Portland Condos – What about those condo assessments?
Portland Condos? How do I know if the Portland condo for sale has any assessments? If you are considering purchasing a condo in Portland one of the first things we ask for is a year of condo HOA minutes?
It has been my experience that if an issue is starting to arise in a Portland condo building it is being discussed in the HOA meetings which is why it is important to ask for 6 months to a year of minutes. Typically though we do not see the minutes until after the Portland OR condo you are purchasing is under contract which is why if you have a condo in Portland that you are considering putting an offer in we call the listing broker or the property management company of that Portland condo building and ask if there are any current assessments or issues that perhaps could cause an assessment in the future. The property disclosure also has the question about current or pending assessment but sometimes owners do not know as perhaps they have not attended any meetings or read the minutes which are why we ask for those Portland condo minutes!
Some of the reason a condo in Portland Oregon for sale could have an assessment is it could be as simple as the building doing some upgrades. This is the case with The Roosevelt Condos in Downtown Portland. But, at times it could be a defect in the building that needs corrected such as a plumbing part or windows. If that is the case many times the condo HOA will request the developer to repair the items and or go into ligation to deal with this. It is important to know if a Portland condo for sale in a building is currently under ligation as many of the banks will not loan on these condos until there is a settlement. Some of our condo buildings in the Pearl District have undergone this process and are now settled such as The Elizabeth Lofts Condos. They won their lawsuit making this one of the most desirable buildings in Portland. The Edge Lofts condos in the Pearl District are also another Portland condo building that won their lawsuit.