Harbor Towers and its $76M assessment!

Residents of Harbor Towers, the Brutalist-era condominium building with some of the city’s best views of Boston Harbor, are close to coming up with the $76 million assessment to fund badly-need maintenance.

So far, about about $68 million — 89 percent of the total — has been collected from residents, according to Bill Packard, a Coldwell Banker agent in downtown Boston who owns a rental property in the building. Payments were due Nov. 29. Individual unit fees range from ranging from $70,000 to a budget-busting $400,000.
“It’s probably the largest building assessment on record, in Boston at least,” said Packard.

As for the 11 percent outstanding Those residents will be charged 1 percent penalty per month and will be forced into foreclosure proceedings if they fail to respond within 60 days.

Trustees are said to be dealing with hardship cases, and some residents have been able to work out payment plans. Continued…

See Harbor Towers Condos for sale

Source: Boston.com Real Estate Blog

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