2009 Oct
2009 October Vol. 7 No. 10
Focus on...Board Operations
Pressure & Perks
The drawbacks of serving on a board are well known. For one thing, it’s a lot of work. Hours of work, of poring over spreadsheets, of talking to
property managers and vendors and residents and tenants when you could be
watching the big game. And what compensation do you get for all your blood,
sweat and tears? Not a penny. Up front, that’s a lousy deal—labor and emotional investment with no reward.
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How to Deflect Board Members' Personal Agendas
It’s an unfortunate fact of condominium life: Board members’ responsibilities and their personal agendas intermingle more often than they should.
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What Makes Them Tick?
Since the board of a community association is usually composed of a collective group of unique individuals with their own
perspective and opinions, no two boards are ever the same. However, there are
certain overall, universal qualities that can either make or break a board, and
these are traits that everyone involved should emulate so things run smoothly.
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Rental Remedies
Chris D’Errico has handled about 1,000 residential rentals in the Boston area since
2003. These days, more and more of his calls are from condominium owners.
Unable to find buyers for their homes, they’re turning to renting them. “It’s up about 50 percent from last year,” says D’Errico, the president of Greater Boston Properties in Winchester, Massachusetts.
“It’s a good thing.”
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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 requires FHA financing. It’s estimated that the vast majority the condominiums in New England will not meet the new guidelines, and unless they move quickly to comply they could see their property values directly impacted.
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Legal Briefs
Although there seems to be no shortage of talking heads touting the beginning of
the end of the economic decline, associations (like the average consumer) are still struggling to do more with less.
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Q&A: Motorcycles Not Welcome
I live in a medium-sized HOA in Connecticut and we have a long-standing dispute in our community which I am hoping you can help resolve. Read More
