August 2014, Vol 4, No 8
Visit our archives to see other articles that were published in 2014.
04.15.14 Voting Open for National Mgr. of the Year Contest
Vote between April 14-27, 2014. The Top 3 On-site Managers are Nickie Greco of Palomino Park Owners Association (Highlands Ranch, CO), Marcy Kravit of 2600 Condominium (Weston, FL), and Mystre' Van Horn of Fairfield Harbour POA (New Bern, NC). The Top 3 Portfolio Managers are Danielle Carbajal of Prellis Property Management (Granada Hills, CA), Catherine Holladay of Management Specialists Services, LLC (Gainesville, FL) and Jose Pazos of Pazos, Robaina & Zapata Management Group (Miami, FL). Winners announced in Orlando, FL on May 14, 2014. Winners get trophy and $5,000 cash prize. [Association Reserves]
- 02.10.2014 Why Chicago's Construction Industry is Looking Up. Signed contracts for development hit their highest level in five years in 2013. And those in the industry think this year could top that. The expansion is a welcome turn for executives who had to scramble to find work during the lean years, suppliers sunk by the dearth of new building projects and workers who got up each morning with no reason to put on a hard hat.[Chicago Business]
- 02.10.2014 Delayed Chicago Spire Back on Track. Shelbourne Development Group says it now has the funds to resume construction of the Chicago Spire, which was suspended in Y 2008. Construction of the tower, which was expected to be the tallest free-standing building in the Western Hemisphere, was halted during the financial crisis, just before the economy failed.[Live Trading News]
- 01.15.2014 Million Dollar Home Sales Exploded in 2013. Sales of high-end homes in Chicago and the suburbs went nuts in 2013. The number of homes that sold for $1 million or more was up 33.4 percent from 2012, according to figures from Midwest Real Estate Data. That’s a much bigger increase than the overall market; sales of homes at all prices went up 23% in 2013.[Chicago Magazine]
- More News...
Sometimes insurance and the terms that accompany it can feel like a completely foreign language. It can be mystifying and overwhelming, whether for individual condo residents or the board members who oversee the community as a whole. The insurance industry uses a tremendous amount of shorthand, and the degree of coverage has seemingly grown exponentially in the last couple decades. With lawsuits and other forms of legal recourse now just a common reality of life in condos and HOAs, board members and property managers need to be diligent about what kind of insurance coverage they have and require. Read More
Individuals, associations and other entities carry insurance coverage to protect them from liability, loss, and other financial and legal threats—that's pretty basic. What isn't always so basic is deciding when to file a claim versus paying out of pocket for a loss or damage. Paying—whether for property damage because of something like an unaddressed leak, or an injury sustained on-premises—can be very expensive, and arguably defeats the purpose of paying insurance premiums for coverage. On the other hand, a history of claims can cause a building or association to pay ever-higher premiums, or even be dropped from its insurance entirely…or so conventional wisdom tells us. Let’s in vestigate further. Read More
Say you’re in bed, and you hear what sounds like the shower going. It's late, and you're tired, so you pay it no mind. You wake up at 4 a.m. to get a glass of water and find half the rooms in your apartment flooded— you forgot to turn the shower off! You throw blankets and towels on the floor to soak up the water and call your building’s maintenance staff. Read More
It's a truism that's been phrased many ways by many wise people: “A lack of transparency results in distrust and a deep sense of insecurity.” That's the case in any number of situations, but it's especially applicable to the administration of a condo, HOA or co-op community. Read More