... condo secrets in Brooklyn, a Manhattan condo sets a record asking price and how low can mortgage rates go? Find out!
December 31, 1969
... a court rules against a Queens co-op that tried to evict an elderly couple when the asthmatic, severely allergic wife needed a disallowed air conditioner in order to, you know, breathe and live. Also: How to prep an apartment for sale, what to expect from brokers in 2012, and how condos are becoming like co-ops when it comes to admissions.
Written by Bill Morris on March 22, 2012
"Noise complaints are the bane of our existence," says Maryann Caputo, president of Tribor Management, which manages some three dozen co-ops and condos, mostly in Queens. "I'd rather have any problem other than a noise complaint."
They may be intractable, but noise complaints between neighbors are not insoluble — provided condo and co-op boards understand the nature of the quagmire they're getting into. And how to get out of it.
Written by Christopher Eri on February 24, 2012
1. Standardize your collection process
One of the easiest problems to avoid in collecting payments is the issue of selective enforcement. Condo and co-op boards sometimes give greater deference to owners they like or for whom they feel sympathy, and eagerly pursue owners they see as troublemakers.
Unfortunately, this approach creates two problems. First, it sets up a legal defense that the co-op / condo rules are not being applied uniformly. Second, it promotes the idea that if you have a good enough excuse and stay out of trouble, the board will let you slide on paying.
Written by Joseph W. West on March 16, 2012
Condo and co-op boards are taking a variety of steps to address budgetary shortfalls. A survey by the Community Associations Institute finds that about half nationwide have increased common charges or monthly maintenance, and reduced contributions to reserve accounts. Many have deferred maintenance of common areas and postponed capital-improvement projects. And about a quarter or less have reduced professional costs or management fees, borrowed from their reserves or levied special assessments.
Given all that, here are some pro-active steps every co-op / condo board should consider.
Written by Tom Soter on March 15, 2012
In the bizarre world of the Department of Buildings bureaucracy, a phantom stop-work order can continue to exist even after it has been resolved. And woe to the co-op or condo board member who tries to get it removed.
Written by Patrick Niland on January 19, 2012
A reader asks: For about a year, our co-op board has discussed refinancing our underlying mortgage. We almost did it about nine months ago when rates were pretty low, but one member of the board convinced everyone that rates would fall further. Our current loan comes due in about six months, and we need money for façade work in the spring, but this same board member still wants us to wait for lower rates. Do you think that rates will fall even more?
Written by Steven M. Thomas on March 02, 2012
Depending upon the composition of a co-op or condominium's roof and its type of supporting deck type, there can be multiple reasons why a bad roof in need of repair does not leak. While there are numerous potential reasons, the most common are:
Written by Bobby Sher, President, Bell Park Manor Terrace, Queens. One in an occasional series of real-life stories by board members about serving on co-op and condo boards. on March 01, 2012
I took the criticisms to heart — and not just because I was president. I have lived in this cooperative for much of my life: After World War II, my father settled here in what was then known as the United Veterans Mutual Housing Company, run by New York State; it went private in 1990. Although I moved out when I was 17, I returned to live here some years later. After a successful career running a music / entertainment business, owning a video-production company and serving as a board member elsewhere, at the Floral Park co-op North Shore Towers, I think I know how to work with people and get things done.
Written by Lindsay S. Smith on January 06, 2012
Bullying is huge in the headlines lately. Lady Gaga is starting a foundation to fight the problem, the government's involved with StopBullying.gov and there are hundreds of recent news articles on the subject. Bullying is pervasive and infects every area of life. But what can co-op / condo residents and board members do about it?
Thinking of buying a co-op or condo? Already bought, and not sure how co-op/condo life and rules work? Learn all about purchasing a place and living in your new community. It's not like renting, and its not like owning a house. What's it like?