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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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Managing Your Reserve Fund
In Today’s Harsh Economic Times, maintaining a healthy reserve fund is more important than ever. A community association’s reserve fund can be used to cover any number of emergency expenses from sudden repairs to legal costs. In addition, a reserve fund can be used for ongoing maintenance projects or for anticipated future repairs. Read More
Preparing the Annual Budget
Maybe it’s not as annoying as that trip to the dentist, but the annual budget comes around every year just like that dental appointment. And the budget process, say trustees, officers and accountants who are charged with completing it, draws the same amount of enthusiasm as a dental visit. Read More
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 during horseplay in the community swimming pool. Read More
Time for a Getaway?
Looking for miles across tree-covered mountains and valleys. Heading up the slopes for a bracing day of skiing. Buyers who have long entertained dreams of finding that ideal New England vacation home are discovering some great opportunities in today’s market. Read More
Newbury Port
When the city of Newburyport incorporated in 1764, it encompassed less than 10 square miles and had a population of about 3,000 people. Today, the city still covers less than ten square miles and has a population of fewer than 18,000 residents. From its initial European settlement in 1635 to the present day, much has changed in this small New England port – and much has remained the same. Located on the coast 35 miles north of Boston, modern Newburyporthas boatyards, beaches, wildlife preserves, historic buildings and city festivals to draw people to this reinvented port city, where recreation is the new commercial trade. Read More
Financial Issues
Any manager or trustee who has been around for at least three years has noticed the recent sharp turn in the real estate marketplace—from red hot in 2005 to ice cold in 2008. How could that have happened? What are the politicians saying about this bust and what are their solutions? Read More
