Page 41 - New England Condominium May EXPO 2019

NEWENGLANDCONDO.COM NEW ENGLAND CONDOMINIUM — MAY 2019 41 YOUR BOARD’S ATTENDANCE IS NOT REQUIRED. BUT IT SHOULD BE. 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 or club room to hold events and larger gatherings. Or outdoor spaces, roof decks, patios equipped with grilling or cooking equipment. We’re also seeing gyms that are outfitted with some sort of web-connected tech, like Peloton-type equipment.” Brad Robbins, Founder and Principal of RNP Real Estate Group in Chicago “The market is cooling off from the white-hot pace we’ve seen over the past couple of years. While it’s true that more seven-figure homes are being sold than ever before, the reality is that there are too many of this type of home relative to the amount of buyers out there willing to spend that kind of money right now. “Much of the recent explosive growth has been due to a combination of abundant new construction opportunities (which in- herently push price points up in the neigh- borhoods in which they’re built) and lack of typical resale homes on the market. Now you have tariffs driving up the cost of build- ing, interest rates increasing, and local land values rising astronomically, all combining into a perfect storm. “So what does this mean for Chicago? I think that it’s going to be a very busy winter and, with the coming rate increases by the Federal Reserve, you’ll see a good chunk of buyers who’d been waiting on the sidelines get off the fence and lock in the best rate they’re likely to see in their lifetimes. “The absolute smartest move to be made for a primary residence owner is to get out now for the most they can get someone to pay, and go lock in an incredible rate on a long-term purchase. They’ll see their small loss be made up for many times over dur- ing the course of their tenancy in that new property.” Tim Knipper, a real estate broker with Compass in Chicago “Honestly, I think the spring market is going to pick up rapidly. It’s been quite slow since last June, and buyers just don’t seem to have any urgency, but it looks like there is going to be an influx of new condos on the market. I know that, since it has been slow, sellers are waiting and/or taking their plac- es off the market because they feel they will be able to get a higher price in the spring, rather than now. And, now that the mid- term elections have transpired, we’ll be able to see what affect any stock market volatility has on interest rates.” The Management Jackie Monzon, President of Crystal Real Estate Management in New York City “Currently, any property with elevators must install a door lock monitoring system. If an elevator does not have one currently, properties are mandated by the city to in- stall them by December of 2019. This proj- ect is costing properties about $19,000 per elevator, which is a big hit. “In some of my older buildings with old elevators, as they have to upgrade those ele- vators anyway, we’re fast-tracking the eleva- tor upgrade projects, as the new elevators already come with the required door lock monitoring systems.” Dana Isaacson, Director of Condo- minium Management at BRIGS LLC in Boston “Much-discussed issues like marijuana legalization, drone use, short-term rentals, and emotional support animals are increas- ingly encroaching into condominium life. From a management standpoint, we try to keep up as best we can with evolving laws, as trustees are volunteers who aren’t neces- sarily prepared to keep abreast of all of the data and info that pertains to community associations. It’s our job to educate them, which can be difficult. But we try to hook them up with the proper counsel that can really drill down into an issue and explain to a board where its responsibilities lie. “More broadly, the industry is becoming increasingly difficult to navigate in terms of residents expecting information from management immediately as it’s requested. With the internet, everyone expects a rapid turnaround for their emails, which make for around 90 percent of the inquiries we receive. It’s a challenge, as traffic can be- come overwhelming. “But let’s face it: we’re managing what’s most likely these residents’ most valuable asset. So their expectations are extremely high. But when a landscaper asks for a 5 percent increase in their fee, the board can look to a tangible result around the prop- erty. This is less-so for a management com- pany, as much of what we do is administra- tive and financial in nature. Owners can’t always immediately see the value we pro- vide. Some do! But many don’t. Yet without an increase in resources, we can’t sustain the demand for increased responsiveness. We try to add value wherever we can, but it’s hard for us to stay proactive, rather than just try and reactively stay above water.” n Mike Odenthal is a staff writer/reporter with New England Condominium. WHAT DOES... continued from page 33 to man the front door to keep it open and under surveillance.” In extreme cases like Superstorm Sandy, where power was out for days, “a backup battery-powered gen- erator wouldn’t work either,” Halper says. “The battery wouldn’t last that long. So you still need the super.” While not as acute, one other major drawback could still be critical. In conjunc- tion with apps on your smartphone, fob systems can be synchronized to provide remote access from almost anywhere. You could be in the Caribbean on vacation, and if someone wants to be buzzed in to your building, you can buzz him or her in through a phone call. That may sound great – and in many ways, it is – but these apps don’t necessarily come with video ca- pability, and that’s the big drawback. You might buzz in someone you didn’t want there. “Old-fashioned buzzer systems are secure,” says Maunsell, “in the respect that you only buzz someone in if you’re in your apartment. With phone entry, you could be anywhere – and that’s less secure.” Cost Dahlin says the cost of fob systems is dropping due to the proliferation of tech- nology, and because of increasing demand on the part of residents and building and community managers. “People want this,” he says. A very simple system can cost un- der $700 to install and get up and running. KEY FOBS... continued from page 35 The cost of entry is lowest for new con- struction, where a fob system and any other complementary technology system are in- stalled during the build-out of the proper- ty. Retrofits of older buildings without any existing technology are more expensive, as retrofits are more labor intensive. Such projects may also involve extensive physi- cal changes required to run wires and other equipment and components throughout the property. For buildings and associations looking to retrofit their properties with key fob sys- tems, Maunsell recommends installing a fob system with a unified platform, which is the most complete iteration of the tech- nology. That platform generally includes keyless entry, surveillance and intercom, one program on one server on one plat- form. So while we may mourn the days when everyone just left their doors open, we can also rest easier now, knowing that at least some forms of technology may have made us a little safer. n A J Sidransky is a staff writer/reporter for New England Condominium, and a published novelist. struction, and some installed after. The easy ones are after construction – things like carpeting and curtains. Resilient un- derlayment is used in floor construction to reduce sound conduction. It might be foam or fiber. It could also be roof felting, cork or rubber.” Bedrock for soundproofing between floors is a 9-inch-thick poured concrete floor. Anything else, according to Gaynor, will not prevent sound – particularly struc- tural sound – from transferring from one floor to another. Schnitta agrees, but cau- tions that “a thick poured concrete floor itself is great for stopping sound, but if it’s not thick enough, it will be terrible for foot- fall,” or anything else with an impact on the floor, such as dropped articles. She explains SOUNDPROOFING... continued from page 36 continued on page 42