November 12th, 2014 categories: Condo Knowledge
Most condo associations have an annual meeting as per the by laws of the condo association . Some may have more than that. Most New Orleans condo associations have a formal business meeting at least once a year for the larger condo associations and less formal for the small associations. This where they elect officers for the coming year. They approve the budget for the coming year. They talk about present and future issues of the condo association.
The owners vote by their percentage ownership in the condo the condo association. Meaning the larger units get a slightly larger vote. It’s like the condo fees where larger units pay more since they are larger. It also gives many out of town owners a chance to meet other owners to exchange ideas and ask about the direction of the association.
As a buyer in the condo association it is important to know what the owners talked about. Are they thinking about raising the fees in the near future. Are they close to assessing the owners for major projects in the future. Are future expenditures for overdue maintenance or does it add to the improved lifestyle of the condos. It is good to review the last two meeting via the condo association’s minutes and budget so you can get a glimpse of the past year and into the future years.I am an owner of a condo in Orange Beach and have been attending the meetings for the last couple of years. One of the main topics is building up the reserves of the condo association to a Million dollars from $700,000. The condo fees include a month charge for this unit the goal is reached. In 2.5 years the goal will be reached. Then we can vote on cutting the fees or adding things to the association that adds value to all. There is always a lot of discussion about adding things to the common areas to give them a fresh look or to make them more enjoyable for all the owners. Over time each condo association takes on a culture of its own depending on what the owners want. This always happens once the developer turns it over to the owners and they come up with their own ideas and begin to implement them several years later…