Archive for the 'Condos' Category
West Hartford Real Estate Market Report
It’s time once again for the town real estate market updates. First up, West Hartford. All data is pulled from the Multiple Listing Service, deemed reliable, but not guaranteed.
Single Family Houses…
There are 224 single family homes currently available for sale in West Hartford. If you’re a buyer in the $200K to $300K range, you have lots to choose from. The number of closings was down 22% in April of this year, compared to April 2007. The median price was down 2% when comparing April 2008 to April 2007. Average days on the market is 42, which is a nice positive.
Condos…
There are 80 condos currently available for sale in West Hartford. If you’re a seller in the $300K to $400K range, you don’t have much competition. The number of closings was exactly the same when comparing April of this year with April 2007, 9 closings. Average days on the market is 67, which is somewhat skewed upwards because of new construction units.
Farmington Valley data tomorrow…
Condo Association Meetings: The Good, the Bad & the Ugly (Part 2)
Yesterday we reviewed the good aspects of the annual homeowner’s meeting that I recently attended for the complex in which Amy and I own a unit. Today we’ll get into the Bad and the Ugly.
The Bad
1. This particular complex was built as apartments in the 1960s and converted to condos in 1979. If we assume that major maintenance was performed in anticipation of selling the units, then most of the improvements are approaching 30 years old - which is the useful life of lots of stuff. We spent a fair amount of time at the meeting talking about repairs to boilers and roofs. So despite the board’s planning, the Association is probably going to need to increase revenue in the next few years as more systems fail. This means either higher condo fees or dreaded special assessments. Boo! Hiss!
2. The meeting was run using Roberts Rules of Order, which most people don’t really understand (myself included). The formal procedure made it difficult for everyone to participate effectively since folks would not know when to speak or how to speak. I could imagine that after one person’s question received a curt, “You can’t say that now,” others were intimidated into silence.
3. One civic-minded resident is working very hard to address energy efficiency and preventative maintenance, but seems to have a contentious relationship with the Board. Which leads directly to…
The Ugly
The meeting turned ugly as our civic-minded activist grew frustrated with the Board’s responses to his concerns and their use of precedure to prevent him from speaking his peace. As the discussion became more acrimonious, we transitioned from calling people by first names to using surnames (Mr. Smith, Ms. Jones …) and citing condo association bylaws as threats. Ultimately personal issues were raised in an uncomfortable manner.
Conclusion
Now that I have a better sense of the cast of characters, I’ll be interested to see how the drama unfolds. Energy efficiency is an issue that everyone is concerned about in this day and age, and our activist had some good suggestions for how individual owners can make a difference. Whether he will have community-wide influence remains to be seen.
I certainly got my money’s worth in terms of entertainment, and also learned quite a bit about the complex. I was glad to hear that the community is in such good shape (despite Part 2’s observations). If you own a condo I would definitely recommend attending your next homeowner’s meeting. I bet you’ll see much of what I saw; different faces, but similar characters.
Condo Association Meetings: The Good, the Bad & the Ugly (Part 1)
First, Kyle, Amy’s husband, will now be a blog contributor. Below is his first blog. We’ll eventually figure out how to distinguish his posts from Amy’s…
I recently attended the annual homeowner’s meeting for the complex in which Amy and I own a unit. It was my first event in the community, and after perusing last year’s minutes in the pre-distributed packet I was optimistic that it would be an exciting evening out.
(Amy: You’re a LOSER, Kyle. Condo meetings are not an exciting evening out.)
Overall, I was very pleased with what I heard. But the meeting was not all holding hands and singing Kum Ba Ya; some folks got quite excited. So let’s review the good, the bad, and the ugly. Although I can’t be sure, I would bet that some of the following themes play out in many annual homeowner meetings.
The Good:
1. The board members seemed to care about the community and are genuinely trying to do the right thing for their fellow owners. Many have lived in the development for decades, and all have both financial and emotional investments in the community.
2. The Association’s finances are in good shape. There is a meaningful amount of cash and minimal liabilities on the association’s balance sheet, and an operating profit on the income statement. Beyond that, the cash balances are invested in a responsible manner.
3. The Board budgets for planned repairs in an effort to avoid, or at least minimize, special assessments.
4. The property management company is responsive and maintains an active dialog with the community.
As an owner, and especially a non-resident owner, these are the issues that I care about most. Stop by tomorrow as we conclude with the BAD and the UGLY…