Our Board is having problems dealing with the Manager and Super. Neither get much accomplished, but both claim that it's the other's fault. Does anyone know of a consultant we could hire to investigate, maybe review our condo's operations, and report back recommendations?
Yes a bit strident, but comparisons that are one dimensional don't truly convey a full and accurate picture. Kindly see the tables "of real data" posted for a "superior" comparison.
Comparison shown is nice, but useless
Obviously someone expended considerable time in researching and posting the information at: http://disc.yourwebapps.com/discussion.cgi?disc=94379;article=11038;title=Habitat%27s%20Board%20Talk
But, I opine that the information is meaningless without additional information as someone clearly points out in the http://disc.yourwebapps.com/discussion.cgi?disc=94379;article=11051;title=Habitat%27s%20Board%20Talk posting.
Here are some true life numbers in our neighborhood. These averages are based on the total financial picture divided by the number of units in the building. Even in this case the results are imprecise as the mix of studio, one, two and three bedroom units may not be distributed similarly in each building.
So look at the key values below, such as: Contributions (total maintenance, assessment, parking and basic cable for one year), Expenses, T-Liabilities, Net Debt and Underlying Debt/Apt. The tables may be a challenge to read, but do scan and then see the note at the bottom. The values have been extracted from the annual reports of the buildings (all in the same recent year) and the analysis has been verified by a CPA firm. Yes, an onerous task, but the only “fair” way to perform an analysis.
Building Contributions/year
A $ 12,889
B $ 12,811
C $ 15,467
D $ 16,989
E $ 21,100
F $ 15,057
G $ 20,422
Building Expenses/year
A $ 11,569,000
B $ 14,407,116
C $ 15,780,260
D $ 18,263,746
E $ 21,681,448
F $ 14,981,071
G $ 21,087,850
Building Total Liabilities for year
A $ 854,186
B $ 43,307,159
C $ 36,268,032
D $ 43,882,498
E $ 74,018,324
F $ 51,005,900
G $ 54,268,013
Building Net Debt for the year
A $ 572,542
B $ (21,260,487)
C $ (32,180,367)
D $ (42,541,300)
E $ (59,992,248)
F $ (38,502,979)
G $ (48,105,269)
Building Underlying debt/apt
A $ 1,185
B $ (44,018)
C $ (63,472)
D $ (33,603)
E $ (123,951)
F $ (137,511)
G $ (205,578)
OK, which is/are the most financially sound buildings?
1. In which buildings does it appear the Boards are executing proper fiduciary responsibility?
2. If you review “Contributions, it appears that there are two lows, some at $15,500 and two highs.
3. Look at Net Debt and Total Liabilities and one should discern that some have huge payables.
4. Finally look at the underlying debt per apartment. This mans in addition to owing any co-op loan, the shareholder has this amount reducing the value of the shareholders apartment. But worse, many have differed payments and are only paying interest. Further, this means the Board has abrogated its fiduciary responsibility and is borrowing from future generations to pay for the enjoyment of today’s’ capital expenditures. In truth, this is utterly unfair to future buyers. But, who cares, monthly costs are low today and we won’t be here tomorrow.
Building "A" is the winner, far and away with no debt and low costs.
Yes Building "A" considered a "luxury" co-op. As a matter of fact, the realtors classify all the buildings in this summary as luxury co-ops.
According to bylaws in my coop shareholders can request a special meeting if 25% shares are represented. Shareholders in my coop were able to get shareholders to get enough signatures to organize a special meeting requesting the removal of 2 board members. The property manger left copies of a meeting date and a proxy with the doorman in the building. Shareholders received a copy when they came into the building, or the doorman went door to door and left a notice under the door of shareholders. My concern is that meeting notices can not be left under the door and the notice single me out. I notarized the pages, but not the notice and the board of directors have singled me out. The actual request for the special meeting states my name and does not acknowledge that over 25% of the shareholders requested this meeting. It is good that the board has respected the request, but I feel singled out and harassed. I am extremely distraught and concerned, and feel that the board and property manager are not taking this matter seriously. I personally feel that this type of action from the board and property manager constitutes harassment, especially since I have received emails in the past from the board members and managing agent with derogatory remarks. Please Advise
Has anyone board been able to impose fines for repeated violations of house rules even though fines are not specifically mentioned in co-op documentation. Apparently courts have upheld fines even though not spelled out. How did you collect?
NJ wealth of information, but may have some applicability to other communities
May I suggest a visit to:
http://www.wgcpas.com/articles.html
This is the web site of WilkinGuttenplan (NJ) a CPA firm that specializes in auditing co-ops, condos, and community associations.
There are a number of articles and newsletters that are quite interesting and valuable.
Bonne chance!!
NJ wealth of information, but may have some applicability to other communities
May I suggest a visit to:
http://www.wgcpas.com/articles.html
This is the web site of WilkinGuttenplan (NJ) a CPA firm that specializes in auditing co-ops, condos, and community associations.
There are a number of articles and newsletters that are quite interesting and valuable.
Bonne chance!!
What do you think of Cooper Square Realty merger with Wentworth Property Management? I think some of these management companies are getting too big!
Are you interested in finding out how your maintenance compares to your neighborhood's average? Or to other Manhattan neighborhoods?
A few months ago I posted a link to this comparison, and last week it got a lot of attention again. If you haven't seen it, click on:
http://www.thepinehurst.org/residents.htm
and scroll down to "Manhattan Maintenance Fees" where you can download a pdf of the details.
Remember, it's just an average. And it's based on the square feet in an apartment, not on such details as how nice the kitchen is, whether the bathroom reno is new or in dire need of one, and whether there's a doorman.
Still, it gives a good sense of how much you can expect to pay in a given neighborhood. And it compares 2008 fees with 2006 fees.
Im a board memeber of a small building in nyc (60) units. We recently had a request to allow a name change/transfer of shares from the owner of a unit to a trust for this persons family?
We are reviewing and dont have the specifics yet of the trust, but realize by the amount of information we have requested this may not be an ideal format. Does anyone have exeperince with this type of request or an opinion?
I appreciate any feedback provided. Thanks
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First thing is to get rid of both of them! Get a mid size management company and lay down the guidelines you want them to follow. Then start interviewing Supertintendents.
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