Associations Feel the Pinch
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Some results from a survey of condominium community managers:
· 41 percent said rising foreclosure rates were having a serious impact on their finances.
· 7 percent said they were having a severe impact.
· 36 percent said they were a nuisance.
How have the managers responded?
· 38 percent postponed major capital improvements.
· 35 percent increased assessments or deferred maintenance of common areas.
· 35 percent reduced landscaping expenditures.
· 31 percent reduced contributions to reserve funds.
· 22 percent borrowed from their reserve accounts.
· 18 percent cut professional services, including legal services and technology.
· 15 percent levied a special assessment.
· 11 percent are allowing residents to perform minor tasks like landscaping.
· 8 percent reduced professional management costs.
· 7 percent borrowed money from banks.
· 5 percent laid off staff.
· 23 percent didn't take any of these actions.
SOURCE: Community Associations Institute
