|
Do you know how your community association's financial statistics compare with those of others in your metropolitan
area?
There is an informative resource which could be helpful to you.
I was once chair of the Experience Exchange Committee of The Institute of Real Estate Management (IREM), which
is affiliated by the National Association of Realtors.
In 2008 IREM celebrated its 75th. annniversary.
IREM is the only professional real estate management association serving both the multi-family and commercial
real estate sectors.
The Experience Exchange Committee gathers and IREM publishes annual research reports each called an "Income/Expense
Analysis" for various kinds of properties.
Interestingly, in the case of Office Buildings, Conventional Apartments and Federally Assisted Apartments,
income is based on the amount of revenue desired above expenses. However, in the case of communty associations, the assessments
are budgeted on the amount needed to pay the expenses and fund the reserves. Thus,the IREM Analysis for Condominiums, Cooperatives
and Planned Unit Developments is simply called an "Expense Analysis."
Whether you are a Board member, manager, or concerned homeowner, you may find this useful to analyze
expenses for utilities, maintenance, insurance, taxes, amenities, etc.
Statistics are grouped into metropolitan areas, with regional and national statistics, as well. Also, the
statistics are grouped according to association types (condominiums, cooperatives, and planned unit developments)
and building types (high-rise, low-rise, or townhouse).
Looking at these statistics you may gain insights into each area of operation of your association, especially
when it comes time to prepare your annual budget and consider your replacement reserves and your current assessments are adequate.
Formerly available only in book form, the Expense Analysis is now available online in PDF and Excel formats.
FOR INFORMATION ON IREM's NEW 2011 Expense Analysis®: Condominiums, Cooperatives, and Planned Unit Developments, with a Sample
Report and Guidelines and Interpretations - PLEASE CLICK HERE.
United States
Department of Housing
and
Urban Development -
2003 Report
For 36 years, I managed a Cooperative Association which was initiated
under the 213 Program of the Federal Housing Administation (now the U.S. Department of Housing and Urban Development or simply
"HUD").
It may be useful to consider the characteristics of condominium and cooperative
living nationwide.
In 2003, HUD stated that in the United States that "more than 5 million
American households " lived in condominiums or co-operatives , which HUD described as "unusual forms of occupancy compared
with fee-simple owner occupancy or renter occupancy. " HUD went on to further define this housing as follows: "Generally,
condos and co-ops are owner-occupied units in multifamily structures in which the owners hold the entire property or the common
components of the property in a form of joint ownership. Management decisionmaking takes the form of participatory democracy.
Complex master deeds, covenants, and bylaws specify the rights and obligations of the co-owners. "
HUD found that, back in 2003, half of the 5 million existing condo or co-op
units were built within the past 30 years.
FOR A FREE A VERY DETAILED HUD REPORT ON 2011 DEVELOPMENT STATISTICS,
INCLUDING MULTI-FAMILY SUCH AS CONDOS, PLEASE CLICK ON THE LINK DIRECTLY BELOW:
FOR THE H.U.D. REPORT - PLEASE CLICK HERE.
COMMUNITY ASSOCIATIONS INSTITUTE
(CAI)
STATISTICAL REPORT
2010 Report
The report of the Community Associations Institute is somewhat at odds with the above H.U.D.
Report, however. C.A.I says that in 2011 around 62 million Americans lived in condominiums. Depending on family
size that seems a far cry from the "over 5 million" condo dwellers H.U.D. has in its surveys sometimes noted.
In 2010, C.A.I. estimates the number of residents in common interest developments is approximately
309,600 communities, up from 4,200 communities from last year.
FOR THE COMMUNITY ASSOCIATIONS INSTITUTE STATISTICAL REPORT,
PLEASE CLICK ON THE LINK DIRECTLY BELOW:
TO VIEW THE REPORT OF THE COMMUNITY ASSOCIATIONS INSTITUTE - PLEASE CLICK HERE.
|
