Page 33 - New England Condominium May EXPO 2019

NEWENGLANDCONDO.COM NEW ENGLAND CONDOMINIUM — MAY 2019 33 ty of their apartments in order to continue pellate courts have held that no attorney’s plans to revamp regulations governing the living there, without being forced to sell. fees and costs (associated with the prior relationship between developers and asso- It’s about allowing people to stay in their owner) can be collected from a third-party ciations by (among other things) defining homes, and not accelerating the diminution purchaser, reasoning that Section 9(g)(5) more clearly the developer’s financial obli- of different economic points of view.” Reginald D. Cloyd III, an attorney with with Tressler LLP in Chicago “A super hot topic right now is the make sense to me. Why have a notice provi- amount that can be collected from a third- party purchaser at a judicial sale after a this issue will be further litigated in the near a more objective and enforceable formula, foreclosure judgment. Section 9(g)(4) of future, and the Illinois state Supreme Court as well as a mandate that the developer the Illinois Condominium Property Act will have to provide some clarity.” provides that an association can collect up to six months of assessments that came due prior to the initiation of a collection action against the prior owner and which remain outstanding. Section 9(g)(5) provides that munity Affairs (DCA) is working on admin- attorneys’ fees and costs incurred by the istrative regulations that will have a long- association to collect from the prior owner term and far-reaching effect on community developers and associations come to grips can also be collected. However, various ap- is merely a ‘notice’ provision, and does not gations during the development period. The actually give the association the ability to current regulation obligating developers to demand these amounts. This doesn’t really contribute to the expenses of an association sion if it can’t actually be enforced? Surely those expenses is expected to be replaced by Ronald L. Perl, Partner at the Princ- eton, New Jersey office of law firm Hill Wallack “The New Jersey Department of Com- associations in the state. The department with the new regulations.” in proportion to the ‘benefits derived’ from funding be ongoing during the project. “In addition, the DCA is working on regulations to implement the Radburn Act, which contains requirements relating to the election of association governing boards and bylaw amendments. “2019 should be a busy year as both Steven R. Wagner, Partner at the New York City law firm Wagner Berkow “Here are a few things that we’ve been working on for co-op and condo clients, as well as individuals in those residences, that may resonate going forward: • Buyouts: holders of unsold shares are regularly making offers. • Sale of development rights: I have one client who is selling, another who thinks the developer did something sneaky, and my own co-op is being approached to sell its developments. • Sponsor building construction issues: leaks, leaks, and more leaks on new con- struction. • Smoke-free buildings: policy state- ments required earlier this year have in- spired some associations to review the issue. • Amenities: new construction buildings have it all, and co-ops and condos play catch up. • Defamation: nasty words are becoming the norm. • Election challenges: Related to the for- mer. I had two cases of ballot-stuffing this year, which is more than ever before.” The Market Michael DiMella, Managing Partner with Charlesgate Realty in Boston “The condo market has been robust over the past few years, with several new devel- oper projects coming online in the Boston area. We should see more of this as 2019 plays out, and we’re anticipating continued demand. Many demographics are enjoy- ing condo living, and desire that lifestyle both in urban areas and in some of the suburbs just outside the major city. People want properties close to public transit, or in walking distance of major destinations. “In terms of amenities, I think you’re seeing some innovation, but people still look for nice common areas, i.e., a library ISTOCKPHOTO.COM REGISTRATION IS FREE BUT THE COST OF NOT GOING COULD BE HIGH. SEAPORT WORLD TRADE CENTER, BOSTON — WEDNESDAY, MAY 22, 10-3:30 FREE REGISTRATION: NE-EXPO.COM THE NEW ENGLAND CONDOMINIUM EXPO 2019 WHERE BUILDINGS MEET SERVICES continued on page 41