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Monthly Insights
Jim Yost, owner of Elite Management and managing partner of Ocean Property Management, writes regular condominium association informational newsletters. These informational pieces are linked below.
For additional advisory services on any of the information in the articles you can contact Jim Yost at 609-675-6835.
Insight Article Links
Small Condominium Associations
Small associations need the same procedures as larger communities, just on a different scale. It may seem easier to manage association business on the fly, but a more formal process can help you stay on the right track.
A Board Member Primer
Board members are charged with the responsibility to manage and operate commonly owned real estate, often worth millions of dollars. The objective is to provide services, maintain the building and increase property values for the benefit of all unit owners.
Window & Door Replacements
Members of a condominium association are governed under documents known as the Master Deed and By-Laws. One important aspect of the Master Deed is that it delineates responsibility between the association and individual unit owners for maintenance and repairs to the units and common elements.
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Exterior Balcony Inspections
Because of the proximity to the water, most ocean-front condominium associations are constructed with exterior building features including common walkways and large balconies, patios, and decks to take advantage of water views and warm summer weather.
End of Season Performance Evaluation
Labor Day, the traditional end of summer, is the appropriate time for your shore condo association board to evaluate the overall performance of your association, the building and service providers.
Condo Documents & Retention Guidelines
In the course of doing business, condominium and homeowner associations generate a lot of paperwork and records. It’s important to know what to keep, how long to keep it; what can be tossed, and how to manage the process.
Preventive, Periodic and Deferred Maintenance Guidelines for Condos
A preventive/periodic maintenance schedule identifies the tasks, frequency and a cost allowance for these tasks and should include everything the association is responsible for.
Reserve Studies
Part 3 of 3
The final installment of this three-part column will discuss the relevance of a reserve study to the association financial position, how mortgage companies view reserve planning and additional implications and benefits of a reserve study and adequate reserve funding for an association and its members.
Reserve Studies
Part 2 of 3
The first part of this column focused on the purpose of a reserve study to identify association assets, estimating their service life and replacement cost. The second part of this column will focus on assessing an association’s long term financial health including its revenues, expenses, and reserve fund balance.
Reserve Studies
Part 1 of 3
Reserve studies are prepared by licensed engineers and are necessary for the good financial health of any association. A reserve study guides the condo board to make educated financial decisions by projecting a financial plan for the association going into the future.
Smoking & Cannabis in Condo Communities
Smoking-related issues and problems frequently arise in multi-family condominium buildings and townhomes where people live near each other. Associations can manage and control smoking and take steps towards providing a smoke-free environment.
Lease Fees
Part 2 of 2
An exercise to help identify and quantify costs directly related or caused by the permitting of rental activity can best be performed by considering how operating costs would change if rental activity was prohibited and only owner use permitted.
Lease Fees
Part 1 of 2
Lease fees are fees that an association imposes on owners that rent or lease their condos. With certain limitations, an association board has the authority to impose such a fee.
Utilizing the Professionals
Condominium and homeowner associations rely on various types of professionals that provide services and guidance. This column will highlight various professionals, their services and how an association can find the right professionals for its needs.
Changes to NJ Laws Affecting Condo Assoc.
There are two recent important
updates to NJ laws affecting condominium associations.
The most significant features of the new regulations which are relevant to most Associations apply to two areas: Board meetings and election of Board members.
Condo Guidelines for Contractors
Establishing guidelines for renovations, remodeling and repairs along with hiring licensed and insured contractors improve the likelihood of a successful project, minimizes aggravation and reduces the likelihood of unintended consequences for the association and all unit owners.
Condo Project Questionnaires
As part of the condo buyer’s mortgage application process, mortgage companies require questionnaires be completed by an association representative to obtain general information about the association. A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage.