Every board has been there; a repair is needed, or a building system is due for an upgrade. The request for proposals (RFP) goes out. As the bids come back for consideration, the board must keep their community’s financial realities foremos…
Shared interest communities like condominiums, co-ops and HOAs are non-profit entities. That means they’re dependent on residents paying their monthly fees in order to meet the community’s projected expenses. Unless a community leases space…
Unless you’ve been living off the grid in a remote woodland cabin for the last several years, you know that costs for nearly everything, including the goods and services needed to operate and maintain multifamily properties, are up—sometime…
It’s been a dramatic few years for the condo and co-op market, swinging from red-hot to rather difficult, with most regions nationwide feeling at least some of the effects. Some of the factors underlying the shifts are rooted in pre-pandemi…
When a condo or co-op resident runs for a seat on their board, the decision to do so generally comes from a desire to ‘step up’ and participate in the governance of the place they call home, and the building or association community as a wh…
Ahh, the pleasures of home ownership; a space to call your very own, to arrange and enjoy as you see fit, all while building equity. It’s a key component of the American Dream—but when the faucet leaks in your condo or co-op unit, there’s n…
One truism of home ownership is that there is always something that needs to be fixed or upgraded. That’s true in condo and co-op communities as well, both large and small. There’s always a roof to replace or a boiler to upgrade, or a lobby…
The Community Associations Institute (CAI) estimates that 74 million Americans live in communities managed by homeowners 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…
The successful financial management of a condo, co-op, or homeowners association relies upon accurate, timely, and consistent financial statements. These statements represent the financial position and results of operations of the associati…
One year-plus into the largest public health crisis in a century, New England Condominium spoke to real estate professionals across the geographic regions we cover to learn the effects that the COVID-19 pandemic has had on their specific ar…