Page 33 - CooperatorNews NJ Expo 2022

NJ.COOPERATORNEWS.COM COOPERATORNEWS NEW JERSEY —EXPO 2022 31 Advertise In The CooperatorNews New Jersey Marketplace —Call 212-683-5700— Target Key Decision Makers In The Condominium, Co-op and HOA Community By Placing Your Ad Here MARKETPLACE For schedule and ad rates, contact Fred Marks at (786) 404-1701. LAUNDRY Please submit Pulse items tosubmit Pulse items to Darcey Gerstein at darcey@cooperatornews.com erties are currently under construction in northern New Jersey, notes Multihousing News. Th e development pipeline will add more than 26,660 units to the current in- ventory. Another condo development, a 500,000-square-foot project owned by Hon- gkun USA Real Estate Development, is also underway at Port Imperial in Weehawken, according to the outlet. LaW & LeGislation CAI Lauds SAFER Proposal In an April 25 news release, the Commu- nity Associations Institute (CAI) applauds U.S. Representatives Charlie Crist (D-Fla.) and Debbie Wasserman Schultz (D-Fla.) for introducing the Securing Access to Financ- ing for Exterior Repairs (SAFER) in Condos Act, described as “legislation that will make it easier for condominium owners to aff ord special assessments for structural and safety repairs.” Owners would be able to obtain low-interest loans to fund repairs through two programs guaranteed by the U.S. De- partment of Housing and Urban Develop- ment. “Since the tragic condominium collapse in Surfside, Florida, CAI has worked closely with state and federal lawmakers to intro- duce critical legislation that supports con- dominium safety for the millions of people who call these communities home,” says Th omas M. Skiba, CAE, CAI’s chief execu- tive offi cer. “We are pleased that Reps. Crist and Wasserman Shultz have introduced this impactful legislation that helps us honor the memories of the 98 people who lost their lives last June and will help prevent another tragedy. We’re hopeful that the bill moves forward expeditiously.” According to the Foundation for Com- munity Association Research, more than 74 million Americans live and work in com- munity associations. “Since the June 24 col- lapse of Champlain Towers South condo- minium, CAI has been working on behalf of our 43,000 members with local, state, and federal lawmakers as well as housing stake- holders nationwide to develop common sense initiatives for condominium safety. In October, aft er months of research and input from members, CAI recommended changes to laws and best practices for the communi- ty association housing model that may help both communities and legislators better ad- dress building safety, building maintenance and structural integrity, and reserve stud- ies and funding,” according to the release. Th e research and recommendations can be found in CAI’s Condominium Safety Public Policy Report. In the wake of the Surfside catastrophe, Crist noted, residents remain focused on safety and structural integrity of their con- dominiums and an increasing number of owners are facing unaff ordable special as- sessments. “When associations have to make critical repairs to keep residents safe, the special assessments that fund the re- pairs can be a signifi cant fi nancial burden, especially for seniors on fi xed incomes and working Floridians,” says Crist. “Our bill, the SAFER in Condos Act, would build on a home improvement program under the Federal Housing Administration to provide an aff ordable fi nancing option so seniors and families can stay in their condo safely and avoid another preventable disaster.” “While we still mourn all those we lost in Surfside, the harsh reality is that untold numbers of aging condos just like Cham- plain Towers South may face similar struc- tural safety problems… Th is legislation that Congressman Charlie Crist is leading will take meaningful steps to help prevent that from ever happening again by helping make it easier for condo owners to aff ord special assessments when costly structural and safe- ty repairs arise,” says Wasserman Shultz. Real Estate No Surprise: Mortgage Costs Rising At the end of April, Redfi n reported that the typical United States homebuyer’s monthly mortgage payment shot up 39%— the largest year-over-year gain on record— as the average 30-year-fi xed rate hovered at a 12-year high of 5.1%. Redfi n’s data on homebuyer mortgage payments is based on asking-price data going back to 2015. “Rising mortgage rates are taking a bite out of pending sales as both buyers and sellers take a step back from the turbulent market,” said Redfi n Chief Economist Daryl Fairweather. “It seems as though the ratio of buyers to sellers remains mostly the same, which is why we have yet to see a substantial drop in bidding wars or the share of homes selling quickly. It’s still early days, though, when it comes to 5% mortgage rates. Th e PULSE continued from page 6 INTERIOR DESIGN Please number of buyers willing to pay such high mortgage payments could evaporate by late summer.” Pending home sales in April posted their largest year-over-year decrease since mid-February and mortgage purchase ap- plications fell 17%. On the supply side, new by the company also included Newark and listings fell 4% and the share of listings with price drops rose to its highest level since No- vember. Two New Jersey cities were listed among the leaders for mortgage increases—New- ark, with a median mortgage payment of $2,176 (up 26.5% from 2021), and New Brunswick, at $1,967 (up 24.7%). Although those increases are high, everything is rela- tive: the median mortgage in Orlando, Flor- ida, rose 43.1%, and in Austin, Texas, 40.6%. In a related press release, the company noted that apartment rents also soared in March, with a nationwide median increase of 16.7% year-over-year. Th e new record high in monthly median rent was $1,940. 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