After more than 30 years, time and deferred exterior maintenance had taken their toll on Wildwood Condominiums, a 24 building townhome community in Leominster, Mass.
“The property was falling apart,” says trustee Tom Bisbee. “We had replaced the roofs, but the siding and decks were hurting. So were our property values. Wildwood wasn’t a place real estate agents would bring someone who wanted to buy a home.
“It was clear we had a lot of work to do,” says Bisbee. “But we had no plan and not nearly enough money in the reserves.”