October's Newsletter to Neighbors Dear Neighbors, We, as groups of owners, have once again carefully reviewed the audit. In our opinion, it shows a very alarming forecast: a large deficit has been confirmed, loans are not being repaid despite collected funds, and assessments are being misused, which we believe constitutes a serious violation of the law. We consulted an …
October's Newsletter to Neighbors
Dear Neighbors, We, as groups of owners, have once again carefully reviewed the audit. In our opinion, it shows a very alarming forecast: a large deficit has been confirmed, loans are not being repaid despite collected funds, and assessments are being misused, which we believe constitutes a serious violation of the law. We consulted an independent expert who prepared a conclusion. In our view, it clearly states:
In our opinion, the unprofessional Property Management and the Board are paying salaries to an “army” of employees that our building does not need. Both the audit and the independent consultant’s conclusion (pages: 5-8), as we understand them, indicate: either another loan, or an increase in maintenance fees, or a transition to self-management. The latter would mean that owners directly pay salaries and contracts without intermediaries or kickbacks. We believe this could save up to $1.5 million annually, reduce maintenance, and eliminate the deficit. Refer to the examples of similar properties listed below, specifically the Yacht Club and Oceanview. It is already October, yet the 2025 budget has not been presented. By comparison, in other buildings where we also own apartments, budgets have long been disclosed. In those that switched to self-management, owners pay around $400 per month in maintenance, and without loans. In our opinion, in our case, maintenance fees may reach $2,500. Reviews from other buildings confirm that this management company drives properties into debt and crisis. Yesterday, the Property Manager resigned permanently. The management company promises a replacement but claims the new manager will need time to learn. We believe this is being used to conceal the true financial problems. In other buildings, they follow the same pattern — changing 7–8 managers in a row to hide deficits. There is also documented pressure on owners: once an owner voices concerns or points out violations, pressure begins. False complaints are filed against owners, false information is spread online and in city networks, and inspections arrive. Fabricated violations are created, such as allegedly leaving a box in a hallway, doing repairs, reception refusing to register a guest, or even removing a client’s car from the garage despite a valid permit. Many owners are afraid to speak up, and we believe this silence is being exploited to continue illegal collections and harassment. Again, unlawful fees are being charged — for example, $150 for replacing a faucet. In our view, this results in lawsuits instead of lawful support for owners. In our opinion, our building is under arrest, maintenance is extremely high, loans are not being repaid, repairs remain unfinished, the roof leaks even after work, furniture is worn out, and the overall condition is poor, the air-conditioning system has not been replaced, and large amounts of money are wasted on temporary servicing, many legal cases are already open against the building due to unlawful practices, Funds are lacking, the deficit is enormous, banks refuse to provide credit, and it is almost impossible to sell units, guest reviews show that the building’s reputation is ruined by rude, unprofessional staff, and owners and renters are losing money, in our opinion, this proves that the building is in serious danger. We, the owners, are filing complaints and appeals, and there are already results, but without the support of others, it is impossible to pull the building out of this crisis. If you agree and recognize the real problems, please join our initiative:
Everyone will be included in the support group. We also believe it is necessary to create a FINANCIAL committee, only this committee should discuss the budget directly with the Board, not outside parties. The committee must consist of real residents of our building, not individuals living abroad in Argentina or elsewhere. In our opinion, this is the only way to influence the budget, reduce maintenance, and overcome the deficit,the loan is still unpaid, and it will take at least another five years to repay, if nothing is done, maintenance will be raised again, to the $2,500 level, plus the loan on top. The owners’ group has created a website where all official documents and evidence are collected, supporting what we believe is proof that our reserve is in danger. On the website, you will find: the audit, the independent expert’s conclusion, and the owners’ opinions. We urge you to review it carefully. Today, it is crucial to unite. We believe that only together can we stop unprofessional management, reduce expenses, eliminate the deficit, and restore value to our building |
Here are the documents for comparison — how we pay maintenance and how the neighbors pay, who switched to self-service without Property Management. Their expenses decreased because they removed unnecessary contracts and excess staff. We also want to switch to self-service and reduce maintenance costs, because right now they are too high — we can no longer afford to pay them and are forced to give up other needs for the sake of these payments.
Owners’ Commentary: The Reality Behind the Board’s Praise
The Board of Directors recently sent a letter to all owners highly praising the work of former manager Ms. Wright and portraying her departure as a “successful management period.”
We are publishing this letter on our website so that every owner can see how the Board creates a misleading impression of her performance and the actual results of her management.
Alongside that letter, we have also published our official response — the position of the owners’ group, based on facts and official documents that reflect the true situation within the Association.
During Ms. Wright’s eight months of management:
The Association fell into a deep financial deficit;
The audit report was delayed and revealed significant irregularities;
The bank loan remained unpaid despite the funds collected from owners;
Construction and maintenance projects were halted due to a lack of oversight and transparency;
Owners were subjected to unjustified fines and misleading information.
In addition, the management company appointed by the Board (Castle Group) repeatedly proved to be an inefficient and unstable partner — frequent changes of managers and lack of professional supervision worsened the crisis and undermined owners’ trust.
We urge all owners to carefully review the documents and correspondence posted on the website.
Our goal is to restore financial transparency, end the Board’s self-praise practices, and return control of the Association to its rightful owners — those whose funds are currently being mismanaged.
