Category: Finance

Finance
2011 July You'd Better Shop Around

 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…

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Finance
2011 July Expecting the Unexpected

 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…

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Finance
2011 July Strings Attached

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 …

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Finance
2010 July "Other-miniums"

 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…

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Finance
2010 July A Rash of Thefts

 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…

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Finance
2010 July Understanding Your Condo's Finances

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…

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Finance
2010 July Squeeze Play

 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.  …

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Finance
2010 July Overlooked Savings

 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 …

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Finance
2009 Oct Financial Issues

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…

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Finance
2009 July Summertime Safety

 Ah, summertime! It’s a great time for property managers to kick back and relax! Except for that  out-of-control grill fire on the deck of unit 31 that nearly jumped to adjacent  units. And that pesky 13-year-old who broke his finger durin…

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