2011 March
2011 March Vol. 9, No.3
Focus on...Exterior Maintenance
The New Jersey Cooperator's Condo, HOA & Co-op Expo
Good information and clear communication are crucial for anyone involved with
the administration of a cooperative condominium or homeowners association—crucial not just to thriving, but surviving in today's challenging economic
times. Finding that information and developing communication strategies isn't
always easy, however.
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Material Differences
These days, when a condo’s fencing, decking or siding wears out and needs replacement, smart boards are
looking well beyond “apple-for-apple” replacement materials.
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Paving the Way for Spring
When the days finally lengthen and the mornings lose that bitter chill, it’s time to assess the damage wrought by another New Jersey winter. For the board
members and the property manager of a community association, that wintertime
damage can be found throughout the property, from the landscaping and roofing
to the tennis courts and, yes, even the parking lots.
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Invasion of the Night Crawlers
“Sleep tight—don’t let the bedbugs bite" used to be an innocuous children’s rhyme but these days, it's a nightmarish refrain for a growing number of co-op
and condo owners and their building administrators. Virtually unheard of for
decades, bedbugs are now making a fierce comeback around the country—and New Jersey is feeling the bite as well.
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Go With Your Gutter
Everyone knows the old phrase about April showers bringing May flowers, but what
the saying doesn’t tell you is that the rain in April can also bring a lot of damage to your
HOA's gutter system. Hard rain and blustery wind are always around once spring
hits the air in New Jersey—and that weather can play havoc with the drainage requirements of any co-op or
condo community.
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Seasonal Walk-Throughs
Warmer temperatures mean a farewell to clunky boots and bulky coats, but it also
means it's time for your building or HOA to shake off the snow and ice and take
stock of any damage or wear-and-tear inflicted by the winter months.
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Fort Lee, New Jersey
Mention Fort Lee, New Jersey and two things come to mind. One is its proximity
to the George Washington Bridge, and secondly, its heritage as the birthplace
of the modern film industry and of the Palisades amusement park.
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The Business Judgment Rule
Co-op or condo ownership can mean fewer concerns about maintenance and
administration for residents, but it also means living by a new set of rules
and regulations. Co-op and HOA boards don’t operate as little fiefdoms unto themselves, of course—but the truth is that your board has a significant degree of power to decide on
policies and procedures for the entire association community.
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FHFA Reconsiders Flip Tax/Transfer Fee Ban
After receiving over 4,200 comments on a proposal that would have eliminated
flip taxes and transfer fees in co-ops, condos and HOA communities, the Federal
Housing Finance Authority (FHFA) has reconsidered its position and will allow
cooperatives, condominiums, homeowner associations and certain tax-exempt
organizations to continue to use the private transfer fee proceeds to benefit
their properties.
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Q&A: Freedom of Information?
Recently our board gave us a financial statement that, in my opinion, simply didn't add up. A friend of mine went to the town and school district to get the proper numbers and we found out that we were “not” given the correct information by the board. We met with the board president, the treasurer and a few other members to review the situation and all seemed well. At the next full membership meeting, the board president fined the retired person, who had gotten the information $1,000 for going outside the co-op without permission. Is this legal? What can be done? Read More
