When a condo is first built and still controlled by the developer, HOA dues are kept low to not scare off buyers. Once the developer is gone, those payments have to be reassessed to ensure they meet the needs of the ongoing repair and maintenance of the building. (Hint, they’re not.) The Mayfair, neighboring
Lee Oak Lawn Park, is 18 years old, and like all buildings, various maintenance requirements need to be met.
Soon after the Mayfair gained independence, they began conducting reserve studies that detailed the condition of their infrastructure, its life expectancy, and estimated costs to repair or replace. As you know, I’m big on HOAs doing reserve studies to avoid surprises that typically equate to a special assessment and/or the sudden failure of a critical element of a building (That noise you heard? Surprise! The A/C will be out for the month of August).