Home Real Estate Condomania! Wait… That Sounds… Hrm…

Condomania! Wait… That Sounds… Hrm…

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If you own a condo, or if you’re just interested in the kind of really top-notch writing that is possible on RE.net, head on over to RCG and check out Ardell’s post on Condo Reserve Studies.  I own a condo, and I have to say, that was some really good information that I intend to raise with my board.

This is even as I cringe at these words:

I am so happy about this new law I could stand on my head and spit nickels.

Generally speaking, I find it odd to celebrate the loss of freedom that is entailed in every single law ever passed… but in this case, I think Ardell’s enthusiasm for more regulation and laws and paths to tyranny can be forgiven.  ^^ (<– that is an Asian smiley face)

-rsh

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Rob Hahn
Managing Partner of 7DS Associates, and the grand poobah of this here blog. Once called "a revolutionary in a really nice suit", people often wonder what I do for a living because I have the temerity to not talk about my clients and my work for clients. Suffice to say that I do strategy work for some of the largest organizations and companies in real estate, as well as some of the smallest startups and agent teams, but usually only on projects that interest me with big implications for reforming this wonderful, crazy, lovable yet frustrating real estate industry of ours.

10 COMMENTS

  1. LOL! I’m just a real estate geek and I have a passion for anything that makes life work well for condo owners and condo buyers. This law is GOOD!…and long overdue.

    Homeowner Association Boards are people who work tirelessly and for free. Boards are often unsung heroes. Any law that helps them do what they need to do, and that keeps them from getting attacked by the unit owners, is a good one.

    Everyone should run out right now and buy the Board of Directors of their Condo Association a gift. They work for free and they are there to make sure the building is running well. Your values are protected by their efforts. Go bake them some cookies RIGHT NOW! 🙂

  2. LOL! I’m just a real estate geek and I have a passion for anything that makes life work well for condo owners and condo buyers. This law is GOOD!…and long overdue.

    Homeowner Association Boards are people who work tirelessly and for free. Boards are often unsung heroes. Any law that helps them do what they need to do, and that keeps them from getting attacked by the unit owners, is a good one.

    Everyone should run out right now and buy the Board of Directors of their Condo Association a gift. They work for free and they are there to make sure the building is running well. Your values are protected by their efforts. Go bake them some cookies RIGHT NOW! 🙂

  3. Hehe, I’m afraid if I baked cookies, that would be seen as some sort of an Assault or Battery charge… at least on taste buds and personal health and such. 🙂

    But… a more serious question. Would not a law requiring mere disclosure be enough? I really do worry about the power of the state, but do recognize that capitalism doesn’t work without open and free information.

    Perhaps I need to learn the details of this particular law first. Is it a disclosure law or is it a mandate to do reserve surveys?

    -rsh

  4. Hehe, I’m afraid if I baked cookies, that would be seen as some sort of an Assault or Battery charge… at least on taste buds and personal health and such. 🙂

    But… a more serious question. Would not a law requiring mere disclosure be enough? I really do worry about the power of the state, but do recognize that capitalism doesn’t work without open and free information.

    Perhaps I need to learn the details of this particular law first. Is it a disclosure law or is it a mandate to do reserve surveys?

    -rsh

  5. Rob,

    Forget about “the law” part of it. Let’s talk about Mr. Average Condo Buyer.

    Disclosure doesn’t help you if no one knows on the day you buy it that there is going to be a special assessment of $175,000 for each unit owner in 6 months. (true story BTW)

    When a condo association doesn’t do a Reserve Study, then Special Assessments are “unforeseen events”. If they didn’t “foresee” the event, then they not only don’t HAVE to disclose it…they CAN’T disclose it, because they don’t know about it.

    A Reserve Study helps you KNOW and foresee most future “events” and avoids the need for Special Assessments. It doesn’t eradicate Special Assessments in their entirety. But it makes them happen less often.

    Now as to your not liking laws…well, that’s a whole nuther subject.

  6. Rob,

    Forget about “the law” part of it. Let’s talk about Mr. Average Condo Buyer.

    Disclosure doesn’t help you if no one knows on the day you buy it that there is going to be a special assessment of $175,000 for each unit owner in 6 months. (true story BTW)

    When a condo association doesn’t do a Reserve Study, then Special Assessments are “unforeseen events”. If they didn’t “foresee” the event, then they not only don’t HAVE to disclose it…they CAN’T disclose it, because they don’t know about it.

    A Reserve Study helps you KNOW and foresee most future “events” and avoids the need for Special Assessments. It doesn’t eradicate Special Assessments in their entirety. But it makes them happen less often.

    Now as to your not liking laws…well, that’s a whole nuther subject.

  7. Ardell – given your passion and the facts you cite, I’ll give you the whole mile. 🙂

    Sounds like this is a positive development overall.

    -rsh

  8. Ardell – given your passion and the facts you cite, I’ll give you the whole mile. 🙂

    Sounds like this is a positive development overall.

    -rsh

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