2010 July
Focus on... Budget & Finance

2010 July Show Me the Money

Almost everyone is under pressure these days to save money however they can—and co-op and condo buildings are no exception. Even those associations who are financially solvent and have money socked away for a rainy-day capital improveme…

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Finance
2010 July Squeeze Play

Tighter lending requirements for Federal Housing Administration (FHA)-backed mortgages for condos have put financial and administrative pressure on condos all over the country at a time when many are ill prepared for any new challenges…

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Finance
2010 July The Bottom Line

 Not everybody on a co-op or condo's board is an accountant (or can even balance  their own checkbook, for that matter.) Handling the money for an entire building is a big responsibility, however, and  residents rely upon their board to ma…

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Finance
2010 July Paying Up

 While news of defaults, liens, and other financial train-wrecks have dominated  the news and caused many building boards plenty of sleepless nights, co-ops  have been lucky. While a spike in defaults on maintenance payments over the  last…

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Finance
2010 July Fraud Alert

Given recent headlines, cooperative and condominium associations could be forgiven for thinking they need to put an armed guard and razor wire around the petty cash box. A wave of fraud appears to be hitting properties from New York to…

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Board Operations
2010 July The Money People

For the majority of co-op or condo owners, their apartment is their largest asset. That apartment should be viewed as an investment and one that makes fiscal sense. But that approach is impossible if unit owners are missing important p…

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Neighborhoods
2010 July A Look at Babylon, Long Island

Nestled by the water on the south end of Babylon, a town in Suffolk County, is the Village of Babylon, a two-square mile incorporated entity that is home to a little over 12,000 residents. Babylon Village isn’t very large, but it is hom…

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Q&A
2010 July Q&A: Calculating Maintenance Costs

Q Do you have any advice as to how co-op maintenance is calculated per unit? I am on the market for a co-op apartment and I would like to know how the corporation arrives or calculates the maintenance that a unit must pay per month.…

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Q&A
2010 July Q&A: Denied Shares by Co-op Board

Q “I have been dealing with a co-op board that appears to have denied a transfer of shares to me in a bad faith manner. The proprietary lease states that the board will transfer shares to a spouse or a "financially responsible member…

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Q&A
2010 July Q&A: An Unresponsive Board

Q “What recourse do unit owners have when a board is negligent of their duties? For example, a violation of the bylaws occurs when the board does not inspect common areas for safety and aesthetics when it specifically states in the b…

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