Lanikea's association dues continue to climb. Just recently Lanikea Board of Directors announced yet another increase of the monthly dues, this time by a total of 5.5% (6% maintenance and 3% reserves). That is over 300% of cumulative increases of dues since the project was completed in 2005.
While serving on the Board as Treasurer in 2011, I made several cost saving recommendations, that were articulated in my Treasurer's Report (available to any Lanikea owner, please contact me if you'd like to receive a copy). Most of these recommendations were neither approved by the Board, nor implemented by the property management.
Unreasonably high condominium association dues, without corresponding increase of project quality and/or amenities, decrease the desirability and value of the property. Right now Lanikea's dues for a standard 2br / 2ba unit are almost $1,000.00 /mo. ($940.65), which is the same as a payment on $209,478 mortgage (30yr fixed loan @ 3.5%).
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