Facing Major Repairs & Rising Costs – Considering Selling HOA Building (21 Units)

Hi everyone,

I live in a 3-story, 21-unit HOA building built in 1970. We’re facing extensive renovations and critical repairs, including:

• Drainlines/plumbing/pipes
• Roofing
• Elevator

Unfortunately, our HOA lacks the funds for these projects. We’re currently paying off a $200k loan for recladding, and HOA dues have increased significantly, with further hikes planned next year. Many residents are struggling to afford the rising costs.

To top it off, due to our building’s issues and many claims, our insurance premium increased – $60k every 6 months.

Given these challenges, we’re exploring the possibility of selling the building, with unanimous approval from all unit owners.

Questions for the Community:

• Has anyone been in a similar situation and successfully sold an HOA building?
• What was the process like?
• Who should we contact for guidance (e.g., real estate agents, lawyers specializing in HOA sales)?

Any advice or shared experiences would be greatly appreciated!