Page 45 - NY Cooperator Expo April 2019

COOPERATOR.COM THE COOPERATOR — APRIL 2019 45 20 S. Broadway Mezzanine Yonkers, NY 10701 fersen@newgents.com www.newgents.com See us at Booth 305 See us at Booth B inspection of its records and for supply- ing copies to the owner.” Matthew W. Gaines, a partner in the Condominium Practice Group and Real Estate Department of law firm Marcus, Emmer, Errico & Brooks, which has of- fices in Massachusetts and New Hamp- shire “Pursuant to Massachusetts General Law c. 183A, Section 10(c), an association is required to keep a complete copy of the following items on file: a. The Master Deed and any amend- ments; b. The bylaws and any amendments; The minute book, to the extent such minutes are kept c. Financial records, including the fol- lowing: i. Records of all receipts and expendi- tures, invoices and vouchers authorizing payments, receivable and bank statements relating thereto; ii. Records regarding the replacement reserve fund or any other funds of the as- sociation and bank statements; iii. Audits, reviews, accounting state- ments, and financial reports relating to the finances of the association; contracts for work to be performed for or services to be provided to the condominium; and iv. All current insurance policies of the association “As for documents that owners are pro- hibited from seeing, that would include matters regarding personnel (i.e., em- ployees of the condominium), personal information (such as which accounts are delinquent in paying fees), and matters involving attorney/client privilege. “The records listed above should be available for reasonable inspection by a unit owner during regular business hours, and at other times as may be pro- vided by the property manager. Access to said records should include the right to photocopy the records at the examining unit owner’s expense. The records should be retained for a period of at least seven years. “The Massachusetts Condominium Act is silent as to consequences should a board fail to provide access to these re- cords. While legislation has been filed in the past to add some teeth to the statute in the event a board refuses to provide ac- cess, that legislation did not pass.” The takeaway from these various ex- perts is—whether you live in a co-op, condo, or HOA—know your own rights, as well as the rights of the residents you govern when it comes to accessing docu- ments and information about your com- munity. Keeping things transparent not only keeps you on the right side of the law, but it also fosters faith in and respect for all the work the board does to keep the building or association running smooth- ly. n Mike Odenthal is a staff writer/reporter for The Cooperator. right now. “Waterfront property sells,” she con- tinues, “whether it’s oceanfront or inter- coastal. Properties in over-55 communities have dropped as well, by about 20 percent. It’s definitely a buyer’s market.” While she expects prices to start to correct next year in 2020, she expects the remainder of 2019 to be more of the same. Boston “The trajectory of Massachusetts’ sky- rocketing real estate market flattened as winter loomed,” reported realestate.boston. com, “leaving some to wonder whether we’re glimpsing the end of a 10-year-long bull run. Like people who predict the end of the Patriots dynasty each year, they will eventually be correct, but real estate ex- perts say we’re not there yet.” As in other pricey markets, signs on the horizon of a potential end to the Boston real estate fairy tale are centered around tax policy and rising interest rates. Like New York and Illinois, Massachusetts is a high-tax state, and the result of the reduc- tion of property tax deductibility on federal income taxes is beginning to make itself felt. Rising interest rates have also played a role, as buyers are very sensitive to every additional penny of monthly cost, the ar- ticle continues. Bobby Woofter, Principal Broker for My Boston Condo, sees the market as very healthy. “There’s so much new industry moving into the area: General Electric, Amazon, and others,” he says. It seems like a new building is going up every week. That makes for a healthy market.” The people who work there need someplace to live. “The luxury boom continues,” Woofter adds. He does see some dark clouds on the horizon, however. “There may be a lag due to the climbing price point. It can’t just keep going up, passing the last deal. There is more inventory than one year ago on the market – especially luxury – but mid-mar- ket is very bullish and competitive.” One of the unique features that Woofter mentions is the prevalence of small condo- minium associations in the Boston market and throughout New England. Unlike other markets, associations containing less than six units – and often with as few as three – are prevalent. This is due in large part to the existing housing stock in Boston’s traditional neighborhoods. Dominated by three-unit multi-family buildings, own- ers often see greater value in converting to condominium ownership rather than sell- ing the property as a whole, and the result is a large number of very small associations. “Resale of these units are strong,” Woofter says. “They are typically the ‘starter home.’” Even what were once less popular areas like Roxbury are now coming around in this MARKET... continued from page 21 continued on page 46