2010 May
2010 May Vol. 8, No.5
Focus on...Recreational Amenities & Programs
The New Jersey Condo, HOA & Co-op Expo
On Wednesday, May 5th, 2010, The New Jersey Cooperator and its parent company
Yale Robbins, Inc. hosted the third annual New Jersey Condo, HOA & Co-op Expo at the Meadowlands Exposition Center in Secaucus.
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Ready, Set, Renovate
Lobbies, corridors and common areas are the public face an HOA or condo
community shows to the world. Shabby, threadbare, or painfully dated common
areas can hurt overall property values and send the wrong message about how a
community is maintained and cared for.
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Clubhouse For Rent
Tennis courts, event spaces and private swimming pools are practically standard
issue when it comes to suburban homeowners associations and condominium
communities. While the residents who enjoy these amenities as part of their
ownership generally use them solo or in the company of friends and family, some
associations occasionally make their facilities available to rent for private
events, such as a wedding reception or a work meeting. Renting out a clubhouse
or other community amenity can be a useful source of revenue for HOAs looking
to make some extra money, but it also raises issues of access and liability.
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Secrets of Successful Committees
Being on a committee is not always an easy task. In fact, sometimes it can be
downright frustrating. A three-month commitment can stretch into six months;
meetings can go on forever; committee members may drift off topic; and
precious, limited time can be hijacked by strong personalities. After a while,
the old saw about too many cooks spoiling the broth starts to feel all too
true.
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Hanging Together
For community associations facing a world of economic uncertainty, the old
notion of “strength in numbers” has perhaps never felt more relevant. Because when it comes to tough problems,
the associations that are able to work together and sacrifice together are the
ones that usually end up stronger in the end.
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The Association of Professional Landscape Designers
Two decades ago, a couple of East Coast landscape designers thought it would be
a great idea to share ideas and to network with others in the profession. Today, the organization they launched—the Association of Professional Landscape Designers—boasts some 1,300 members across the United States and around the world.
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Avoiding the Pitfalls of Shared Ownership
In addition to depressing home prices, the current housing crisis has put a
tremendous strain on the sixty million Americans who live in shared ownership
communities (SOC) such as condominiums, co-ops and HOAs. While these shared
ownership or common interest communities can often provide homeowners with a
better quality of life than a traditional neighborhood, that lifestyle comes at
a price—because in a shared ownership community, while you may own your own home, you
also own the community property together with dozens, or sometimes hundreds, of
strangers, all of who are jointly responsible for maintaining the common
property. If an owner fails to pay their share, the other owners are forced to
pick up the slack. The bottoming out of the housing market has created prime
conditions for bargain-hunters, but there are a few key things that any
homebuyer needs to know before safely buying a home in an SOC.
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Condo Projects Take Steps to Win FHA Approval
All for one and one for all. We always knew that buying a unit in a condominium project meant that the value
of our property depended in good part on the likeminded conscientiousness of
our neighbors. Where owners live, vote and fund the maintenance and improvement of the
communities, homes and their values thrive. And it has been long understood
that the more buyers who can bid for homes in the community, the more likely
the value of the homes will be enhanced. But the interdependency between
homeowners became a more serious relationship in 2010. No longer can we individually secure an FHA-backed loan to purchase or refinance
a unit in a condominium. Those loans are now extinct, with one exception: where
the condominium project as a whole receives the nod from FHA, FHA will allow
lenders to make loans to individual homeowners living in the community. So how
do we get the Federal Housing Authority to smile upon our particular
condominium community? By proving that most residents live there, pay their
fees, save money and can manage to stay away from being sued. If the overall
condominium project wins FHA approval, some of us will get our loans. Read More
Q&A: Authority to Impose Fees
I am the board president for a condominium development. At one point the board allocated space for storage cages and bike spaces at no cost. The board would now like to consider charging for these spaces (to existing owners as well as new owners). How can we implement this? Read More
Q&A: Monthly Community Barbecues
Our board of directors has approved more than $1,000 for the cost of our monthly community barbecues. It is my understanding that using the monthly maintenance fees in this manner is inappropriate. The board, however, insists on going ahead with these barbecues, causing a rift amongst residents who disagree. Could you please advise? Read More
