Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Rising Tides: The Catch 22 For Condos That Need A Repipe

Rising Tides: The Catch 22 For Condos That Need A Repipe
Your building is leaking.  Your pipes are failing.  Your insurance company might even be calling.  You need a repipe.  The problem is that it’s going to cost millions of dollars, and your board doesn’t have it in your reserves.  Do you take out a loan, issue a special assessment, or both to cover the costs?  Or do you wait, hoping you can raise the funds over the next several years, and try to buy more time? Unfortunately, for boards facing the prospect of a repipe in their community, making this choice is increasingly difficult, increasingly costly and increasingly litigious.  As I write this article, there are pending lawsuits against condo boards on both sides of the equation.   Pay Up and Stop The Leaks! In Hawaii, where a typical cast iron waste line replacement costs tens of thousands of dollars per unit, most properties, and homeowners, simply don’t have the cash to pay for it out of pocket.  Buildings that are in critical condition are declaring a “state of emergency,” and taking out loans to get the pipes fixed.  To pay off the loan, each owner’s portion of the loan payment is added to their monthly condo fees in order to cover the loan costs.  Sure, no one is happy about the increased fees, but the job gets done and the leaks stop. Clogged drain pipes, like this one, are causing a variety of problems in buildings across Hawaii including leaks, odors, slow running drains, and corrosion. But what happens when you live on......
Continue reading
5249 Hits
2 Comments

Preparing for Winter Weather

Preparing for Winter Weather
No one likes to think about it, but there’s no denying that nip in the air -- winter is coming. A lot of property maintenance in the winter falls under the responsibility of the condo association, and it’s a good idea to start planning before the first snowfall. Clearing ice and snow from parking lots, sidewalks, and stairs is the association’s responsibility. Start lining up vendors now to ensure you’re not left without a salt vendor and coping with unsafe conditions on your own. If you have a rolling gate, have a plan in place to ensure that the gate is temporarily opened when a storm is expected. If you lose power during the storm, condo owners can be trapped in the property or stuck outside if you don’t open the gate ahead of time. Make sure your irrigation systems are drained before the bad weather hits. A burst pipe can cost condo owners thousands in repairs. If you have condo owners who flee south for the winter, make sure they know of their obligation to maintain the temperature of their condo at 40 degrees Fahrenheit to prevent frozen pipes. They may have to hire a friend to keep an eye on the heat or drip faucets when their apartment is vacant during the winter. In case a pipe does burst, find your cut-off valves now and mark them. This way, the entire property won’t have to cope with having their water turned off while the burst pipes are repaired. If you deal wi......
Continue reading
1325 Hits
0 Comments