In October 2017, we approached our client The Vaux, a 19-story high-rise condominium in NYC’s Upper West Side. Their $4 million reserve fund was underperforming and not taking advantage of exclusive products available to FirstService Residential clients. Overall, the portfolio was earning just $4,500 annually with an average yield of only 0.12%. They also had…
In 2015, FirstService Residential assumed management of Sanderling Condominium, a 318-unit condominium in Centreville, VA. Located thirty minutes west of Washington, DC, Sanderling consists of 13 separate buildings of garden-style units. FirstService Financial proactively reviewed the association’s reserve portfolio and identified an opportunity to help them significantly increase interest income to help their bottom line….
Earlier in 2017, FirstService Residential assumed management of 225 Rector Place, a 289 unit, 24-story, luxury condo building located in the Battery Park City neighborhood of lower Manhattan. Soon after completing takeover, the residential management team engaged subject matter experts at FirstService Financial to help deliver additional value to the association. The goal was to…
The Gibson, an 80-unit condominium located in the heart of Washington, DC, was constructed in 1981. As could be expected with a building of this age, the glass and windows were due for replacement, and the association board was tasked with sourcing a loan to cover the expense. Not only would this project serve to…
As the premier high-rise tower in Myrtle Beach, SC, Margate Tower at Kingston Plantation boasts 251 oceanfront units overlooking white sandy beaches. Under FirstService Residential management since January 2015, the property is fully funded for their reserves and has benefitted from our annual analysis to properly address their funding needs. In 2016, FirstService Financial was…
FirstService Financial strives to help our clients find customized solutions for their banking needs. Since Boards have a fiduciary responsibility to protect the assets of the associations that we manage, we recognized that an enhanced deposit insurance product would be a valuable resource to our clients. We understand that many clients have large reserve portfolios…
If you live in a community association, chances are your governance board has set aside insufficient reserve funds. Studies show that 72% of association-governed communities are under-funded, a 12% increase from ten years ago[1]. Many associations have not increased assessments at the pace required to adequately service an aging property. This deficiency has rendered some…