Info Bytes 12.31.22
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Condo Connection wishes you HAPPY HOLIDAYS and a JOYOUS NEW YEAR!
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CIC Info Bytes 12/31/22
CIC Info Bytes are frequent, succinct updates providing educational and engagement opportunities that help your community thrive! Please forward and share this newsletter with your peers, neighbors and colleagues so they can connect and join.
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This is our last blog article for 2022. At ~1,400 words, this is certainly not our shortest article, but we hope you’ll enjoy it with a cup or glass of something tasty.
Due diligence is required to create a materially correct reserve study
Future reserve contributions can be calculated with precision IF your reserve study is materially correct. Cash flow is king!
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Have you run out of ammunition trying What to Do when Things Go Askew? TRY THIS:
Cutting through customer service doom-loops by calling in a ‘Karen’ — Steve Hendrix | WaPo
🏠HOUSING🏡
Housing affordability in the United States has gotten worse. Are we in crisis mode?
When Fixing the Housing Market, Don’t Forget the Neediest
— Bloomberg Editors | Courtesy of Washington Post 12/30/22
Are you following the ongoing housing story? We’ve covered an amazing slew of articles over the past few months!
Corporate Landlords Ready $110 Billion to Pounce on Homes
— James Rodriguez & Daniel Geiger | Business Insider
Existing home sales declined from 503,000 to 326,000 (35%) Nov ‘21 to Nov ‘22.
U.S. Home Sales Post Record 10th Straight Month of Declines — Nicole Friedman | WSJ
It’s still early innings for the housing market downturn… — Lance Lambert | MSN
Wells Fargo economists say housing downturn is still in ‘early innings’
— Mark Calvey | San Francisco Business Times [Business Journals Paywall]
Condo owners in Florida, already getting squeezed by increasing insurance costs, also might get hit soon by higher monthly fees from new state regulations on structural inspections and reserve funds….
Florida Condo Owners Brace for Inspection, Reserve Requirements — Deborah Acosta | WSJ
Condo Connection's financial coverage is indexed to our Dollar$ and $ense page dedicated to all things CIC finance.
Condo Connection's financial coverage is indexed to our Dollar$ and $ense page dedicated to all things CIC finance.
“This was really like a mugging the way it happened,” said John Stoltzfus, chief investment strategist at Oppenheimer. “You had China, you had Russia, and then you had the process of the Fed doing what it finally had to do.” This is the story of how Wall Street got 2022 wrong.
— David E. Rovella for Bloomberg Evening Briefing 12/29/22
Mortgage rates are ON FIRE🔥
Mortgage Rates Record Biggest Calendar-Year Increase in 2022 — Gina Heeb | WSJ
SUPPORT: Condo Connection is a volunteer effort that helps fill an incredible void for common interest communities and their homeowners. WE DO ASK for your general support every few months because providing this free resource is not a free endeavor.
We believe in transparency which is why we disclose our fiscal support. In total, Condo Connection has received about $1,800 of support throughout 2022. If that doesn’t sound like much, that’s because it isn’t. Thousands of people visit Condo Connection every month seeking insights and answers. Requests come in every week to provide more free resources, but very few people are willing to spend even $10.
YOUR SUPPORT MATTERS. Please consider supporting us if you and/or your community have benefited from our free resources. Your contributions enable expansion of Condo Connection's ad-free newsletter and website. You can donate, purchase a digital download, annual subscription or a festive digital gift card for you and your friends, neighbors, colleagues and community. You can also share this newsletter and web links and encourage folks you know to join our free listserv. YOU can take action to support value-added alternatives to CAI that prioritize the interests of CICs and their homeowners.
THANK YOU to all our supporters past, present and future!
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