When it comes to hiring professionals – either to do work on a property, or provide some sort of service for a co-op/condo/HOA community—it’s generally the property manager who solicits bids, goes over proposals, and cuts checks to pay for …
You work hard and try to put money away to be used for a rainy day —hoping of course that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom—the brakes on your car suddenly go, or one of the kids needs br…
Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the purse for an entire building or HOA is a major responsibility, and boards -- even …
There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of co-ops, condos, and homeowners’ …
In a fiscal climate plagued with uncertainty resulting from threatened budget cuts at the federal level, New York City Mayor Bill de Blasio released his budget proposals for fiscal year 2018 this past April. The FY18 executive budge…
What's a reserve study, and why should your building or HOA conduct them regularly? Find out why they're a crucial part of your community's financial, mechanical, and structural health!
If you are a New York homeowner, you may have heard about STAR , a program under the state's Department of Taxation and Finance that helps provides property tax relief. If not, you may be missing out on potential savings. Here's an in…
Like single-family homes, condominium units tend to be owner-occupied. Financing for these units therefore tends to follow traditional guidelines and requirements centered on owner occupancy. But what happens when a condo unit is held as an…
Today, some eight years after the Great Recession, financing for co-op and condominium buildings and individual unit purchases is widely available. The market is overall quite healthy, and though there have been some systemic changes to th…
On March 15, the Federal Reserve raised its benchmark rate to a range between 0.75 percent and 1 percent, The New York Times reported. That rate is known as the federal funds rate, which is defined as the interest rate at which de…