As condo owners are foreclosed, complex fails to pay gas bills -- chicagotribune.com: "A condominium complex near Des Plaines is locked in a battle with Nicor Gas over unpaid bills totaling $244,000, a problem a property manager blamed on a high number of foreclosures.
The foreclosures have dried up the collection of assessments—fees paid by condo owners to cover the cost of shared utilities and other expenses, the manager said.
But poor management by the condo association also has contributed, a Nicor spokeswoman said."
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I expect a lot more of this in the next few years.
1 comment:
This is indeed a major problem. If a condo complex has a lot of REOs not contributing to its operating costs such that it can't pay for common utilities or maintain the buildings, the entire complex is at risk for being red tagged by building authorities for failing to meet basic habitation standards.
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