ALLOWING THE DEVELOPER TO DEVELOP

A 50-unit "condo-mansion" complex with expandability to 102 units.

A developer's main objective is to build and sell homes. However, when the development is also a condominium, the developer is also given the task of managing the completed units. Most developers are not organized to handle this task, and therefore, must divert time and resources away from their main line of business. We were hired by the developer to handle the management of the property while he concentrated on the continued development of that property.

Tight Accounting Controls. This property's legal documents required accounting and budgeting to be done on a village-by-village basis. Through the use of our state-of-the-art accounting system, financial information was separated accordingly, allowing not only compliance with legal documents, but also more precise budgeting.

Insurance Redundancies. While each village had to be accounted for separately, there were no legal restrictions as to common insurance policies. By placing the coverage for all villages under one master policy, insurance redundancies were eliminated and economies of scale were taken advantage of. The end result was that more insurance was purchased with less money and the developer almost completely funded his investment in Professional Value Management.

Adhering to State Law. Recent law changes on the State level have placed more restrictions on Condominium Developers. With our experience in this field, we notified the developer of the restrictions and offered efficient compliance methodology, thereby saving legal expense today and upon transition to homeowner control.