does anyone know...
 

of any discussion forums specifically for Boards of directors of condominium buildings to discuss issues, e.g. reserve fund study issues, legal and accounting issues, and basically general sharing of info across Boards. My husband recently got elected to the Board in our building and was amazed at the lack of info. available in the industry.

It seems, whenever information is needed, the property manager or a board member either phone the condo. lawyer or accountant for the info. At $150/hr. this can add up. As residents, we'd all like to reduce our professional consulting fees if we can help it and thereby reduce our monthly maintenance fees.

Thanks.

Eliz.

I don't know off-hand, but here are some things to try....
 

> does anyone know...
> of any discussion forums specifically for
> Boards of directors of condominium buildings
> to discuss issues

I don't know of any off-hand, but here are a couple of ideas to try....

On Entrepreneur-Web, there are a couple real estate investment web sites listed.... You can find them by looking through the following link....

http://www.entrepreneur-web.com/index_1.shtml#specificindustries

That isn't the same thing, but someone there might know of something....

Another idea is to search through www.forumone.com .... Sometimes you have to go through a lot of not very useful links, but sometimes you come up with something interesting too.... :)

Anyway, I hope that helps to some extent.... I'm sorry I can't help more Elizabeth....

Good luck... :)

Dien Rice

I know. But I'm Not Tellin'
 

Actually, I wouldn't have the foggiest idea. I would like to know something though...

What is a condominium?

Is that the same as an apartment?

Why the difference?

And finally... what is a half a bathroom?

Please forgive my lack of knowledge on these matters. I'm from Australia where we have flats (small one to three bedroom things in a single or multi level complex) and all our bathrooms are whole.

Michael Ross.

a half bath is not two thirds of a bath
 

> What is a condominium?

> Is that the same as an apartment?

> Why the difference?

A condo is like an apartment but you own it instead of renting it. But you usually have to pay a fee to the condo assoc. for things like groundskeeping and other expenses.

> And finally... what is a half a bathroom?

Toilet only. No tub or shower.

> Please forgive my lack of knowledge on these
> matters. I'm from Australia where we have
> flats (small one to three bedroom things in
> a single or multi level complex) and all our
> bathrooms are whole.

hmmm. I'll have to break out Ken Silver's E-book sometime and get you to translate. :-) That is, if you speak New Zealandish.

Tom

What about
 

Two bath? What does that mean? And two and a half and one and a half? Can you even have whole numbers using this system?

> A condo is like an apartment but you own it
> instead of renting it. But you usually have
> to pay a fee to the condo assoc. for things
> like groundskeeping and other expenses.

Can't you own an apartment?

Sometimes, people in Oz call their flat an apartment. It's the same thing. In either case, whether you rent or own, a fee is paid to the "Body Corporate" which looks after the common grounds etc.

> hmmm. I'll have to break out Ken Silver's
> E-book sometime and get you to translate.
> :-) That is, if you speak New Zealandish.

I don't speak New Zealandush but I can understand it and translate it with ease.

Michael Ross.

Re: What about
 

> Two bath? What does that mean? And two and a
> half and one and a half? Can you even have
> whole numbers using this system?

Two bath just means the house has two bathrooms. if I'm selling a house and list it as 2 bedrooms and 2-1/2 bath, it means 2 bathrooms and on half bathroom. Instead of listing it as 3 bedrooms, 3 bathrooms, they shorten it to 3 bdrm, 3 bath.

> Can't you own an apartment?

If you own your apartment, it's a condominium. No difference. Same type of structure one is owned one is rented. But the rent usually covers maintenance etc.

These little things are so much easier explained when you are face to face having a dialogue

Plus I haven't slept, so I'm not very articulate at the moment. Sorry

Tom

Michael, please tell if you know
 

> Actually, I wouldn't have the foggiest idea.
> I would like to know something though...

> What is a condominium?
You asked for it. Here's the long version.:-)
Michael, I had to refer to my dictionary to give you a good definition of a condominium. Many of us simply refer to our place of residence as a condo.

Its real estate, such as a unit (1,2,3 bedroom) in an apartment (or townhouse) complex that combines fee simple title to the unit and joint ownership in the common elements shared with other unit owners.

A Board of Directors is elected by the residents or unit owners to manage the running of the building. Condos are very popular in Canada and I imagine the US as well, especially in the large urban areas where many of the younger single and working couples don't have the time to maintain a home, cut the grass, shovel the snow, etc. They are often more expensive than owning a home, especially if you want to live right in the heart of a big city like Toronto or New York.

The cost of maintaining the building is taken care of by the building's property manager, who hires a superintendent, cleaning staff, etc. to oversee the day-to-day maintenance of the building or in some cases, you could have a group of homes, also called townhouses over here. Basically, the unit owners, are not allowed to change anything relating to the exterior of the building. So, if we wanted to change the windows or paint our balcony a different colour, we would need to get approval from the Board to do it. In most cases, the bylaws of the condominium act, do not allow for this as you could easily get 20 residents deciding to paint their balconies 10 different colours, or completely change the look of the exterior of the building.

If a unit owner wanted to change the interior, break down walls, install a sauna, or whatever, depending on the extent of the renovations, they could do it, as long as it would not impact the unit above or below that homeowner's unit. Again, each condo. has it's own bylaws on what is and isn't allowed.

One of the 'interesting' things about living in a condo. and becoming familiar with the building bylaws as well as the Condo. Act, is, many Boards of Directors are very pooly managed. Often, we have found, because the job (voluntary) is not an easy one and you're basically giving a few hours per week or month, of your time to attend to various matters, it's often very difficult to find individuals with good business backgrounds to be on the board. It's a very thankless kind of job, but very important, as if you've got a lazy and passive board and a not-too-intelligent property manager, the financial affairs of the building could get very messy. Then you get into the reserve fund, which is a whole different and complicated matter. Basically, before a buyer commits to purchase a unit, it's important that he/she is buying into a building with a very healthy reserve fund. If the fund does not have a large enough cash reserve, this reflects poorly on the Board and on the building. One of the reasons a building strives to build a healthy reserve fund is to have the cash available when major repairs are needed. If there isn't enough cash in the reserve to e.g. fix some major plumbing or construction problems, or repairs to the parking garage, the Corporation will have little choice but to go to the owners and ask for an increase in their monthly maintenance fees. This is not something most Boards enjoy doing. It may also be very difficult for unit owners who would like to sell their units to attract good buyers. So it's very important that the building's finances be in good shape to attract buyers.

One of the big problems we've observed from talking to various other Board members is, many seek nomination to be elected on the board for all the wrong reasons - many of which are to help promote their own independent businesses. Many bring no solid business background to the position, but they get elected and once elected, it's very difficult to get them out. Often there is a lot of infighting between board members and unit owners. So, there's a real need for more education and cooperation among both groups. In summary, the Board are elected by the residents to work for the residents. But in most cases, the Board see themselves as above the residents and it's often a we verus them mentality that prevails.

> Is that the same as an apartment?

I think you've probably gotten your answer from the above.

> Why the difference?

A condo may look like an apt. building, but in an apt. the residents rent the unit. They don't own the unit, like in a condo.

Also, in an apt. depending on where you live, because you rent, you are basically at the mercy of your landlord in terms of how much your rent will increase. And often as renters, and again depending on where you live, you have little or no say in how your building is run.

In a condo. the owners can call special meetings if they are in disagreement with any decision that the board has made that they don't agree with. So, the owners, if they are united, can have a lot of clout in the way their building is run.

> And finally... what is a half a bathroom?

A full bathroom is one with toilet, bathtub or shower, and sink. A half bathroom has all the above, with no bathtub or shower.

> Please forgive my lack of knowledge on these
> matters. I'm from Australia where we have
> flats (small one to three bedroom things in
> a single or multi level complex) and all our
> bathrooms are whole.

Yes, I was in the UK some years ago and my friends lived in a flat. There are actually some areas in Toronto, where the residents refer to their units as flats and they do indeed resemble the flats in London.

Hope this helps.

Eliz.

Re: does anyone know...
 

> of any discussion forums specifically for
> Boards of directors of condominium buildings
> to discuss issues, e.g. reserve fund study
> issues, legal and accounting issues, and
> basically general sharing of info across
> Boards

Just an idea: this might be a beginning...
Perhaps you can contact the owner of the
following board
http://www.coastalcondo.com/bulletin.htm

also:
Yahoo has some clubs for members of condos:
not to many participants, but again perhaps
the moderator of the board can be of some
help. One such board is at
http://clubs.yahoo.com/clubs/Windhovercondos
I think you might have to be a subscriber to
yahoo to participate.

oops forgot one more..
 

> of any discussion forums specifically for
> Boards of directors of condominium buildings
> to discuss issues, e.g. reserve fund study
> issues, legal and accounting issues, and
> basically general sharing of info across
> Boards.

One more resource.Even though it's in the
states the owner/moderator may have information.
This site has lots of information too:
http://www.cai-arizona.org/

Michael... A Condo vs. An Apartment
 

Michael ~

A Condo and an Apartment Complex are virtually identical from a physical standpoint. 2 bedrooms, 3 bedrooms, 4 bedrooms, some Units can be as expansive as 5,000 square feet or more.

Both can be built with varying grades of quality. Both can have a "Commons Area" for all residents to enjoy complete with a pool and spa.

Where the differences come into play is in actual ownership versus tenancy.

Where you actully rent an apartment on a monthly basis, you "own" your condominium. But you normally only own the "space you occupy".

As for insuring purposes... An apartment dweller will not be required to carry hazard insurance on an apartment, but will normally carry a "Renter's Policy" or "Tenants Policy" for their own personal property.

A "Condo Owner" normally carries what is referred to as an "HO-6" in the insurance industry. This type of policy insures their space starting with the sheetrock, or interior walls, all the way in, including personal belongings. While the Association carries a "Master Policy" on the exterior of the buildings.

The apartment building owners, are responsible for all property losses to the building.

The outside grounds in a condo complex are normally governed by a Board or Committee comprised of the Condo Owners. Commonly referred to as the "Condo Owners Association". They place, a "Fee" or "Dues", to each of their members to maintain and control the exterior common areas. Which includes mowing of the lawn, maintenace to the exterior such as painting and re-siding, pool maintenance, tennis court maintenance, etc.

In our area here, the Association Fees can be as high, or higher than your mortgage payments on the Condo itself! I looked at a condo complex which had a monthly mortgage of $650.00 per month and a association fee of $550 per month!

There are more details involved but this should give you the gist of the two compared.

Most Condo Owners aren't aware of the many legalities they could become involved in by an injury to a visitor to the common areas. There is a host of possible Liability issues and Errors and Ommission coverages for the Board.

It is not uncommon for a huge settlement to be awarded to an individual for injuries and to have that judgement passed on to the individual owners.

Always read your Agreements prior to any dealings with a Condo Association or Owners Group.

Success and Regards... Mike