Tuesday, February 13, 2007

Justin was replacing the outside storage doors on 107 this afternoon. Chuck Madsen and I asked him about other repairs that were needed. He told us there had been some cost estimates put together and it looks like about 2.1 million will take care of outstanding repair issues. That would come to about $34,000 per unit. Chuck said that was close to what they have experienced with their condo on Maui. A monthly fee of about $1,000 for five years would cover the cost unless the board were to need it sooner to complete the work. Chuck said, and it makes sense, that an investment like this would improve property values far beyond the investment cost. Of course it takes only one hurricane to change all the plans. Justin said that for hurricane rated sliding glass doors the cost would be about $5,000.

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