In the last decade, some of Boston’s Luxury condo buildings have been hit by earthquake caliber Special Assessments. The first that comes to mind is, of course, Harbor Towers condos where some assessments reached in the hundreds of thousands.
Now, 12 months after a raging fire destroyed part of the building, there is talk about The 483 Beacon Towers Condo association where trustees are considering a $700,000 price tag to upgrade their building outdated HVAC systems. Some of the residents are livid over this proposal, and claim that much of the work proposed is unnecessary and wasteful; while other argue that it is time to revamp the whole system now and move on.
Special assessments vary according to whom you talk, and may range from $10,000 to $24,00 or $17,500 to $35,000 with larger units paying the highest estimates. There are 70 condos at Beacon Towers, and over 75% of the units are on the smaller side. However, Some of these residents live at the adjacent 479 Beacon and 481 Beacon buildings. These buildings share the same condo association as 483 Beacon; and therefore, have to pay the assessments, although their buildings will see no gain from the upgrades.
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