Home Buying in 07047>Question Details

Lili, Home Buyer in North Bergen, NJ

who is in charge of condos in smith ave north bergen, nj? is that a good option for a single 30yr female?

Asked by Lili, North Bergen, NJ Thu Apr 2, 2009

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It's a 15 year special assessment ranging from $140-180 depending on the size of your unit. There are several lawsuits pending right now. Also, the monthly maintenance doesn't cover any utilties, just parking. So, expect to throw a lot of money away!

I was interested in one of the units in this complex but decided not to even bother seeing it because of all of these extra fees.
0 votes Thank Flag Link Thu Apr 16, 2009
Special assessments are typically seen when the condominium association's short term expenses exceed their cash on hand. In the case of Bergenwood Commons, the buildings needed exterior repairs (roofing and siding, I believe) , and the association did not have sufficient money to pay. The result was a one-time charge of ~$20k per homeowner. (that is a ballpark figure only). I believe the homeowners had the option to pay the assessment in monthly installments over a period of 15 years. (the above info may not be entirely accurate since I am not a homeowner in that complex)

I am not 100% on the motivation behind the lawsuit. It seems reasonable, though, that the homeowners may have sought a change in the association board after the assessment was levied. (but that is mostly speculation on my part).

What I can say for sure is that those problems are very likely to disqualify the Bergenwood Commons complex from competitive (conforming or FHA) mortgages.
0 votes Thank Flag Link Wed Apr 8, 2009
Hi Jack, thank you for your answer.
What is the "special assessment" for?
Is this every year? And why are the owners trying to take over the association/

Lili
0 votes Thank Flag Link Wed Apr 8, 2009
If you are referring to the Bergenwood Commons Condos, you should be aware that this condominium association suffers from two serious issues. One is a rather large special assessment that each owner must pay. The other is a lawsuit filed by a group of homeowners who are fighting over control over the association. It is likely that these issues will make it difficult to secure a competitive mortgage in that complex.
0 votes Thank Flag Link Tue Apr 7, 2009
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