1999 Nov
1999 Nov Vol. 19, No. 10
Focus on...Working With Professioanals
Cover Story: On The Hiring Line
With the recent indictments strewn about New York’s real estate industry, co-op and condo boards have become more and more choosy about the professionals they select to protect themselves and their homes. Knowing the angst involved in making personnel decisions, we went to the experts themselves and asked how to pick professionals with the right stuff. Read More
When Sponsors Don't Sell
Before 1989, during the height of the real estate market, shareholders were buying and selling apartments at an accelerated rate. But when the recession hit the market, between 1989 and 1993, co-op sponsors (holders of unsold shares) couldn’t sell their units and began renting them instead. As a result, shareholders felt trapped; they were tied to co-ops that because of the low percentage of owner-occupants, could no longer meet the standards necessary to obtain mortgage financing. Dara Gardens is one such property that was caught in this predicament. Read More
Sealing The Deal
Closings are interesting and emotional transactions. As an attorney who has handled many of them, I can tell you that each one is different. From a legal point of view, they are not especially complex. From an emotional point of view, they can bring out the worst in people. Even though most closings go smoothly, tempers can flair at any moment over small issues. The seller is giving up his or her home and the buyer is anxious to move in and create a new home. This can make the parties, to put it mildly, a little "difficult." Knowing this and the particulars involved in a closing can help you seal the deal with fewer problems. Read More
All A-Board!
Owning your own home is a huge commitment, but imagine being accountable for your neighbors’ homes as well. It’s a commitment hundreds of individuals throughout New York’s condo and co-op community make each year as members of their building’s board. It takes a great deal to be an efficient and productive board member, but more importantly, it takes a group of individuals who know the duties and responsibilities inside and out. Read More
Don't Be Left In The Dark
The recent onslaught of millennium madness has made Y2K a household term. Once just the concern of computer aficionados and a select few with technological foresight, Y2K is now a universal problem. In fact, Y2K has become such a prevalent reference in popular culture that it has many people cringing at its mere mention. Yet, whether or not you have had your fill of Y2K hype, it is undeniable that the repercussions surrounding this very real issue are nothing to take lightly. Read More
