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Vol. 14 No. 39 - July 22, 2014

REAL ESTATE

Having a condo board personality

 

Last week we talked about needing a condo personality in order to successfully live in a condominium community. This week we’ll assume you have the right personality, have bought and moved into your dream condo and now you want to serve on the board. Get ready for boards untamed.

It’s frequently thought that people who serve on condominium boards are controlling, egotistical and possibly corrupt. Well, sometimes all or some of these elements are present in condo board members, but mostly they’re just every day people who want to contribute to making the community they live in function for everyone and stay on budget.

That being said, there are a few guidelines that wouldn’t hurt anyone considering taking this step to follow just in case they forget exactly who they are. Board members have a fiduciary duty to discharge their duties and uphold faithfully the rules outlined in the community condo documents. This doesn’t mean you have to commit them to memory, but it does mean that you have a working knowledge on the important features within the documents. It is certainly helpful if your association employs a condo manager who will help the board of directors understand what is within the documents in order for them to make good decisions.

Board members are obligated to treat everyone the same, even themselves. If you’re volunteering for the board because you want to get the tree blocking your view cut down or have your building painted before the others, forget it. There are certainly a lot of ways to manipulate maintenance to your benefit, but eventually you’ll be found out resulting in at the very least embarrassment.

Again, remember that you have a fiduciary duty to spend the association’s money properly and in the interest of all residents. True, you are a volunteer, but condo associations are basically businesses and need to be run as such. Your decisions could affect not only property values, but also lifestyle.

It is always best to have a professional management company available even on a limited basis, to advise board members who come from all walks of life. Condo managers can be hired to perform a full range of services including hiring and managing your maintenance personnel to simply providing occasional guidance. My opinion is that if you’re thinking of buying a condo that is self managed without the expertise of a professional, you’re possibly letting yourself in for a world of trouble.

Finally have a little humility. Yes you have the power and ability to direct maintenance and finances in a direction that would benefit you, your pals and other board members, but everyone knows that and will be watching. Don’t impose your will on everyone else by claiming you’re the only one who knows how to handle this based on your previous life experience. By the very nature of community living decisions need to be made by consensus.

If you as a resident are not happy with the way your board of directors is handling things wait for the next election and run for the board. Having your voice heard is part of the democratic process, so stop complaining and step up.

In the 16 years I’ve lived in a condominium association I’ve seen everything from outright out of control egotism resulting in lost revenue to downright incompetence. One way or another we survived, got rid of the bad apples and flourished. The key is to have the correct condo board personality. I you don’t, stay off the board and find a hobby.

Real Estate Transactions
Real estate transfers as of October 1-31, 2013
Sponsored by Alan Galletto Island Real Estate

Sold Date | List Price | Sold Price | Address | Provision | Property Style

Anna Maria

01/03/2014 1,400,000 1,400,000 107 Beach Ave. 2789 150x100 4 Br/3 Ba SFR
01/06/2014 895,000 800,000 806 Gladiolus St. 2250 69x100 3 Br/3 Ba SFR
01/06/2014 317,000 470,549 205 Elm Ave. 1203 52x110 2 Br/2 Ba SFR Reo
01/06/2014 749,000 683,000 517 Magnolia Ave. 2219 75x115 4 Br/2.5 Ba SFR
01/10/2014 989,000 910,000 213 Spruce Ave. 937 105x100 2 Br/2 Ba SFR
01/22/2014 1,495,000 1,450,000 203 Spruce Ave. 696 2 Br/1 Ba SFR
01/24/2014 850,000 849,900 113 Gull Dr. 2447 91x100 3 Br/2 Ba SFR
01/29/2014 522,000 465,000 8806 Gulf Dr. 936 50x100 2 Br/2 Ba SFR
01/30/2014 510,000 502,000 524 Blue Heron Dr. 1653 3 Br/2 Ba SFR
01/30/2014 1,345,000 1,325,000 214 Spring Ave. 3189 52x145 6 Br/5.5 Ba SFR

Bradenton Beach

01/31/2014 425,000 385,000 252 17th St # 252 1268 2 Br/2 Ba Condo
01/02/2014 289,000 282,000 1801 Gulf Dr N # 238 1080 2 Br/2 Ba Condo
01/31/2014 635,000 617,500 2300 Avenue B 2832 50x100 4 Br/4 Ba SFR
01/16/2014 259,900 259,900 2515 Avenue C # A 1584 50x100 Inc.
01/31/2014 635,000 617,500 2300 Avenue B 2832 50x100 Inc.
01/10/2014 297,777 290,000 200 22nd St . 50x100 Vac.

Cortez

01/13/2014 439,000 400,000 4207 126th St. W. 3412 100x100 4 Br/3 Ba SFR

Holmes Beach

01/02/2014 330,000 315,000 5808 Gulf Dr. # 206 912 2 Br/2 Ba Condo
01/08/2014 375,000 330,000 6250 Holmes Blvd. # 65 1206 3 Br/2 Ba Condo
01/14/2014 392,900 366,250 6400 Flotilla Dr. # 96 985 2 Br/2 Ba Condo
01/16/2014 359,900 347,000 600 Manatee Ave. # 136 1179 2 Br/2 Ba Condo
01/23/2014 318,000 283,000 201 35th St .# 5 630 1 Br/1 Ba Condo
01/27/2014 279,000 265,000 3801 E Bay Dr. # 108 1121 2 Br/2 Ba Condo
01/27/2014 379,000 370,000 6200 Flotilla Dr. # 262 1266 2 Br/2 Ba Condo
01/29/2014 219,900 208,000 3000 Gulf Dr. # 6 756 1 Br/1 Ba Condo
01/03/2014 689,000 671,750 117 51st St. 1536 3 Br/2.5 Ba SFR
01/09/2014 565,000 535,000 502 83rd St. 1728 3 Br/3 Ba SFR
01/10/2014 1,049,000 950,000 509 68th St. 2546 80x102 3 Br/2 Ba SFR
01/10/2014 896,000 725,000 313 61st St. 2374 4 Br/3.5 Ba SFR
01/10/2014 799,000 772,000 213 65th St. 2184 3 Br/2.5 Ba SFR
01/23/2014 399,000 390,000 2819 Avenue B 2332 3 Br/2 Ba SFR
01/24/2014 450,000 450,000 113 31st St. 1682 50x105 3 Br/2 Ba SFR, Reo
01/24/2014 350,000 325,000 502 Bayview Dr. 1214 75x120 3 Br/2 Ba SFR
01/29/2014 598,000 565,000 5606 Holmes Blvd. 1040 3 Br/2 Ba SFR
01/29/2014 775,000 775,000 4118 5th Ave. 2786 6 Br/3.5 Ba SFR
01/31/2014 974,900 907,930 637 Key Royale Dr. 2422 100x151 4 Br/3 Ba SFR
01/13/2014 339,900 275,000 4501 Gulf Dr. # A 1325 1554x800 Inc.
01/21/2014 500,000 450,000 212 Haverkos Ct. 108x110 Vac.

Source: Manatee County Property Appraiser’s Office


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