It often arises suddenly. And when the telltale signs do appear, the problem has likely been years in the making. “It can come up any number of different ways,” says Charlie Perkins, senior partner of the Westford, Massachusetts-based la…
The day-to-day costs of running a multifamily residential building are significant. There’s the fuel oil, electric, cleaning supplies, equipment maintenance and service calls for repair and upkeep. Then there are the insurance costs, la…
Massive flooding. Widespread insect infestations. Devastating tornadoes. It’s a good thing those things don’t happen in New England. Condominium trustees and homeowners who thought New England was immune to such catastr…
lthough they are supposed to have a so-called reserve account to cover anticipated capital expenses—roof replacements, exterior maintenance, elevator upkeep, and the like—many condominiums, especially in the last few years of economic …
It’s not your Daddy’s condominium any more. Since the 1960s and ‘70s, when condominium home ownership became not only available but a viable alternative to single-family housing in New England, the market has evolved with man…
Given recent headlines, condo associations could be forgiven for thinking they need to put an armed guard and razor wire around the petty cash box. A wave of fraud appears to be hitting condominiums from New England to Florida and beyo…
Management of a condominium community is much like democratic government in a small town or village. The budget process is remarkably similar, whether it’s fees or taxes being collected, and, as in local government, financial management…
Tighter lending requirements for Federal Housing Administration (FHA)-backed mortgages for condos have put financial and administrative pressure on condos around New England at a time when many are ill prepared for any new challenges. …
As annual and quarterly budgets come up for review, associations are looking to cut additional costs anywhere and everywhere they can. But how much more “fat” can be trimmed from budgets? Surprisingly, there are a few unsung cost saving …
New lending guidelines from HUD mean that FHA loan requirements will be significantly tightened for condominium sales. The new requirements could have a profoundly negative effect on the ability to sell or buy a condominium unit that…