Comments on: Should Your Hoboken Grandma Run Your Hoboken Condo Association?

By: Steven Porada

Steven Porada — Thu, 10 Jul 2008 06:08:30 +0000

Hello. I noticed some questions about building services in relationship to management companies. Management companies subcontract out services such as cleaning, trash take out, snow removal, painting etc to local contractors such as myself. I operate Hudson Building Services and we offer all these services and more in the Hoboken/Jersey City area. If you have questions or want to compare pricing/services etc you can reach me at 201-463-6607 or check out my company website at http://www.HudsonBuildingServices.com

By: Lori

Lori — Thu, 03 Jul 2008 22:10:36 +0000

DJ
You raise several different issues in your question. The first thing you need to do is look at your ‘condo docs’. The certificate of incorporation and bylaws will set forth your rights as a unit owner and the structure your condo association may take. In most cases, once a majority of the units are owned by the new buyers (as opposed to the developer) there is a transition by which the unit owners take over the association. You should probably obtain legal advice in this regard unless you are an attorney.

There is rarely any requirement that a condo assn. retain a management company. That is a decision typically left to the board of the condo association to decide. There are many advantages to having your building be professionally managed.

A condo association also needs to file an annual tax return. If you don’t wish to hire an accountant to do that you can do it yourself or some management companies do it for you.

There is more to running a condo correctly than taking out the trash. It sounds like you don’t have much experience and having a management company to guide you, at least to start out, is probably wise. Spending a few dollars a month to protect your many hundreds of dollar investment makes good sense.

Do you and the other unit owner have 50/50 voting rights? Sometimes in smaller buildings the voting is equal. Other times, it is proportional to square footage owned. In these cases, one unit owner basically rules the building since that owner has a majority of the votes. You need to know what your condo docs say about this.

So, as you can see, it can be a bit complex. Get a professional to work with you and do it right to protect your investment and the marketability of your unit.

- Lori

By: DJ

DJ — Wed, 02 Jul 2008 20:01:43 +0000

Does anyone have any suggestions on how to create an association for a 2-unit condo?
I recently purchased a condo in a newly build two family house. Each unit was sold as a separate condo. I was the first one to move in and until the upstairs unit was sold, I was paying a hefty maintenance to a management company. I was told that that when both units are sold, we can create our own association and will not have to pay the management company anymore. Well the top unit is sold and we are looking to create our own association. There are only three bills to pay: Insurance, PSE&G and common water for sprinklers. So it’s not worth paying a management company to do this. We take turns cleaning the front of the house and each takes out its own garbage. We do want to put money aside for emergency case but we want to open an account under the associations name> How do we go about it without having to pay hefty attorneys costs or accountants?
Any suggestions?
Thanks,
DJ

By: Lori

Lori — Mon, 23 Jun 2008 15:28:54 +0000

JC
Personally, we’ve been very pleased with Harold Berlowe at MLB Inc. 220 Willow Ave. in Hoboken. 201 222 0600 or harold@mlbinconline.com. They will manage a smaller building, too, which many mgmt. companies will not do. I also have had good experiences with Peter Johnson at Progressive Management 973 299 4444. They can handle bigger buildings.
- Lori

By: JC

JC — Mon, 23 Jun 2008 13:13:11 +0000

Hey Lori,

When you have a chance can you plz let me know of some management companies.

thank you
JC