Are the units named problem and/or AirBnB party places?
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The best solution is to have owners reoccupy the board and remove all 5 City Wide members. If that were to occur, the building would turn around very quickly.
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A very factual report from St. Louis Post Dispatch:
https://www.stltoday.com/news/local/gov ... -top-story
https://www.stltoday.com/news/local/gov ... -top-story
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Entered into agreement. Not great, as the board remains in control of same persons.
https://www.kmov.com/2022/09/07/st-loui ... sociation/
https://www.kmov.com/2022/09/07/st-loui ... sociation/
StlToday - Lux Living owners dropped insurance on downtown St. Louis condo building, suit says
https://www.stltoday.com/news/local/bus ... f697b.html
https://www.stltoday.com/news/local/bus ... f697b.html
Lux is obviously losing money on this building. Why else would you risk a total loss scenario without insurance protection. Between the Air B&B issues, fire suppression and now this, it would seem the condo owners should sue them silly.
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Lux and affiliated management companies are under federal investigation. Should come as no shock.
What are they under investigation for ?TheWayoftheArch_V2.0 wrote: ↑Sep 27, 2023Lux and affiliated management companies are under federal investigation. Should come as no shock.
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I have a good feeling about what, as do some others, but cannot post about it yet.
StlToday - Judge strips control of downtown St. Louis building from Lux Living owners
https://www.stltoday.com/news/local/bus ... f5f68.html
https://www.stltoday.com/news/local/bus ... f5f68.html
I've actually been wondering what the current status was. What a crazy situation that must have been for the other owners.
Great news. So much momentum in that area, its great to get the situation at that building cleaned up. I'd love to see the commercial spaces reactivated. I miss English Living and the London Tea room... oh the breakfast sandwiches.
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The London Tea Room is still around, albeit a few blocks west. They have been resilient too.
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They should definitely investigate the potential of fraud as well. If the condo board was taking fees and not making repairs the question should be answered "where is that money?" If they were keeping fees low so as to make sure they could maximize rental revenues that probably isn't actionable, but if the dues were going into their pockets either directly or by way of kickbacks from overpriced contracted services then they could be looking at jailtime...
Follow the money and if there is evidence of fraud then hold them accountable.
Follow the money and if there is evidence of fraud then hold them accountable.
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^This was my thought too. If they've been handling the funds with no oversight, no regular reporting or true governance then there could be a potential for criminal investigation. That all looks to be a part of this receivership process anyway. Will be interested to see the outcome here.
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Yes, this was music to my ears yesterday when I heard of the ruling. I’ve read the order and my fellow owners and I will hopefully see change happen quickly.
Simply adding a competent management association that collects fees, performs maintenance, listens to tenants issues and responds to safety and concerns will go a long way in restoring this building to what it once was.
It includes a full review of all accounting, determine where our money has gone, etc.
Simply adding a competent management association that collects fees, performs maintenance, listens to tenants issues and responds to safety and concerns will go a long way in restoring this building to what it once was.
It includes a full review of all accounting, determine where our money has gone, etc.
The chaos continues.
StlToday - No thanks, says the company appointed to manage downtown’s troubled Ely Walker building
https://www.stltoday.com/news/local/bus ... 25edf.html
StlToday - No thanks, says the company appointed to manage downtown’s troubled Ely Walker building
https://www.stltoday.com/news/local/bus ... 25edf.html
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So what's happening now that the company said no to taking over the building? Any news?
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If anybody is looking it might be a nice time to buy low into the complex. Three units for sale, 2 bed 2 bath, for between 115k and 150k. Chaotic now, but closer than ever to a resolution
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It is intriguing. I would consider it as a potential rental property but I'm not sure whether they will move away from allowing that given the recent history. I wouldn't blame them and Owner occupier is the best model for the residents.
On the expense side I would anticipate an uptick in HOA fees. I am sure they will try to keep them low as possible, but if one of the main complaints was lack of maintenance then there is a solid chance that there won't be money to cover the surge in expenses, especially if there was fraud which seems likely considering how abusive the previous HOA board was of their position.
On the expense side I would anticipate an uptick in HOA fees. I am sure they will try to keep them low as possible, but if one of the main complaints was lack of maintenance then there is a solid chance that there won't be money to cover the surge in expenses, especially if there was fraud which seems likely considering how abusive the previous HOA board was of their position.
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Does anybody have any updates on this situation?
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Sent from my iPhone using Tapatalk
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