IF YOU BUY THIS CONDO, YOU ARE BUYING NOTHING BUT TROUBLE. FIRST FINANCIAL BANK is a rip off. Beware! You are not being told the facts. Take for example…The inside of condo Unit 302 at Dina Towers is practically destroyed. You will need to spend from $10 to $15,000, just to make Unit 302 habitable.
Additionally, you will be buying a condo unit in a building full of drug users and drug dealers. Recently two people were shot dead behind the property. In the end you will end up paying more than $70,000 for Unit 302. On top of that, you will have to pay large monthly Association Dues and Assessments. The property is in major need of repairs.
The building is infected with Bed Bugs, rats and Cockroaches. The Heating Units do not work most of the time. The HOA is in the process of passing an assessment of about $20,000 per Unit, which you will have to pay or face foreclosure. You will not be able to get out of it. The building has been in litigation for the last year and more litigation is coming. You will be responsible for legal fees and all litigation costs. You will also have to follow all the Condominium Bylaws, Rules and regulations.
Look bellow at what you are facing in terms of expenses. If the fees bellow seems high to you and you do not believe it, you can go check the property for yourself. The property needs massive improvements and you will have to contribute money to fix all of it. Talk to a smart lawyer before you make the mistake of your life time.
If you do not know anything about condominium developments, you better consult an experienced attorney because you are about to walk straight into massive amounts of litigation, which you will not win, and you will end up being foreclosed upon and losing your investment. You better be prepared to come up the cash to pay for these mandatory Assessments. These figures are a conservative estimate and you should be prepared because the amounts may be larger:
1) Unpaid water bill to Cincinnati Water Works $40,000;
2) The HOA Chapter 11 Bankruptcy legal fees $60,000;
3) Massive Air-conditioning problems $150,000;
4) Front and rear parking lots $65,000;
5) The Condominium “Reserve Account” is depleted $25,000;
6) Litigation costs at least $50,000;
7) Boiler Systems has failed inspection and need replacement $36,000;
8) The Elevator must be replaced at least $150,000;
9) Roof replacement approximately $41,000;
10) Miscellaneous maintenance expenses $50,000; and
11) Painting all Balconies $17,000
Total Assessments $684,000 or $23,000 per Unit.
These amounts above do not include replacing sliding glass doors and windows in all the Units which is estimated to be approximately $3,500 per unit for a total of $105,000 for 30-Units and the common areas or fixing the wood in the balconies and patios. These amounts also do not include the recurring monthly maintenance expenses which may be higher. It is impossible to predict other maintenance problems, such as electrical, plumbing, lighting and all sorts of other maintenance issues.
Dina Towers is a 52-year old building, built in 1967. You buy Unit 302 you are buying a nightmare. However, now that you know what you are facing you better not complain later to the HOA Board of Directors. You will be stuck with paying and you will not be able to escape paying. Here, you have been made fully aware the financial burden you are facing in terms of financial loss if you buy Unit 302. You will be very wise going elsewhere. However, if you decide to listen to First Financial Bank and buy Unit 302, you will have no one to blame but you.
Dina Towers Condominium Reviews
IF YOU BUY THIS CONDO, YOU ARE BUYING NOTHING BUT TROUBLE. FIRST FINANCIAL BANK is a rip off. Beware! You are not being told the facts. Take for example…The inside of condo Unit 302 at Dina Towers is practically destroyed. You will need to spend from $10 to $15,000, just to make Unit 302 habitable.
Additionally, you will be buying a condo unit in a building full of drug users and drug dealers. Recently two people were shot dead behind the property. In the end you will end up paying more than $70,000 for Unit 302. On top of that, you will have to pay large monthly Association Dues and Assessments. The property is in major need of repairs.
The building is infected with Bed Bugs, rats and Cockroaches. The Heating Units do not work most of the time. The HOA is in the process of passing an assessment of about $20,000 per Unit, which you will have to pay or face foreclosure. You will not be able to get out of it. The building has been in litigation for the last year and more litigation is coming. You will be responsible for legal fees and all litigation costs. You will also have to follow all the Condominium Bylaws, Rules and regulations.
Look bellow at what you are facing in terms of expenses. If the fees bellow seems high to you and you do not believe it, you can go check the property for yourself. The property needs massive improvements and you will have to contribute money to fix all of it. Talk to a smart lawyer before you make the mistake of your life time.
If you do not know anything about condominium developments, you better consult an experienced attorney because you are about to walk straight into massive amounts of litigation, which you will not win, and you will end up being foreclosed upon and losing your investment. You better be prepared to come up the cash to pay for these mandatory Assessments. These figures are a conservative estimate and you should be prepared because the amounts may be larger:
1) Unpaid water bill to Cincinnati Water Works $40,000;
2) The HOA Chapter 11 Bankruptcy legal fees $60,000;
3) Massive Air-conditioning problems $150,000;
4) Front and rear parking lots $65,000;
5) The Condominium “Reserve Account” is depleted $25,000;
6) Litigation costs at least $50,000;
7) Boiler Systems has failed inspection and need replacement $36,000;
8) The Elevator must be replaced at least $150,000;
9) Roof replacement approximately $41,000;
10) Miscellaneous maintenance expenses $50,000; and
11) Painting all Balconies $17,000
Total Assessments $684,000 or $23,000 per Unit.
These amounts above do not include replacing sliding glass doors and windows in all the Units which is estimated to be approximately $3,500 per unit for a total of $105,000 for 30-Units and the common areas or fixing the wood in the balconies and patios. These amounts also do not include the recurring monthly maintenance expenses which may be higher. It is impossible to predict other maintenance problems, such as electrical, plumbing, lighting and all sorts of other maintenance issues.
Dina Towers is a 52-year old building, built in 1967. You buy Unit 302 you are buying a nightmare. However, now that you know what you are facing you better not complain later to the HOA Board of Directors. You will be stuck with paying and you will not be able to escape paying. Here, you have been made fully aware the financial burden you are facing in terms of financial loss if you buy Unit 302. You will be very wise going elsewhere. However, if you decide to listen to First Financial Bank and buy Unit 302, you will have no one to blame but you.