Signs of a good building gone bad

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By Teri Karush Rogers  |
July 29, 2011 - 11:56AM
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Is your co-op or condo building in trouble and you don't even know it? Co-op and condo lawyer Stuart Saft compiles a handy list (useful for prospective buyers too) of 17 warning signs in the July/August issue of Habitat Magazine (not yet online). 

A few are kind of obvious (annual meetings are disrupted by angry owners, dirty/moldy/vermin-infested common areas, multiple lawsuits resulting from an "overly aggressive board, disturbed owners, a fee-hungry lawyer"), but others are not necessarily so, such as:

  • Board meetings take more than two hours a month ("either the board is dealing with too many issues or nothing is being accomplished")
  • Many owners are breaking the rules ("could be a sign that the residents know that the board is weak...or worse, the board members themselves are violating the rules")
  • Some owners are treated differently than others ("there is nothing that creates more dissension in a building")
  • Sales prices are more than 10% lower than neighboring buildings  ("find out why and do something about it")
  • Every year, audited financial statements delayed more than 4 months past end of the year ("the problem may not be [understaffed] accountants completing the audit, but their concerns over what they found or their inability to have their questions answered")


Related posts:

6 tips for holding an annual meeting instead of a bloodbath (sponsored)

Approval, schmooval! Renovation perks for board members

Dealing with problem condo owners (sponsored)

Teri Rogers Headshot - Floral

Teri Karush Rogers

Founder & Publisher

Founder and publisher Teri Karush Rogers launched Brick Underground in 2009. As a freelance journalist, she had previously covered New York City real estate for The New York Times. Teri has been featured as an expert on New York City residential real estate by The New York Times, New York Daily News, amNew York, NBC Nightly News, The Real Deal, Business Insider, the Huffington Post, and NY1 News, among others. Teri earned a BA in journalism and a law degree from New York University.

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