This is Part 1 of a 4-part series entitled “Condos and Issues”. 

First of all, I want to add a disclaimer to the beginning of this post that I am not against condos and feel there is a segment of the market they suit perfectly. Some buyers want this lifestyle or their financial situation limits them from buying a house. Buying a condo makes “sense” for a lot of people.

However, some condo projects have had “issues”. In one case in Lake Oswego, I know of a death because of rotted decking, a lawsuit and a huge assessment against the condo owners to replace all the decks in the project. Another project in Lake Oswego had to replace all the asphalt roads and again had an assessment of close to $10,000 that each owner had to pay. Currently, there’s a Portland project where the building is basically falling apart. Last I heard it was estimated there will be a $30-40,000 assessment (final assessment hasn’t even been determined as yet and could go higher) against the homeowners to repair all the damage. How long it will take to make these repairs is another question and; in the meantime, no units can be sold, no financing can be obtained thereby putting each homeowner’s life on hold not to mention the huge expense they will have to incur. I’ve also heard of large amounts of chemicals found in some of those warehouses that have been converted to lofts. Recently I heard of a high-end condo project in a very popular part of Portland where the sellers have already been assessed $25,000 for roof replacements and are now being assessed an additional $25,000. There are other projects I know of that have had problems, but since I don’t know the specifics, I don’t want to relay incorrect information.

It’s always important to ask about present or pending assessments when buying a condo and checking to see if there are any further “issues” with the project itself.

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