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
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
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
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
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