We’re sorry but we don’t have any updated information on the Landmark Towers. We haven’t shown any buyers units in that building for several months. However, I assume that if you’re looking at units there, you are using a Realtor to represent you as your Buyer’s Agent. That person should be willing and able to assist you in finding out what you’d like to know about the building and the HOA. If that Realtor won’t help you, perhaps you’re using the wrong Realtor?

heather barr, thompson’s realty

Thank you -B

My a/c works great!!!! The staff is friendly, views are great,prices are great, residents friendly, No issues yet…

I was told by the HOA, no increase in dues are scheduled for 2010. There is no assessment scheduled for the cooling system. There have been increased dues previously to cover past maintenance issues. Yes, valet services were cut and now direct tv but this is in an effort to cut costs and boost reserves….Makes sense to me.
Still think it is a good deal considering it includes heating/cooling water, underground parking, pool, fitness room,24 concierge etc..
To clarify some things the deposits for move in (elevator), clubhouse, theater etc… are all returned as long as there are no damages..I got my check back immediately after my move in. (within minutes).
So far this is a great place to live,especially price and location!!!!

As for your questions…. I doubt the HOA is going bankrupt. I heard from a resident who is also a Realtor that the HOA Board was working on the 2009 budget in the past few weeks, and had cut some costs out of their budget in order to go into 2009 with NO INCREASE to the monthly dues for each owner. However, since I don’t live there myself and haven’t seen their books, I can’t say for sure they’re not having difficulties. This resident Realtor told me they’ve given up the complimentary valet parking service at a cost savings of over $150,000 per year.

I heard the repair costs to the chiller/A-C unit were 1 million but then again, I heard that from a resident I spoke with in the elevators. Can’t be verified without more in-depth information from the HOA and/or Board, which I don’t have at this time. I am a Board member at my own HOA in North Phoenix and we routinely spend tens’ of thousands to have roofs replaced, and spent half-million to paint 42 buildings 4 years ago. Prices add up quickly!

As for the HOA fees, it’s important to remember that they include literally everything: water, sewer, trash, landscaping, building maintenance, pool care, AND EVEN ELECTRICITY TO EACH UNIT. If owners had to pay those fees individually, they might spend $300 to $700 per month, per unit. I’m told residents get a small electric bill monthly for the lights, coffee makers, and TVs, etc inside their unit, but the big cost of cooling the units in the summertime is covered in your monthly dues. It’s all relative.

Summing up: there are absolutely issues facing the HOA. But I have seriously considered buying a unit here myself, as an investment.

Buyers do have a 10-day inspection period in which to inspect the unit and ask questions of the HOA, including getting a look at their books. An experienced Realtor and/or an attorney or CPA should be able to help buyers make an informed decision about buying here, or elsewhere. Buyers who decide NOT to buy during the inspection period can back out of the purchase and take their Earnest Money with them.

It’s not all bad, Joe!

If you would ever like inside information I am willing to tell ya what I know.

Thanks for taking the time to post.