Tag Archives: economic

Handling Home-Based Businesses

The Growth of Home-Based Businesses is forcing Many Condos to Update Their Bylaws

As the lingering effects of the “Great Recession” continue to influence the lives of countless average Americans, more and more  displaced workers are turning to home-based businesses (HBBs) in an attempt to  reverse sagging fortunes.  

 And as U.S. Small Business Admin-istration statistics indicate, over half of all  small businesses begun in the last decade have been home-based – more than 24 million in real numbers – with a new home-based business being launched every 11 seconds.  

 They’re facts that should not be lost on many condo board members, some of which still preside over properties with express prohibitions against such activities. But should associationsmove to amend their governing guidelines, often requiring an amendment to the  property’s declaration or master deed, to eliminate these provisions? Yes, say experts in  both business and legal fields.  

Read more

FL: First Coast condo sellers finding it hard to move on

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

Jacksonville-area condominiums, already battered by values that have fallen to rock bottom, are being clobbered by loan restrictions that effectively freeze sales in many complexes that have been hardest hit by the economic downturn.
Read more

Bonus Bucks

Toano Trace Homeowners Association wasn't about to let the federal government get all the credit for economic stimulus.  The association board adopted an economic stimulus plan of its own. 

The board offered $50.00 to homeowners who submitted proposals for sprucing up their yards.  The only requirements were that homeonwers be up-to-date in their association fees and...

Read more

Forever Young? Don’t Bet Your Reserves on It!

Commercial structures such as office and apartment buildings have planned obsolescence.  When they get old, they are renovated, sold or torn down and rebuilt, which usually happens every 40 to 50 years.  With our tax laws, it just doesn’t make economic sense to do otherwise. 

There is no similar economic motivation for obsolete community associations.  Condominiums and cooperatives may not be rebuilt or renovated without the approval of most of the individual shareholders.  The number of association buildings that have not been properly maintained and are at the end of their economic life is growing; and, for too many, inadequate reserves have been set aside.

Read more