New England Condominium October 2021
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October/Expo 2021                  NEWENGLANDCONDO.COM  205 Lexington Avenue, NY, NY 10016 • CHANGE SERVICE REQUESTED  THE CONDO, HOA & CO-OP RESOURCE  CONDOMINIUM  NEW ENGLAND  Th  e last few years have been a rollercoaster ride for the condominium markets na-  tionwide. Aft er reaching a high in 2016, many factors collided to bring pressure on the   market with varying eff ects. Th  ese factors included the change in SALT deductions for   federal income taxes, the overbuilding and resulting oversupply in the luxury market,   the fractious 2020 election, and the COVID pandemic. Where are the markets headed   now?  The Current Picture  “Heading into the pandemic,” says Jonathan Miller, president of Miller Samuel, a   national real estate appraisal and consulting fi rm based in New York, “the condomini-  um market in downtown Boston was among the fastest growing markets in the United   States.” Aft er a decline during the early part of the COVID pandemic, the condo market   in downtown Boston appears to be heading back upward, says Miller. In the current   condo market in Boston, 27% of available units sell above asking price. Lack of supply   is the bedrock cause of this trend.   “Th  e COVID discount has compressed quickly,” Miller continues. “When companies   bring back their workers, we will see another surge in price improvement. Th  is will help   commercial real estate as well, though right now we are seeing an unexpected delay as   a result of the delta variant until later in fall or early winter, when people fi nally come   NEW ENGLAND’S BIGGEST & BEST   CONDO, HOA & APT EXPO!  THE NEW ENGLAND  CONDOMINIUM  EXPO  2021  WHERE BUILDINGS MEET SERVICES  BOSTON CONVENTION CENTER — TUESDAY, NOVEMBER 2, 10-3:30  FREE REGISTRATION: NE-EXPO.COM  LIVE AND IN PERSON  Th  e Bidding Process  Finding the Best   People at the Best Price  BY A. J. SIDRANSKY  COVID-Related   Legislation Impacts   Boards & Managers    When the Law Meets   a Pandemic  BY DARCEY GERSTEIN  One truism of home ownership is that   there is always something that needs to   be fi xed or upgraded. Th  at’s true in con-  do and co-op communities as well, both   large and small. Th  ere’s always a roof to   replace or a boiler to upgrade, or a lobby   to refurbish. Th  e challenge is fi nding the   right contractors to get these jobs done   effi  ciently and eff ectively at a cost that the   building or HOA can handle.  Types of Jobs  Work in and around multifam-  ily  buildings  usually falls  into  two  cat-  egories:  one-time,  big-ticket  capital   improvements like roof or boiler replace-  ments or façade overhauls, and smaller,   recurring maintenance  work like  pest   control and landscaping/snow removal.   While the scale and frequency of the   work falling under each category are dif-  ferent, the vendors and contractors that   do the work are identifi ed and engaged   through the same process of research, bid   solicitation, fi nal selection, and awarding   of contracts.   How Does the Bidding Process Work?  Michele Schlossberg is an account ex-  ecutive with Gumley Haft , a management   company based in New York City. “Th  e   funny thing about the bidding process is   that it’s pretty similar for both large capi-  tal improvement jobs and annual ven-  dor services,” she says. “What’s diff erent   are  the pre-bid  activities.”  Schlossberg   Even as businesses, schools, and even   entire economies shut down at the start   of the coronavirus pandemic last year,   the task of running residential buildings   and communities never ceased. In fact, it   could even be argued that as people were   more or less confined to their homes for   weeks and months, the decisions made   by  condo,  co-op,  and  HOA  boards  and   managers had even more impact on their   communities than in the Before Times.   Now that widespread vaccine distri-  bution is beginning to flatten and even   ebb transmission of the virus in many   parts of the country and the Biden ad-  ministration  is  settled  into  the  White   House, lawmakers have begun to put   legislation on the books relating to—or   motivated by—COVID-19 and its effects   on lives and livelihoods.   Virtual Governance  In New York, a change to the Busi-  ness  Corporation  Law  (BCL)  went  into   effect  just  before  coronavirus  was  de-  clared a global pandemic. “This \\\\\\\[change\\\\\\\]   amended section 602 of the BCL to al-  low for annual shareholder meetings in   business  corporations  to  be  held  virtu-  ally,” explains Margery Weinstein, an at-  torney at law firm Ganfer Shore in New   York City. Subsequently, in response to   COVID, she continues, “executive orders   further amended that you actually didn’t   need to have a location specified for a   meeting. So the question is: Is the legis-  lature going to codify the executive or-  ders going forward to dispense with the   need to have an actual location \\\\\\\[in the   announcement of a meeting and\\\\\\\] some   form of in-person meeting?”   2021 & Onward  A Year Like No Other  BY A. J. SIDRANSKY  continued on page 23   continued on page 21   back to the offi  ce.”  According to Brian Allenby, a realtor with eXp, an online   brokerage with affi  liates in 50 states and 19 countries, “As it ap-  plies to both the past and future, housing is something every-  one needs, because everyone needs a place to live. Low interest   rates have driven demand during COVID. Additionally, buyers   are now seeking both offi  ce and entertainment space in their   continued on page 20


































































































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