Park Towers is one of Dallas’ original high-rises built in 1964 and located at Fairmount and the Katy Trail. It’s been no secret that I like their floor plans but hate the exterior of mismatched enclosed balcony “sheds” (that have finally been painted a uniform color). When I was looking to buy in 2012, I kept hoping the right unit would pop on the market. Today I can say, “thank God it didn’t.”
Word comes to CandysDirt.com from residents and Realtors that last Thursday, after barely finishing $3.7 million in special assessments (about $40,000 per unit) to take care of long, long, looooooong neglected infrastructure, that Park Towers now just raised their HOA dues a staggering 38 percent.
The HOA meeting was standing room only as the board approved the increase to cover a $247,000 shortfall from the $3.7 million spent on capital improvements. Many residents made the case for another special assessment to cover the shortfall and a more modest increase to the monthly dues. They were cheered by others in the meeting but the board wouldn’t budge. With resident monthly dues going up $500-ish a month, it’s not hard to understand their wrath.
This episode is yet another example of poor communication between residents and their HOA boards and management companies. Residents were reportedly unaware of the impending increase. They were just told the budget would be discussed at the meeting and encouraged residents to attend.
As one resident put it, “Shazam!” The increase just materialized without warning. And let’s face it: the last thing a resident expects to hear after a $3.7 million special assessment is that the “party” is just getting started.