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 proj…
Each year, condo, co-op, and HOA 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 …
Questions to our firm about how homeowner and condominium associations should respond to the coronavirus (COVID-19) epidemic have come in waves. When news of the virus broke, we were asked by HOAs and condos how to keep homeowners safe. (S…
The last three apartments in your luxury hi-rise condo were sold to a troika of Russian oligarchs, who all paid well above the asking price. But now said oligarchs are on the sanctions list, and have withheld their monthly maintenance fees …
Roll out the welcome wagons and red carpet! Cultivating a community of residents who are not only satisfied with their purchase but enthusiastic about their neighbors and general surroundings can indeed be a daunting task. For those joining…
Co-op, condo and HOA living represents a unique social arrangement; it’s a paid-for membership club and a home at the same time. Many people enter into this arrangement without a complete understanding of the responsibilities of membership.…
You work hard and try to put money away to be used for a rainy day – hoping, of course, that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom – the brakes on your car suddenly go, or one of the kids nee…
Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the finances for an entire building or association is a major responsibility, and boar…
There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of co-ops, condos and homeowners as…
Like single family homes, condominium units tend to be owner-occupied. Financing for these units therefore tends to follow traditional guidelines and requirements centered on owner occupancy. But what happens when a condo unit is held as an…