HOAleader.com - Tip of the Week - April 6, 2018
Published: Fri, 04/06/18
=================================================================
New Research: Strong Condo Reserves Raise Property Values
=================================================================
We're discussing research findings that one industry expert calls the "holy grail" in this week's tip.
The issue is whether strong reserves affect property values. And what exactly is "adequate" when it comes to reserves?
Robert Nordlund, a reserve specialist who was one of three expert panelists for an HOAleader.com webinar, HOA Reserves and Other Funding Options: Tips to Be a Smart HOA Money Manager, says his company recently identified and measured the link between a strong reserve fund and improved home values. He also says he and others have recently has been able to finally define "adequate reserves" for boards, their attorneys, and their D&O carriers.
Here's the skinny on these new findings.
Nordlund is the founder and CEO of Association Reserves Inc. in Calabasas, Calif., and he's a registered professional engineer and a reserve study pioneer.
You could say Nordlund lives and breathes reserves. So imagine his glee when an employee of his came to Nordlund and said he thought Nordlund's company had compiled all the data needed for a study testing the link between reserves and property values.
"We're based in Los Angeles, and we found a high-density area of Los Angeles in which we've done enough reserve studies—I believe it's 73-78 reserve studies, which is a statistically significant number," recalls Nordlund. "Also, the condos in that area are in geographically, physically, and socioeconomically similar.
"One of our employees used to be a real estate data support guy," continues Nordlund. "He was able to find, for the last 18 months, home sales for the condos for which we did reserve studies. We threw out the very high and very low condo values—for example, one was a burned unit with significant damage."
Then Nordlund and his employees had some fun: They made predictions. "One employee figured property values with strong reserves would be 20 percent higher; I figured more like 5-10 percent," recalls Nordlund.
Find out the results, and read along as Nordlund does the math to determine whether it's financially worth it to adequately fund reserves in our new article:
https://www.hoaleader.com/members/3703.cfm
Best regards,
Matt Humphrey
President
=================================================================
Upcoming Event
HOA Board Members & Fiduciary Duties:
What You Must Know to Fulfill Your Duty to Your Association and Protect Yourself from Personal Liability
An Exclusive HOAleader.com Webinar
With Practical Tips for Condo and HOA Boards
Thursday, April 26, 2018
2:00 p.m. Eastern
Learn more or register now:
https://www.hoaleader.com/products/hoa-board-fiduciary-duties-webinar-a.cfm
Members save $30!
=================================================================
Recent articles posted at HOAleader.com:
=================================================================
Owner Wants Violations Records -- To Use Against Your HOA: What to Do?
In this week's tip, we address a question raised by a reader, who essentially wants to know if owners can request to see notices of violation to other homeowners. The reader also says the owner may be seeking that information to use it against the association. Would that affect how you should respond?
Click here to read full article:
https://www.hoaleader.com/members/Owner-Wants-Violations-Records-Use-Against-Your-HOA-What-Do.cfm
=================================================================
Violation History and HOA Records Requests: What to Know
An HOAleader.com reader asks: Chapter 209 Texas Residential Property Owners Protection Act 209.005(c) and (k) discuss making books and records available for examination. The code states in section (k) that it's 'not required' to release violation history, and a property owner wants a copy of the violation history along with addresses.
Click here to read full article:
https://www.hoaleader.com/members/Violation-History-HOA-Records-Requests-What-Know.cfm
=================================================================
HOA Board Members and Fiduciary Duties: What You Must Know to Fulfill Your Duty to Your Association and Protect Yourself from Personal Liability
When you volunteered to serve your community association as a board member, did you realize you were agreeing to set aside your own interests and act as a fiduciary on behalf of the entire association? Are you confident you know every scenario where you might trip up and expose yourself to personal liability by failing to live up to this important duty? Set aside an hour of your time to learn what you need to know and ensure you're not risking your own financial security by making common--but easily avoidable--mistakes while volunteering as an HOA board member. Join us for in an in-depth webinar on April 26.
Click here to read full article:
https://www.hoaleader.com/products/hoa-board-fiduciary-duties-webinar-a.cfm
=================================================================
What to Know About Adding a Concierge Service to Your HOA
Some associations have added this service, but what exactly does a concierge do? And who pays for the concierge's time and expertise? Here are some basics to get you started.
Click here to read full article:
https://www.hoaleader.com/members/What-Know-About-Adding-Concierge-Service-Your-HOA.cfm
=================================================================
How to Undo This Mess, or Who Can Remove an HOA Committee Chair?
An HOAleader.com reader asks, I've been the president of our board of directors for one year now, and I've served on the architectural control committee for 2.5 years. Our bylaws state that the president will designate the committee chairperson, so I appointed a newly elected director as the ACC chairman but remained on the committee to provide experience and continuity.
Click here to read full article:
https://www.hoaleader.com/members/How-Undo-This-Mess-or-Who-Can-Remove-HOA-Committee-Chair.cfm
=================================================================
Get your own copy!
Subscribe to the HOAleader.com Tip of the Week at:
https://www.hoaleader.com/public/department49.cfm
=================================================================
Please feel free to forward the *entire text* of this email to others.
Copyright 2018, Plain-English Media, LLC
(866) 641-4548
https://www.hoaleader.com