Page 1 - New England Condominium October 2021

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