Condo in arrears -- how is sale value affected?

Hi guys. I'm new to this forum. **wave** I own a condo in Brooklyn for the last year or so. The original developer had some low mortgage deal with the city so low income people could afford to buy them. Fifteen years later (now) about half of the tenants in the 30+ units are not paying their maintenance fees and the association is almost $400,000 in arrears, although only about $15,000 is owed to... [more]

Hi guys. I'm new to this forum. **wave** I own a condo in Brooklyn for the last year or so. The original developer had some low mortgage deal with the city so low income people could afford to buy them. Fifteen years later (now) about half of the tenants in the 30+ units are not paying their maintenance fees and the association is almost $400,000 in arrears, although only about $15,000 is owed to 3rd party contractors. It's been like this for a long time and doesn't seem to be getting better. Does this make my condo worthless? Is there a ballpark way to determine how much this devalues it? Should I sell now to avoid a more difficult future sale? When something goes wrong (plumbing, etc) the association still steps up to fix it, they just don't the little things like wash the condo common areas. Also the maintenance fee is kind of high since nobody pays it (which makes the arrears go up faster each time they raise it). I'm happy being there, but I'm really afraid that I just got myself into a bad situation (long story). Thanks in advanced for any insight. [less]