Page 18 - New England Condominium November 2021

18 NEW ENGLAND CONDOMINIUM -NOVEMBER 2021 NEWENGLANDCONDO.COM Flynn Law Group 185 Devonshire St., Suite 401 • Boston, MA 02110 617-988-0633 “Quality Representation at Reasonable Rates - $150/Hr.” Contact Attorney Frank Flynn Frank@flynnlaw-ne.com www.flynnlaw-ne.com ATTORNEYS See Our Display Ad on Page 17 See Our Display Ad on Page 7 Condominium and Real Estate Law Phone: (781) 817-4900 Direct: (781) 817-4603 Fax: (781) 817-4910 We may be dressed up, but we aren’t afraid to get our hands dirty. www.lawmtm.com Merrill & McGeary 100 State Street, Suite 200 Boston, MA 02109 617-523-1760 • Fax 617-523-4893 Contact: Mike Merrill, Esq. mmerrill@merrillmcgeary.com ACCOUNTANTS David A. Levy, CPA, P.C. Certified Public Accountants 20 Freeman Place Needham, MA 02492 Tel: (617) 566-3645 (866) 842-0108 Fax: (866) 681-2377 www.DALCPAPC.net DAL CPA Accounting • Auditing • Taxes • Consulting Worcester 67 Millbrook Street 508-797-5200 Grafton 80 Worcester Street 508-839-0020 Holden 795 Main Street 508-829-5544 M Love Associates, & LLC Certified Public Accountants Serving Condominium Associations mlove 2.25 x 2.5 condo association color 9.19.2017.indd 1 9/19/17 12:59 PM Please submit Pulse items to Pat Gale at patgale@yrinc.com “The problem is when you’ve jumped around too much, and then you have that one catastrophe, your carrier is likely to cancel you going forward. As long as you know that the pricing is fair and equi- table—and how one determines that is admittedly a good question—it’s better to have a long-term relationship with a carrier. I’d rather have a long-term car- rier with whom I can negotiate inspec- tions and replacement analysis reports to make sure that I’m covered properly; that to me is the prudence of a directorship, rather than going out and getting the low price every year. You’re not likely to save money by jumping around.” Finally, Resnick hammers home the importance of transparency when deal- ing with an insurance provider: “Misrep- resent anything in your application, and shame on you,” he says. “Because you’re buying insurance so that it responds the way that it’s supposed to, should you need it. If the carrier sees that you misrepre- sented something, they have grounds to decline the claim based on false informa- tion. However, if you didn’t falsify any- thing, and they provided the policy, you have grounds to sue them for what they’d said they’d insure you for. So always tell the insurance provider the gospel. And if you don’t know the answer, be upfront about that.” n Cooper Smith is a staff writer/reporter for New England Condominium. son, it is essential to vet potential con- tractors, check references, and review past work that they have completed.” Lastly, Alimonti advises that regu- lar inspections of condo high-rises are critically important. “I believe that every building, especially condos, should be required to perform an integrity inspec- tion every five years by local government law or regulations, to establish a base- line for slab on grade, basement, façade and vertical walls, waterproofing, roof, terraces, etc. Regular monitoring of the integrity of the façade allows for protec- tion of the building—especially the ex- terior envelope—and most importantly protects the residents from potential di- sasters.” n A J Sidransky is a staff writer/reporter for New England Condominium, and a pub- lished novelist. He can be reached at alan@ yrinc.com. FAÇADE... continued from page 17 INSURANCE... continued from page 7 While the publication’s latest list of “Best Places to Retire” does include a host of cities in sunny Florida, Manchester, New Hamp- shire, captured a spot among the top 25. And a handful of other New England cit- ies weren’t too far behind: Portland, Maine, at #30; Springfield, Massachusetts, #31; Worcester, Massachusetts, #35; and Hart- ford, Connecticut, #36. Boston came in at a more distant #43 and New Haven, Con- necticut at #60. So what characteristics landed Manches- ter among the likes of Florida’s Sarasota, Naples, and Daytona Beach? The lack of a general sales tax and personal income tax helped, along with housing costs below the national average ($291,367 vs. $315,743) and a good “quality of life,” scoring 7.3 on a 10-point scale. The city, incidentally, also ranked an at- tractive #6 on the magazine’s “Safest Places to Live” list. Rental Prices on the Rise While the median sales prices of houses has dipped in recent months, and listings have been dropping, rental prices are on the rise. As builders struggle to meet the demand, facing supply shortages, longer lead times, and skyrocketing materials prices, those supply and demand imbalances have left first-time homebuyers in renting mode, ac- cording to a report from the Massachusetts Association of Realtors. So far this year, the national median rent rose 11.4%, according to the report. With that as a backdrop, consider this: a typical one-bedroom apartment in Cam- bridge is now going for $2,580, followed by Boston, at $2,410, and Brookline, at $2,200, according to Zumper’s Boston Metro Area Report. By comparison, five North Shore com- munities had the least-expensive rents, with Haverhill being the most affordable, with the typical one-bedroom priced at $1,420 per month, followed by Salem and Mal- den, which both have rents at $1,670, and Medford and Beverly, with rents at $1,730, Zumper’s noted. Monthly Fees for Condos & Co-ops Up All Over the U.S. The Community Associations Institute (CAI) estimates that 74 million Americans live in communities managed by homeown- ers 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 when they go to pay their monthly common charges, if they haven’t already gotten one. Bloomberg and Crain’s New York Business are among the outlets reporting on the na- tional trend of surging carrying charges for condos, co-ops, and HOAs. The monthly fees paid by owners of units in multifamily communities and buildings for the upkeep of common elements, utilities, taxes, per- sonnel, and other shared costs have risen significantly this year, in large part due to rising energy costs, but also to repairs, wage increases, and unforeseen expenses related to COVID. Crain’s cites data from real estate data ag- gregator Zillow indicating that the national monthly median condo fee increased 19% this year, from about $379 in August 2020 to about $451 in August 2021. As the out- let points out, that increase means that unit owners have had to find an additional $900 in their household budgets this year. The services that most associations rely on, such as landscaping, plumbing, and construction in general, have seen short- ages in both labor and supplies in recent months, forcing vendors to increase prices. This in turn adds up for associations, whose residents are ultimately responsible for such costs through the monthly common charg- es. These shortages, in addition to overall inflation, have also increased the costs of energy and utilities nationwide. Second-Home Sales Soared in Pandemic The demand for second homes has risen dramatically since the coronavirus pandem- ic hit in 2020, according to a report from Redfin. A recent Redfin analysis of mortgage- rate lock data from real estate analytics firm Optimal Blue shows that demand for second homes was 60% higher in September than it was before the coronavirus pandemic hit. That’s a slowdown from the record 112% surge seen in March 2021, but a boost from July’s 40% gain. Redfin noted that a combination of low interest rates on home loans, pandemic- era savings and the hybrid-work revolution have made it more feasible for people —not just the ultra-rich— to live a dual lifestyle. “The pandemic,” Redfin reported, “led many to reevaluate this lifestyle choice, up- ending global housing markets. Prices sky- rocketed and bidding wars abounded in the suburbs, while demand plummeted in many big cities. Now, those who can afford it want both.” About 19% of respondents in Knight Frank’s 2021 Global Buyer Survey said they moved since the start of the pandemic. And 33% of respondents in that survey said they were more likely to buy a second home as a result of the pandemic, up from 26% the prior year. “With the rise of remote working, second homes or ‘co-primaries’ are becoming a vi- able option for more buyers seeking a better work/life balance,” the Knight-Frank survey reported. n PULSE continued from page 4 See Our Display Ad on Page 17