One of the wild card expenses associated with living in a condo development is legal fees, and foreclosure activity in recent years has often resulted in sharply increased costs for associations to protect their interests in foreclosed units.
According to a report in Marina City Online, there were 19 units in foreclosure last month in the Marina Towers Condominium Association, down from a high of 24. Legal fees related to foreclosed units have exceeded $100,000.
Marina City Online also relates this “life in the big city” vignette:
In March, evicting a tenant “who posed a serious threat to the lives and safety of residents and guests” cost the association nearly $25,000. “The eviction required the intervention of the court system as well as the Chicago Police Department,” explained Meyer, “and while the eviction proceedings were pending the association engaged additional security to ensure the safety of residents and guests.”