Condo Media - July 2013 - (Page 4)

CONDO MEDIA P RE S IDE N T’S M E S S A GE The Official Publication of CAI New England CAI New England CHAPTER PARTNERS DIAMOND • Brookline Bank • Goodman, Shapiro & Lombardi, LLC • Marcus, Errico, Emmer & Brooks P.C. • Perkins & Anctil P.C. PLATINUM • Condo Media Magazine GOLD • The Niles Company, Inc., AMO • Thayer & Associates Inc., AMO S I LV E R • American Properties Team, Inc. • Cozby & Company CPAs • Crowninshield Management Corp., AMO • First Niagara, HOA Lending • Greater Boston Properties Inc., AAMC • Mercantile Property Management Corp. • Mutual of Omaha Bank – Community Assoc. Banking & CondoCerts • Rockland Trust • Swerling Milton Winnick Public Insurance Adjusters Inc. BRONZE • Bloom Cohen Hayes LLC • Goldman & Pease LLC • Kidd-Luukko Corporation • MPD Law, LLC • Prime Touch Services, Inc. • Schernecker Property Services Inc. (SPS) • Union Bank HOA Services For more information about our chapter partners, visit www.caine.org. 4 CONDO MEDIA • JULY 2013 Association Road Map A fter a particularly heated discussion in one of our residential board of directors meetings in 2006 about the pros and cons of a building envelope study and a reserve study proposal, a motion was called to approve the proposal that would cost the association several thousand dollars. One of our seasoned board members, who rarely spoke during the board meeting unless called upon directly by the president, cast the deciding vote in favor of the proposal. His comment to the other board members was, “I wouldn’t start a trip without a map.” On a regular basis, boards struggle with aging buildings and how to raise sufficient capital for repairs without making condominium fees too high for owners. On the other hand, newer associations face the reverse problem of how to start the saving process in a manner that is responsible but not so timid as to jeopardize the viability of the association in years to come. It is easy to become “detoured” from our “reserve map” by a host of complaints: “Condo fees are too high.” “My unit will never sell.” “We can’t afford to do the repairs this year.” In fact, you can’t afford not to do the repairs. Special assessments, although unpopular, may be a last resort, or a combination of fee increases and smaller special assessments may be necessary to solve an under-funded reserve. With interest rates still at an all-time low, bank loans for qualified associations have become a popular alternative to the necessity of owners dipping into their own personal savings to fund large capital projects by special assessment. Whether roofing, siding, paving, or any of a host of other reserve expenditures is facing your association in the immediate or distant future, find the appropriate professionals to advise you. Hire the best contractors available, and get your association on a smooth “reserve highway.” Enjoy your summer! Sincerely, Pete Garrett, CMCA, AMS, PCAM 2013 CAI-NE Chapter President http://www.caine.org

Table of Contents for the Digital Edition of Condo Media - July 2013

Condo Media - July 2013
Contents
From the CED’s Desk
President’s Message
CAI News
CAI Regional News
Asked & Answered
Homeowner’s Corner
Reserves
Volunteer Spotlight
Vendor Spotlight
Finance
Banking
Operations
2013 CAI-NE Financial-Reserves Directory
Classified Service Directory
Advertisers Index

Condo Media - July 2013

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