Monday, November 05, 2007

Massive assessments for upgrading the buildings' systems have divided resident's of Boston's prestigious Harbor Towers - The Boston Globe
This is the kind of thing you hate to be right about. For years now, Ive been predicting a tsunami of massive special assessments as aging developments need major overhauls of private infrastructure. Now here is a real whopper. Thanks to Fred Pilot for the link.

It's the condo owners' nightmare: The building's heating and cooling system needs an overhaul, so everybody must pay a huge one-time assessment. But the 500-plus owners at Harbor Towers on Boston's waterfront are facing the mother of all bills: from $70,000 to over $400,000. And they're due by the end of this month. In full.

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