Condo Media - August 2022 - 18

PLAYING CATCH-UP
PROPERTY MANAGERS
had little time to address
long-term maintenance
projects, as following everchanging
COVID protocols,
while keeping residents,
visitors and employees
safe, was added to their
usual responsibilities.
But there were other
reasons for delaying maintenance.
According to the
survey by Real Estate Bees,
residents frequently would
not allow workers into their
units, fearing that doing so
would put their health at
risk. The survey also noted
that, " Due to physical distancing
protocols, property
management companies
have chosen to suspend
annual renewal evaluations
of properties. "
Unfortunately, maintenance
was curtailed at
a time when it may have
been most needed. With
nearly 70% of full-time
workers working from
home during the pandemic,
according to a survey by
Owl Labs, condominiums
and apartment buildings
likely experienced more
wear and tear than usual.
18 CONDOMEDIA August 2022
Post-Pandemic Challenges
COVID-19 has not gone away, but it's no longer an all-consuming
crisis, so many property managers are seeking to catch up with
delayed maintenance projects.
Yet, the pandemic has spawned other crises that continue to
affect property maintenance. Supply chain issues have led to a
shortage of many materials and a lack of qualified labor continues
to add to delays.
Meanwhile, the cost of materials is rising rapidly. Inflation is up
8.5% over the past year, but the costs of some goods has escalated
even faster. Lumber prices, for example, soared from $349
per thousand board feet in April 2020 to $1,514 in May of 2021,
according to Fastmarkets' Random Lengths. During the past year,
prices have ranged from $468 to $1,670.50.
And, of course, housing prices have soared. Home prices rose
16.9% in 2021, according to the National Association of Realtors.
There are also an increasing number of regulatory obstacles.
For example, the May issue of Condo Media reported that Fannie
Mae and Freddie Mac have developed new lending guidelines in
response to the collapse of a high-rise condominium in Surfside,
Fla., that killed nearly 100 people.
Under the new guidelines, associations that defer maintenance
will risk having lending declined. They will also assume significant
liability, as the guidelines shift risk from lenders to associations
and property managers.
Photo courtesy of Copeland Building Envelope Consulting.

Condo Media - August 2022

Table of Contents for the Digital Edition of Condo Media - August 2022

Contents
Condo Media - August 2022 - Cover1
Condo Media - August 2022 - Cover2
Condo Media - August 2022 - Contents
Condo Media - August 2022 - 2
Condo Media - August 2022 - 3
Condo Media - August 2022 - 4
Condo Media - August 2022 - 5
Condo Media - August 2022 - 6
Condo Media - August 2022 - 7
Condo Media - August 2022 - 8
Condo Media - August 2022 - 9
Condo Media - August 2022 - 10
Condo Media - August 2022 - 11
Condo Media - August 2022 - 12
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Condo Media - August 2022 - 14
Condo Media - August 2022 - 15
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Condo Media - August 2022 - 18
Condo Media - August 2022 - 19
Condo Media - August 2022 - 20
Condo Media - August 2022 - 21
Condo Media - August 2022 - 22
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Condo Media - August 2022 - 24
Condo Media - August 2022 - 25
Condo Media - August 2022 - 26
Condo Media - August 2022 - 27
Condo Media - August 2022 - 28
Condo Media - August 2022 - 29
Condo Media - August 2022 - 30
Condo Media - August 2022 - 31
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Condo Media - August 2022 - 33
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Condo Media - August 2022 - 36
Condo Media - August 2022 - 37
Condo Media - August 2022 - 38
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Condo Media - August 2022 - Cover3
Condo Media - August 2022 - Cover4
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