2007 Jul
Focus on... Budget & Finance

Finance
2007 Jul It's Budget Time

As every board member knows, a realistic budget is essential to the financial health of their co-op or condo. Creating a workable budget is not an easy task: while you can use the current year's budget as a jumping off point, many expens…

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Finance
2007 Jul Look Out for Predatory Lending

Cons and hustles are as old as civilization itself. For as long as there have been goods and currency to collect and divide, there have been unscrupulous individuals who are ready to relieve the unwary consumer of their holdings. Banking…

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Finance
2007 Jul What Happens When a Building Defaults?

In the early 1990s, thousands of New Yorkers purchased apartments in newly converted co-op buildings; in the early 1990s, thousands of New Yorkers also watched their investments collapse. The co-op market was tanking, equity was at risk …

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Finance
2007 Jul Beware of Red Flags

Consider the story of Dave. He was the treasurer for his co-op, and served the board for just over four years. Dave felt that he'd done a tremendous job—not that anyone ever noticed, much less bothered to thank him. As far as Dave w…

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Finance
2007 Jul Refinancing Made Simple

Most co-op buildings carry an underlying mortgage—the cost of which is paid for each month by shareholders as part of their maintenance fees. Quite often, a co-op corporation will seek to finance a major project or building improvement b…

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Finance
2007 Jul Estate Planning for Co-op and Condo Owners

Most people would rather not talk about divorce or death. Unpleasant as they are however, they're both facts of life—facts that any apartment owner must face up to and plan for. In the case a co-op or condo apartment, a thorough, legal…

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Finance
2007 Jul Financial Demographics Affect Buildings

In any business—whether it's a flower shop or a gas station—there are those who have more dollars to work with, and those who have fewer. It's the same for co-ops and condos. New York is home to a seemingly endless variety of residential…

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Organizations
2007 Jul A Look at the NYSSCPA

As the oldest state accounting organization in the country, the New York State Society of Certified Public Accountants (NYSSCPA) holds an iconic place in the numbers realm. With 16 chapters spread out across the state, from the Adirondac…

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Management
2007 Jul Renter vs. Shareholder Mentality

When a long-time renter purchases a co-op or a condo apartment, the move is perceived as a step up. No longer are you just shelling out rent every month—you're building equity, investing in your own security. Regardless of whether your n…

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Neighborhoods
2007 Jul Harlem on the Rise

Nearly every neighborhood in New York City has had its fair share of ups and downs over the decades. Yesterday's demilitarized zone is today's luxury condo haven. Double-wide strollers wheel down sidewalks where yuppies once feared to tr…

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Maintenance
2007 Jul Managing Laundry Contracts

Having a well-lit, well-maintained laundry room in one's building is a definite plus. Residents don't have to traipse out to the overcrowded Laundromat in the dead of winter or in the pouring rain to spend hours waiting for machines when…

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Q&A
2007 Jul Q&A: Basement Noises

Q For the past 2 months our apartment, which is on the ground floor above the basement, has been inundated with a loud noise from a faulty system of leaking pipes and non-working control valves, causing the sump pump to cycle on and …

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Q&A
2007 Jul Q&A: Unpleasant Co-op Living

Q I have lived in a co-op in Little Neck, New York for 21 years. The shareholder-elected board of directors use their authority to mistreat the shareholders. They write letters that are nasty, rude and potentially derogatory. They’v…

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Q&A
2007 Jul Q&A: Co-op-Run Sales Office

Q I am a shareholder in a co-op that has 400-plus units in our building. We have an outside management company that has an office in our building and handles the general operation of the building. I would like to know if there are an…

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Q&A
2007 Jul Q&A: Service Contractor Liability

Q I am looking for information regarding service contractors (i.e. cable, TV, phone) needing to set up a prior appointment to access equipment that is installed on owners’ terraces. Does the unit owner have to be at home to let the work…

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Q&A
2007 Jul Q&A: Atrium/Courtyard Rules

Q Our new condominium contains, as part of its common elements, an atrium and courtyard. What do I need to know about instituting rules and regulations for these common areas in light of the fact that the board would like to afford res…

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