The Saint Paul Condo Blog

After much talking, the Airye Condominium Association finally made a decision about the monumental assessment they were contemplating.

My sources tell me that the association has voted for the full curtain wall replacement/repair.  This estimated total is nearly $3,000,000, or roughly $25,000 per condo.

While this amount is a lot, it is necessary to prevent further water leakage into the building.  Also, after the assessments are paid, I imagine value will start to return to a more normal level.  The buildings values have been falling ever since the assessment was first talked about, nearly two years ago.

Normally when a large assessment like this passes, there is an uptick of foreclosures in the building, adding to the temoprary price fallout.  Examples are found throughout downtown.  One recent example is Market House, which passed a roughly $9,000 assessment at the first of the year for window replacement and common area updating.