In our current environment of steeply rising costs, it’s more important than ever to safeguard your reserves to ensure that your association has sufficient funds available for immediate and future capital projects. Unfortunately, many assoc…
A recent article on a real estate website posed a common question: What’s the best way for a condo board to collect unpaid common charges? The author of the article - presumably an attorney - gave some pretty good advice…and some not so g…
The Community Associations Institute (CAI) estimates that 74 million Americans live in communities managed by homeowners associations, of which condos account for 35% to 40%. That’s a lot of people - many of whom may be in for a nasty shock…
The Community Associations Institute (CAI) estimates that 74 million Americans live in communities managed by homeowners associations, of which condos account for 35% to 40%. That’s a lot of people - many of whom may be in for a nasty shock…
In a world where the cost of services and goods are generally rising, even in the absence of any substantive inflation, co-op and condominium boards and management are always looking for ways to hold the line on increasing monthly costs. T…
As we’ve reported in previous articles, special assessments are not the only tool condo associations and HOAs have to finance common area improvements and major repairs when needed; there are also loans available in the marketplace to help …
It’s a question we’re asked all the time: "Can we use reserves to cover an operating fund shortfall?" Under normal circumstances, our standard response would be an emphatic “No!” -- because reserves are for major repair and replacement proj…
Each year, condo, co-op, and HOA boards are tasked with figuring out the costs associated with all aspects of their community’s operations, including any capital repairs or improvements they plan to undertake in the coming fiscal year, and …
Questions to our firm about how homeowner and condominium associations should respond to the coronavirus (COVID-19) epidemic have come in waves. When news of the virus broke, we were asked by HOAs and condos how to keep homeowners safe. (S…
The last three apartments in your luxury hi-rise condo were sold to a troika of Russian oligarchs, who all paid well above the asking price. But now said oligarchs are on the sanctions list, and have withheld their monthly maintenance fees …