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Re: Some folks have overlooked a few key notes - Anonymous Jun 01, 2007


df

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hi

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Flood insurance outside of flood zone - rfs May 31, 2007


Given today's dire predictions for strong hurricance striking the east coast this season (see AM NY site), should buildings right outside flood zones consider flood insurance? My building is on the edge of a flood zone, but a big storm could possibly zap us.

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That is not something anyone can answer with certainty.
Since you are not in a flood zone, it will be very inexpensive to obtain and probably worth adding (somewhat like the glass coverage on your auto)
~AR

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Reserve fund for new smallish condo building - rfs May 31, 2007


Our board has been considering establishing a reserve fund. How many months' monthly charges would be usual/reasonable in your experience?

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I like to see a minimum of 3 months maitenance.
depending the size of the building and the condition, etc. your reserve should be established.
A good manager or an engineering consultant can access how much your building will need based on the condition, useful life of building components, future plans (ammenities, etc.), etc.
Just for safety, and in the mean time, have your managing agent secure a line of credit in case something happens that requires emergency funds.

~AR

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We have two "reserve" funds/

Suggest you obtain the AICPA document as it defines or poses “ground rules”.
See: Common Interest Realty Associations — AICPA Audit and Accounting Guide
The Audit and Accounting Guide summarizes applicable practices and delivers "how-to" advice for handling almost every type of financial statement. It describes relevant matters, conditions, and procedures unique to realty associations, and illustrates treatments of financial statements and reports to caution auditors and accountants about unusual problems.
https://www.cpa2biz.com/CS2000/Products/CPA2BIZ/Publications/Sub+3/Common+Interest+Realty+Associations+%97+AICPA+Audit+and+Accounting+Guide+%5BSubscription%5D.htm
In our case (500 unit co-op) in NJ, we have two reserves, e.g.; short term liquid cash and long term capital improvements.

In addition, we have a line of credit. We have a “standard” capital improvement assessment each year. We collect it during the middle six months.

Until the reserve fund is replenished, we sometimes find it necessary to obtain funds to pay contractors and vendors. To this end, we use our line of credit.

But do note that we repay the line of credit before year end and that we never use the line of credit as working capital.

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Thank you both for your informative answers!! I really appreciate it.

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Our on hand liquid ready cash is 20% of our monthly outflow.

Our arrears from shareholders averages .2% of our yearly expected inflow of funds for all payments (maintenance, assessment, bulk cable, parking, etc.)

Our capital reserves at year end are typically $500,000.

So with 500 units, we have $1,000 per unit in our capital reserves at year end.

Our inflow for capital reserves is almost $2,000 per unit per year. Note that we collect nearly $1,000,000 per year in assessments for ongoing capital improvements per the AICPA required supplementary schedule. Our outflow is thus $2,000+/- per unit per year.

By the way we have no underlying mortgage, having paid off the original mortgage without ever refinancing or taking a new mortgage.

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No Guarantors - Dave May 29, 2007


I have seen a lot of recent co-op apartment sales listed recently as "no guarantors or parents buying for children".

What are the board positions/arguments/justification in these cases?

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Or guarantors???

Again... there are many ways to help children. Even when we are grown up children, we never get old for our parents!. We used to buy brand new cars to children; why not an apartment or our house now while alive?
But, what is the maturity of the occupant and the ability to pay that is important in your case.


Position:
(1) The child has to appear with the parent as co-shareholder if you have a sublet policy in place with occupancy limits before being able to sublet.

(2) Your child and parents must comply with financial and references. Everyone that would live in the unit must be interviewed by the admissions committee.

(3) Why is the parent buying for a child? To attend the university, to provide the first home for a child as the child is trying to start a career in NYC or suburb?

(4) Any roommates from the onset must be interviwed for rules and character references must be provided.

AdC

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AdC is, as usual, right on target.

Here are some of the reasons boards ask for the things AdC suggests.

* Usually the children are in their 20's, often just a year or two out of college. Many are reliable, honest and mature adults. Some, however, are not, and believe that their apartment can be treated as a dorm or a rental unit with an absentee landlord -- who happens to be Mommy & Daddy.

* Some of them believe that paying the maintenance is optional. Or they say that it's their parents' responsibility (even if it isn't).

* They may decide to have friends stay the summer while they're out of town; you & I consider that subletting, which requires an application, a fee, maybe an interview; the young person who lives there may think he/she is just being helpful to a friend in need anda that the board should butt out.

* The child may not be prepared to understand the importance of following the rules of communal living.

* Some may have roommates who change every year.

Again, some children are wonderful subtennants; our building has wonderful examples of young people who live in apartments their parents bought for them. Part of the reason is that they are responsible people. But another part is because parents and child attended the board interview, and because parents and child filled out purchase applications.

Steve

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What is becoming more popular though is the ability to purchase under a Corporation or a Living Trust, which somewhat negates the whole guarantors or parents thing because the children are named as beneficiary of the Trust.

I do not care for this much because it is harder to sue the Trust than it is a physical shareholder.

~AR

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are managing agents licensed? - anon May 28, 2007


Hi knowledgeable colleagues,

Must managing agents be licenced? If so, who licenses them (state? city? agency?) and where/how would one lodge complaints?

--Stressed shareholder

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NO. Currently Managing agents for residential buildings are not required to be certified or licensed.
If your managing agent has a certification, this you can tell by three or four letters following his/her name, you can lodge a complaint with the organization that supplied the certification.
Pg

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Alas.

No wonder so many are so poor.

I'd like to be involved in such an effort.

Thanks for your help, PG.

--shareholder

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So, beyond going to the DA, how do you deal with an agent involved in improper or questionable behavior, or simply a poor manager, who doesn't respond to problems?

If the board won't fire them, I mean.

Better biz bureau, consumer affairs, picket the office, write (ha) our state legislators?

--Shareholder

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Take charge of the situation, Shareholder. You should run for the Board. Better yet, run with group of other like minded candidates who will change the management company once you're on the Board. Best of luck.

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Yes, served on the board for a number of years myself, with a more enlightened group. Unfortunately, our successors seem to be having a harder time.

Coops as institutions are seriously flawed. An agent license -- a license one can move against, lodge complaints against, remove - might provide some firm improvements.

Why don't we contact our assembly representatives, and try to move that bill?

Thanks again all

--Shareholder (who alas much remain "anon")

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The horse is probably dead on this one. Anon (because there are so many anons out there and we dont know if there is one anon, two anons, same person etc). Give yourself a name, how about "Brad" or " Paris or Nicole"

Fat Nickie

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Hi,

"Disillusioned" might work just as well.

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Thanks, Disillusioned, easier to follow the trail now.

FN.

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To Anon: Very regretfully the answer is: NO.
According to the REBNY they are "Capable" of monitoring themselves consequently the bill to license is in moth balls in Albany.

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Please anon (no anons). Now sad to say they are not, but the good people that run your building RM/Super/handymen/porters etc spend a great deal of their time taking courses and classes to help the building run as smoothly and efficiently as possible.

Got to run (must go to school) FN

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I wasn't going to chime in on this one, but...

As a managing agent, I went to NYU for classes to achieve a CPM designation, which ethic courses are a requisite; I am a registered apartment manager (RAM) through NAHB. I also ensure that a fidelity insurance policy is in place for all sites covered. (I am currently in process of opening/starting my own management company)

My point is, that a good manager will have some sort of check and balance system, some type of ethical model and a set system for handling certain sensitive situations. These are things that should be discovered during the initial interview with the agent or management company.

Depending on the nature of the complaint you have, the authority you complain to may be different.

~AR

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I would like to know when you start up your management company, please let us all know the name and information on your company when the time is right, Good luck to you.

Mike MacGowan,
President
Manhattan Resident Manager.s Club, Inc.

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AR,

As I mention before, you have given excellent answers in the past from the management point of view. In fact, I have commended you for your integrity as a manager.

Perhaps you should "educate" the participants of this chatroom by providing us with some of the questions that shareholders who participate in selection of management should ask candidates when interviewing for a new management company.

Also, what due diligence should board exercise to ensure that the new management company will perform as they had hoped for.

Thanks!!!

AdC

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Thanks AdC for the complements!

Property managers owe the owners a fiduciary obligation, which means in simple terms to act in a position of trust for the benefit of the principal (or Cooperative/Condo).

As per my previous post..
"...a good manager will have some sort of check and balance system, some type of ethical model and a set system for handling certain sensitive situations. These are things that should be discovered during the initial interview with the agent or management company..."

Paramount to hiring an agent/company is knowing what your needs are.
Then we can establish a check list to hire.

Several principals:
~ Hire a company that only uses licensed and insured vendors, not in-house staff.
~ Hire a company that has managers with credentials (there is added accountability to him/her).
~ Hire a company that is primarily the property management business .You don’t want a company that manages your property as a loss leader to attract owners to sell them more lucrative services like maintenance or listings and sales.

The answers to those will help you decide who is best qualified to manage your property!

The individual agent/manager should be able to answer:

~ Communication – All board members should have a cell phone number for the pm, and all residents his/her email address. (I like email best because it creates a trail, reminders, and is much faster and more effective)
~ Bidding process - how are larger projects handled? How are the bids reviewed and decided on? Also, smaller day to day repairs.. how are these handled?
~ How are emergencies handled? - give a scenario: Mrs. Jones in 5A has water seepage in her bathroom, there are 6 more floors above her.. What procedure do you take to determine the cause, resolution and conclusion?

There are many more that can be added to the list, but these are what I think to be the main ones.
Check also to see if any complaints have been filed against them.

Finally, when you hire a company that will be charging you approximately $2.00 per day per unit, don’t ask how to get it done cheaper! Instead, you should be asking what efforts will be made to extend the life of your property, develop a budget to increase your equity and cash flow and assist in reaching your written goals.

Hope this helps!!

~AR

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You've given great food for thought! I'm glad you placed a value on managing a unit per day, i.e., $2.00. I'm sure many of those who complain about management companies may see the value rather steep. However, they get the services that they are paying for.

Over the years, I have come to respect the value that management may provide and fully understand that the price you are quoting is more than fair. In fact, I have told many shareholders that what do they expect by way of services if the cost of our management has remained the same for the past 7 years? Obviously, the services will be according to the current price they pay.

Thank you.

AdC




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Yes, managing agents ARE required to be licensed in NYC!

How is it that nobody seems to be aware of this. Any person collecting rent, or maintenance in a co-op, or common charges in a condo, on behalf of someone else must hold a real estate brokers license under the Division of Licensing, State of New York.

Any complaints you may have against a managing agent can be brought to the Division of Licensing for disceplenary action. If an agent loses his license, he can no longer operate his business.



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Mike, you are a godsend! Thanks ever so much. Will follow up!

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No anons please anon

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Sorry Mike - apparently managing agents are not under domain of New York State Department of Licenses - Brokers yes - and no you cannot piggy back a complaint against a managing agent for wrongful conduct onto their broker dealers license - it would have been wonderful if true but unfortunately as many of us know there is no agency that will undertake action against Management companies, board members, etc that includes the District Attorney, Attorney General which under New York State Law is the enforcement for the laws that are on the books which are violated - which is why the problem persists - and of course going to court for this type of action starts at $100,000 - if you have any ideas about how to rectify these problems count me in

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We could start by emailing
1. Habitat and asking them to write an article or put the issue in the magazine for discussion
Should Managing Agents be Licensed.

2. There are 2 large organizations that represent Coops and Condos I can't find the other one.
Education Federation of New York Housing Cooperative and Condominiums 61 20 Grand Central Parkway
Forest Hills, NY 11375 718. 760. 7540. - (V) www./fnyhc.Coop


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Managing agents must be licensed Real Estate Brokers in NY, IF they are collecting rent (including maitenance charges). Currently, there is no separate "managing agent license" but NY legislators have been contemplating one for years.

Therefore, if your managing agent is collecting your coop's maitenance, make sure he or she is licensed as a real estate broker. You can easily check for broker license at ny.gov.

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Legal Eagle -could you please state what agency(s) licenses managing agents and where a complaint should be lodged - thank you

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Managing agents collecting rent or maintenance charges (thus acting as fiduciaries) must hold a real estate broker license in New York. Real estate broker licenses are issued by the Division of Licensing at the New York Department of State. Anyone who believes that he or she is a victim of an untrustworthy or incompetent licensee of the Department of State, or who is aware of unlicensed conduct by a person or business engaging in the occupations or businesses regulated by the Department of State, may file a complaint with the Department of State at (212) 417-5790.

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To Legal Eagle - Thank you

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Legal Eagle I called the number listed for complaints against management co - NYS - not them, they gave me another number and unfortunately it turns about to be the Attorney General's office and I like others on this site have gone down that path and they will not do anything which of course is why these things exist and get worse - also I see that another J also responds to you - two different persons

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Hi J: I have had success on several occasions by dialing this number to report managing agents collecting rent who are not licensed as NY real estate brokers (as required by NY law), and in fact have followed up in writing to me in each instance advising if it agreed that unlicensed activity was occurring.

Perhaps there was confusion about how you posited your query? There is often confusion around this issue because there is not a separate "Managing Agents License" in NY, but again, if an agent is collecting maitenance fees on behalf of coop then they are acting as fiduciaries and must be licensed as NY Real Estate Broker. Here's a link to Dept of State's Licensing Complaint Procedures, whereby you also have option to file complaint online:

http://www.dos.state.ny.us/cnsl/complain.html

Hope this is helpful.

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Sorry J - Mike is correct and your response is inaccurate on several grounds. If a managing agent is collecting rent/maintenance charges (thus acting as fiduciaries), then Article 12-A of the Real Property Law of NY absolutely requires such agents to be licensed by the NY Dept of Licensing as real estate brokers (a real estate salesperson license is not sufficient). Currently there is no separate "Managing Agent License" but the NY legislature has been considering one for years. Therefore, for now, the only licensing requirement is a NY brokers license if the agent is collecting money on behalf of coop.

Those engaging in unlicensed conduct, or who are licensed but acting in an untrustworthy manner, can and should be reported to the NY Department of State. Complaints can be lodged via phone or online.

J - I don't understand your point about needing $100K to go to court? Private citizens do not enforce licensing violations, the Dept of Licensing does. However if a managing agent has breached his/her fiduciary duty to you, then a private cause of action can and should be brought and those actions do not "start at $100K" as you say.

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Homeless problem - bm May 27, 2007


I know this is a sensitive issue, but we have a homeless man living on the street, in an alcove of our building. He has a sign saying that he is trying to raise money to go home. We offered to take him to the Port authority and buy him a bus ticket -- but he refused.

He has yelled obsenities, but so far that is all. We have learned that he lived on another street and may have broken car windows... We are trying to find out more..

Does anyone have any advice or information?

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Question: Have you called the police and your lawyer to see what rights you have to have this person removed from your property?

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The Board was notified (they offered to take him to the bus). This is fairly new. He came a few times and left, but as of last week, he seems to have moved in.

We are going to contact the lawyer, but wonderded if anyone at Habitat had this problem, and how it was handled
BM

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He is trespassing. Call the police and your attorney. He turned down help and could become a danger to the residents. He just wants to squat. In jail he'll get three hots and a cot.

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If he's on your property (not sitting on the curb or something) call 911.

(Yes, it sounds like that's going overboard, but the police want you to call 911 when there's an issue like trespassing.)

We had similar ('tho not identical) problem at our building that went on for a several days. We spoke with our beat office, who said:

"Call 911 and report a suspicious person in your building."

In your case, the suspicious person would be in the alcove (or wherever). DO leave your phone number! When I called to report a suspicious person, the officer who responded called me to get access to the building. (In other words, if they have a question, they will call back.)

In short, let the police handle it. That way, if the vagrant gets mad, he gets mad at the police and not the building staff or residents.

Tell your neighbors, and encourage them to call 911 when they see this guy there. The police will help! You don't need a board member to make the call, and a lawyer isn't really going to make a difference in this situation.

Steve

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conservation easements - rfs May 25, 2007


Any experience with facade conservation easement tax deductions for your building? If so, which organization did you donate to and did it work out well for everybody, in terms of the IRS accepting these charitable donations?

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resident manager fringe benefits - al dente May 25, 2007


A question: what is the policy in regard to con ed bills?
Up until 2 years ago utilities were a part of maintenance charges. So it was a non issue. Now we have been submetered. Do we have to absorb his families electric charges? I am a new board member and I noticed $4000 arears for his apartment.

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Why are there arrears on the apartment in the first place?
Was the prior Board responsible for this payment?
Traditionally, the Coop pays the utility bills for the super; however, if there was some other arrangement with the super and he was aware of his responsibility to pay, then there is no reason the Coop should pay for his negligence (unless he reimburses the coop)

It sounds like when the building went to sub-meter, the supers apartment just fell through the cracks. In which case you were paying his con ed prior and are responsible now. Best bet, work out a payment plan (also ensure they are not charging late fees, interest, tax, etc) to defer the 4000 layout if you can't take the hit right now and ensure it is paid on time moving forward.
Just my opinion
~AR

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Our board pays the super's utilities.

I agree with AR's take on what probably happened that resulted in such a large bill, and suggest you follow his/her suggestions.


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make sure it (or they) have an EER of 11.0. If he has old crapy ones, remove them. This is probably why it is so high. are there also power tools being used on it somehow? that is very very high.

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Since the corporation is paying for the electric bills, they also must provide the super with an energy efficient air conditioning model despite what he says or may feel. If he wants to keep the old air conditioner, he can pay the electric bills on it also.

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We are not sub metered and we pay for the super's electrical use. Some residents are not happy with this because our super runs his air conditioner 24 hours a day. Even when he is not home so he takes full advantage of the free electricity. The board will not even consider having him pay a portion of the electrical bill past a certain point each month to prevent abuse. I feel for conservation sake, he should use less electricity.

I don't know why Con Ed allowed the bill to mount to $4,000 dollars. I guess they assumed the corporation would pay it.

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Al dente - You have $4000 arrears on the resident mgr's apt. What does that amount represent? It can't all be for Con Ed. I seriously doubt they'd let overdue payments go so far without turning off service! Just wanted clarification on this. Thanks.

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the 4000 is what is showing up on our monthly accounting statements and will eventually be written off by the corp.

our electric charges are added to maintenance and then the corp pays the monthly con ed bill. so the bill has been paid but its showing up as being owed to the corporation.

i was wondering what other buildings do. there should be a "reasonable allowance" for a 2 br apt. and anything over that allowance he should pay. what if he leaves a/c on all day, lights on, tv on for his dog, etc. that is going beyond normal use into "abuse"

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Al, you are baseing your opinions on a lot of guess work (forgive me here) Find out the facts first. There may be other factors causing this high cost. Other eletric items may be run off the meter he has (for example hallway lighting, lobby lights etc, I have heard of such in the past). The meter could be giving a faulty reading, did you look into it. Did you discuss the high cost with your super already?. Finally I am not sure if I agree on a dollar amount on electric usage, and I am not in favor of it. If the super means so little to you in the first place (as it appears why have him/her)

FN

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In my experience as a Resident Manager, my apartment was hooked up with the hallway lights, when the there was a problem with the hallway lights, my power went off to my apartment thats how I knew it was connected. $4,000 in electric bills is very high for a apartment, how long was it in arrears?

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you need to tell the Super that the coop will pay a maximum of $100 per month for the electric in his apartment (with an adjustment every year for price increases) and that anything over and above that will be billed to him.

You need to be 100% clear about this. you also need to buy him 11 EER energy efficient air conditioners. Tell him to put them onthe timers that now come incorporated into them so they are not on 24 hours a day.

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In what country is $100/mo considered adequate for electricity for a modern apartment?

Even WITHOUT AC, my bill runs twice that. And if ConEd gets their latest price hike, it will go up even more.

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I agree with you RLM. It looks like the super means nothing much to the building. I personally would start looking at other areas in a building where money could be saved, rather than "giving someone a hard time" over a few bucks.

FN (my ac runs all day at 72 degrees)

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As to not quibbling over a few bucks for the AC for the Super. Thses "few bucks" perks start to add up. And extra $200 a month, is 2400 a year. A hundred here a hundred there, and it starts to add up.

Two of our past Supers have had to have a cap put on their ph bills (they and all thier friends called home) and we are now looking at the Electric bills. The Super keeps the AC on even when he is away. When you are not responsible for the bill, you dont care.
ConEd is going up 33% and counting. If you are not careful now and continue adding perks, in a few years, you wont be able to afford a super.

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I think a well-run building is a tightly run building. Money leaks in seemingly small places are what really add up. Watch everything and be smart and have creative solutions and you will hjave a fantastic building.

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One has to look at what we term "normal use" and abusing the service. So before we go to war on this one,my previous posts mentioned to look into what was causing the high demand/usage. In addition a good superintendend can save a building hundreds of thousands each year so a few bucks for his electric use is like a drop in the ocean. Now you decide.

FN

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OK so give it $175. but pick a number and get organized.

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OK so give it $175. but pick a number and get organized.

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Water submetering? - RFS May 23, 2007


Does anyone have experience with having the individual units (apartments) submetered for water usage? Is this even possible in NYC?

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I use a company called Vantage
609-860-2990

~AR

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Is water submetering permitted and ever done in condo buildings in NYC? It certainly would be a good way to reduce monthly charges and fairly have owners pay for usage, as with electricity. I've heard it can be expensive to have the individual meters installed. Is that true?

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Individual meters may be cost prohibitive for your desired purpose.
There is probably more than one apartment on a line in your building; in other words, everyone in the same vertical line will be on the same riser, so in order to truly isolate the usage you would have to meter from within the apartment or re-pipe the water supply.

Ensuring that everyone has low flow water devices (shower heads, aerators, 1.6< gal bowls, etc) with a periodic reminder to residents to conserve water (outlining the environmental benefits and the possibility of raising maintenance to pay for higher bills, etc.) should yield you better results.

~AR

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Reserves / Mortgage balloon - sandy May 22, 2007


Two questions please...
what is the average amount of money in reserve for a coop with 300 apartments.

Also, is it usual to have a mortgage that balloons after 7 years. This is a second mortgage to pay for improvements that was not covered in the reserve.

Thank you.


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Sandy - How much to have in reserve depends on many factors including the type/age/condition of the bldg. How and when to build up reserves should also be an ongoing function of a responsible board. It's tough keeping up with expenses and eliminating payables but a small increase or assessment now that's spread over time and won't make a major monthly dent in shareholders' wallets can give you most or all of the $300K for the new boiler or roof you'll need in a few years so you don't have to touch a line of credit or take out a loan to pay for it. Planning ahead for the "known" also lets you preserve your reserve for the "unknown".

Someone told me a good rule of thumb is to keep 6 months maintenance in reserve. Our posters here who are financial mavins can say if that makes sense. I'm just passing this along. So if a coop collects $50K a month in maintenance, its reserve fund should be at least $300K.

I'd appreciate hearing other opinions on this.

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Our accountant recommends that we hold 2-3 months of maintenance even if a building is in excellent physical condition. Of course, no building is in perfect shape, so he then recommends holding an amount in reserve equal to the expected cost of upcoming capital projects. He views the 2-3 months of maintenance as a contingency, e.g., you think the roof is in great shape but it turns out it needs considerable patching. When I checked with our property manager, he said that most buyers' attorneys have told him they look for 2-3 months of maintenance as a minimum and then read the Board minutes to see if any capital projects are coming up. If so, they then want to know how those projects will be funded. Based on this, I'm guessing our accountant's advice is a rule-of-thumb.

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Good reply - but also your Certificate of Incorporation should also have a specified amount that must be kept in a reserve account and also if you have a mortgage you will also have to keep money in special account for that - I also agree that it is better to reserve for capital improvement than borrow - if you can set aside amount that is deducted for depreciation - that is noncash amount but could be put into reserve account for replacement - because all these things boilers, sidewalks, etc have to be repaired and replaced - Unfortunately in mine like so many coops they don't obey the law and don't understand and that is why buildings go bankrupt

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Both our comptroller (the managing agent's accountant) and independent account say that a reserve fund equal to 3 months' maintenance is a good goal. Mind you, that's a minimum goal. Certainly, 6 months' worth is fantastic.

With lots of extra money you can pay capital improvement bills up front; you can invest it (wisely & safely!!!) to earn more interest than a savings account; you can pay down principal of your mortgage; if you're truly flush you could even give some back to shareholders (with, say, one month without a maintenance fee).

Before you do any of those, however, be sure you run it by your accountant(s), your lawyer, your managing agent, and of course your fellow board members!

Steve

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It is not unusual. I even thought about one a while back when we held a self-amortizing mortgage at 10.3% INTEREST(Yes!!! - huge burden) in which for the first 10 years the co-op could not be refinance. OUCH!!! VERY PAINFUL! Therefore, since we lacked money to do bladly needed capital investment, and the intersts rates had come down by our 5th year of that burdensome penalty, I thought that a second mortgage with continguous expiry would have been a solution to our needs then. The second mortgage was going to be done through the same bank that held the first self-amortizing mortgage.

Again, you may think WHAT a bad thinking? Well, at the time there were no lines of credit being given; so, it was out of the question. Also, the capital improvements if they would have been done then, I'm sure would have saved a bit of money. There are times in which capital improvements are like CANCER. If you do not catch them in time, the costs will be 3X greater.

However, you should weigh your alternatives quite carefully.

AdC

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