion. Do I hear a lawsuit?
Get majority owners to boot new board or stage a nice coup de tat (sp?)
get a lawyer and sue for exhorbitant HOA dues that do nothing but maintain CO's and the laundry room.
Get mad.
C-