Williams Island 2000 Building Foyer Renovated But Not Lobby, Yet
The 2000 Building on Williams Island has completed the renovation of the foyer and it looks spectacular! Many unit owners are investing hundreds of thousands of dollars renovating their own units in a modern design and would like to see the lobby and hallways keep up. Many residents want the entire lobby and other common areas like the hallways to be renovated in the same modern design as the foyer but when it came to a vote at a building meeting it did not pass. A reason why it didn’t pass was because the 2000 Building does not have enough money in reserves to pay for this improvement. Therefore the building would have to levy a special assessment of approximately $8,000 per unit to pay for this renovation. Since the lobby renovation is a cosmetic change it has to be voted on before the unit owners can be special assessed.
The Residents Of The 2000 Building Are Not Giving Up
The building is in the process of getting a reserve study done so that it can collect adequate reserve funds from it’s unit owners on a monthly basis to renovate and replace building components as needed. Many resident owners are hoping that in January, 2016 a new budget, based on this reserve study, will pass that will adequately reserve for the renovation of the lobby and common areas without having to special assess.
2000 Building Has Lowest Maintenance Fees On Williams Island
Unfortunately this has come at the expense of being under reserved. This building was completed in 1995 and is now twenty years old. Many of it’s components need to be replaced and or repaired. For example, if a major component like elevators or the common area cooling systems need to be repaired or replaced and the building has not adequately reserved, the unit owners will have to be special assessed without a vote. This has happened once before to the resident owners of the 2000 Building when their water wells went bad and needed to be repaired and replaced.
Will Renovating The Lobby & Hallways Increase Property Values?
The foyer, lobby and hallways are the first impression a prospective buyer gets when they enter the building. It is common sense that a buyer is willing to pay more money for an apartment in a building they consider to be in better condition than another building in worse condition with all other factors equal. However many residents are not concerned with property values because they love living on Williams Island so much that they do not have any intentions of ever selling. These residents would rather keep their monthly expenses as low as possible.