The Real Deal

• Email this article
• print
• Comments(0)

Dear condo owner: pay up

From the April issue: In a city filled with selective co-op boards, condos have carved out their own niche by offering buyers an easier avenue into the real estate market. But as the housing market sputters, condo buildings are increasingly seeing residents fall behind on their payments of common charges — a stark reminder that condo boards don't exercise the same level of financial stringency that co-ops do. Analysts aren't quite alarmed by the trend yet, but even a small rise in fee delinquencies is noteworthy. Bruce Cholst, a partner at Rosen & Livingston who specializes in co-op and condo law, said he has seen an increase in the volume and frequency of warning letters sent to condo owners for fee delinquency over the past six months.   more