Condo Association Management Blog

The economy is recovering? When did that start to happen? Are all the out sourced jobs to China and other countries starting to pay dividends for the big corporations?  
 
From what I have read new building construction is still slow and some home owners are going to places like Home Depot to buy product and fix there own house. I'm not sure if hiring contractors is slow but I would ask your board to show you on paper how they determined "the construction/repairs will cost more if we wait!" How did they determine a cost? Did they bid out for said construction and compare it to a previous bid? If not then maybe they send out for bids before throwing out blanket statements of air! 
 

James Knock, Why do you have to be rude and disrespectful in your comments? They said nothing of suing, yet you assert they are talking of doing so. If you cannot offer any helpful insight or suggestions in a respectful manner, your comments are not welcome.

my first comment is directed to j. knock, james..... you should think about the fact that many people ask questions because they need help,and/ or good advice, and not be subjected to stupid comments or to be badgered. the writer did not state that he wants to sue, and why in gods name do you think that is it a good idea to get things done now because " things are tough in the construction industry today " ?? 
 
 
 
not everyone has the knowledge and expertise which you seem to think you have, and appear to enjoy sharing with others. (thank god) 
 
 
 
and to the writer.....yes, some prices will go up, and some will come down.in my area of florida we are seeing prices for labor and material as low as they have been in 12 to 15 years,and the buyer is in the drivers seat. in my opinion, none of this matters. the decision should be based on need, or life safety issues, or mitigating further deterioration etc. also the amount of the assessment is a factor.... is it $20 or is it $20,000?? 
 
as far as the legal repercussions, my opinion is that if the board pushes this theory in writing as the main selling point, yes they could get in hot water, but it probably would not stick. 
 
 
 
the oldest sales closing tool in the book is "buy today as the price is going up next week" better stock up on toilet paper !!

To the original writer of this post, I believe the board can't pressure you, per bylaws..a vote should be taken by the unit owners during Annual Meeting and if there was a 'Special Meeting' of the board, not allowed. I would check and recheck your bylaws..also check out, tho, at best somewhat confusing your states condo act. 
 
Hope this is helpful unlike from one's other's postings!

Apologies to those whose feelings I hurt.  
The fact is that if a condo needs work now or in the near future it should get bids now while contractors are hungry for work. Your Board is only adding one reason why you should assess yourselves now rather than wait.If you wait costs will be higher. Most likely--but maybe they won't be higher. No one knows for sure. But, most likely the cost of construction will prove to be lower today than tomorrow. Isn't that a fair argument to lay before the owners?  
 
The original writer used the word "repercussions." Aside from suing what "repercussions" might the writer have had in mind? Beheading?

It is always a good idea to increase contributions to the reserve. A board need not PROVE, they need only PERSUADE. Rarely have I ever seen a property with an adequately funded reserve.  
 
Put it this way- either contribute more in small amounts NOW, or you WILL be hit with an assessment in the future. 
 
My most profound conviction is that all condo corporations are in much worse financial shape than they could even possible realize.  
 

I agree Former Manager. We had not done a reserve study and got hit with a huge expense to replace stairs that were 40 years old. We had a choice of a large assessment, or to get a loan and add the loan payment on to the monthly HOA fees. We did the later to prevent large assessments and it worked well. We did a reserve study and now pay particular attention to this. We also make modest increases to our monthly fees to offset the cost of living or any new projects needed for the coming year. I know they say owners should have a nest egg for such things, however, if you are disabled or low income, this is difficult.