The Reserves vs. the Ultra High Cost of the Lobbies.

The 2022 Reserve Study estimated that $55,000 would be sufficient to update both lobbies and all 16 residential corridors—including flooring, paint, lighting, and trim work.

Yet today, the board has spent $230,000 on just the lobbies, excluding corridor upgrades entirely. What caused this fourfold increase?

What Is a Reserve Study—And Why It Matters

A reserve study is a financial planning tool designed to prevent surprise expenses. It helps homeowners associations estimate costs for major repairs—lobby renovations, roofing, hallway updates—ensuring funds are set aside gradually rather than imposing sudden assessments.

A well-conducted reserve study provides:

• Long-Term Budgeting – Predicts costs for common-area upgrades, spreading expenses across future budgets.

• Financial Transparency – Helps justify assessments and keeps owners informed of upcoming repairs.

• Property Value Protection – Maintains curb appeal and reassures buyers that the building is well managed.

What Changed?

In 2022, professional consultants assessed our lobbies and all 16 corridors, estimating total costs at $55,000. Their breakdown included:

• Lobby A: Paint, trim, lighting fixtures.

• Lobby B: Flooring, paint, minor trim work.

• All 16 Corridors: Flooring repairs, baseboard replacement, fresh paint.

This budget ensured all spaces remained in good condition without requiring a surprise assessment.

Fast forward to today—The Board spent $230,000 on the lobbies alone. The 16 corridors were not improved at all.

Key Questions

• Why did the budget jump from $55,000 to $230,000 for only the lobbies?

• What caused an eight-fold increase in costs?

• Will corridor renovations require a separate assessment later?

• Why is the board refusing transparency about these cost discrepancies?

Homeowners are Entitled to Answers

The numbers don’t add up. A forensic audit is essential to uncover where funds have gone and prevent further financial mismanagement.  Our Board is stonewalling us on transparency.   What are they afraid of?