Monday, July 18, 2011

How will Palermo be managed when a new owner takes over the 'Enterprise' properties?

If the 34 so-called Enterprise condos and the undeveloped land in Phase 2 of Palermo Palm Springs are sold by the bank's LLC to a new developer, what things might we expect? One question is management. Before the Enterprise Cos. of Chicago had their loan called in, the developer played a huge role in the management and governance of Palermo. They had a point person on site. One possible buyer mentioned has experience in property management. Some questions to consider: Will a new owner continue to manage the 34 unsold units as rentals? How will the new owner interact with the HOA's management company, known as DRM? DRM certainly will need to work closely with the new owner on a variety of day to day issues, and bigger issues such as the possible construction of Phase 2. It has been said that the Palermo homeowners dues are paying for certain common area expenses that the developer should have been paying for but did not. Does this mean in the future that part of the HOA expense for the management company, as well as other expenses, should be paid for by the new developer owner? Will the future owner require management expertise that the present condo management company may or may not have? What will the new buyer need from the management company and the board so everything runs as smoothly as possible for the benefit of all parties? So many questions, but we hear of little talk of this. Miss Penny Lane says: She's ready to invite the new owners in and give them her ideas.

1 comment:

Anonymous said...

Lots of questions but the board fiddles as Rome burns?