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…
The vast majority of co-op and condominium boards are well intentioned and work diligently with their management and accountants to draft and monitor their annual budgets—and recalibrate them as necessary. Despite their best efforts to keep…
It’s a question we’re asked all the time: “Can we use reserves to cover an operating fund shortfall?” Under normal circumstances, our standard response would be an emphatic “No!”—because reserves are for major repair and replacement project…
Even before the COVID-19 crisis hit, the question of where real estate values were going was the elephant lurking in the corner of the room. Some submarkets (like Boston, for example) were strong—and getting stronger. Others (like New York …
Each year, boards are tasked with figuring out the costs associated with all aspects of their community’s operations, including any capital repairs or improvements they plan to undertake in the coming fiscal year, and then making sure the r…