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(610) 842-4780 <br>Bryan R. Cogliano, (610) 842-4780 Bryan R. Cogliano, CFP 1031 Tax-Free Exchange revxwealth.com Property Transfers Recorded in County Clerk s Office between 4/27/25-5/4/25 Seller Avalon Quinn Edward R Ryan Joseph M 21st Street Marina LLC Woosnam Jeffrey M Grant Faith M Est Rockwell Avalon LLC Hogan John J Wessner Emily A Buyer Property Price Haggerty Matthew E Pellini Matthew J Kelly Christopher M 21st Street Marina LLC Welsh Thomas J Jr Stensrud Kirk J Strid Erik Comer James 93 W 12th St 262 55th St 2776 Ocean Dr 2776 Ocean Dr 174 23rd St 2987 Dune Dr Un 7 2248 Avalon Ave Un B 7888 Dune Dr Cape May Neglia Michael De Soo Robert A Boylan James R Jr Termonia Family Trust Cm Diamond Properties 2 LLC De Soo Thomas R Gallagher Francis X III Mclendon Mark 1608 Maryland Ave 1301 Cape May Ave 18 Jackson St Un 4 927 Beach Ave Cape May Point Burns Floranne Macklin Barn Dog LLC 274 52nd St Dennis Township Atlantic Cape Builders LLC Genestra Albert R Langlotz Jens Zz For Rent LLC Sokolov George Dempsey Adam 193 Woodbine Bvd Lot 32, Block 253.03 231 Holly Dr Lower Township Caruso Richard F Brooks Kimberly Ann Exr Schultz Evelyn M Kash Bonnie De Gilio Dominc W Iannone James Szczepaniak Walter Property Hub NJ LLC Sendzia Beth K Mc Graw Melissa L Hall Of Fame Home Buyers LLC Mornick Carrise Gill William J Di Gilio Dominic 5 Kenvil Rd N Co Yetter Lewis Love Sarah Burisky Scott Evan P&R Properties And Design LLC Woehlcke Shaula R Care Adam M Megonigal Lewis Michael Jr Hilvert Andrew Raplph Jr Villanova Homes LLC Back Bay Builders LLC Gill William J 116 Old Mill Dr 5 Kenvil Rd 126 Ohio Ave 33 Mimosa Dr Lot 32, Block 329 115 Bay Ave 203 Rosehill Pkwy 341 E Miami Ave 15 Carlton Dr 6 Desoto Ave 144 Cloverdale Ave 301 E Pacific Ave 115 E St Johns Ave Middle Township Nvr Inc Hand William H Haines William W Ratti-Wade Kristina Gvi Investments LLC Claudio Pawlus Enterprises LLC NJhr 1 LLC Wilmington Savings Fund Santiago-Mendez Magdaleno Schwinn Kimberly Letzgus Carol Lima Edison A Jr Adm Leone Mark R Jasick Group LLC Godfrey Jason A Sullivan Natalie Meenan Matthew M Burke Logan V Le Febvre David Turner Stanley Nunez Yusseni Crux Daku Bujar D R Horton Inc- New Jersey Zdanowski Thomas Raymond 85 Muiread Ln Dias Creek Rd 4 Lacivita Dr 35 Wynndemere Ct 204 North Wildwood Blvd 2 Lafayette Ave 147 Springers Mill Rd 901 Hand Ave 670 Rte 47 N 1777 Rte 9 17 N 10 St 43 Rte 47 North North Wildwood Steiger Dennis Platt William J Spingler George A Iv Lehman Michael Adm Tilton Edward Farrell Matthew Berretta Angelo V Trust Deleo Donald Gordon James G Jr Schmitt Michael Jones Chris Harris James Lee Settelen Jeramie 129 W 8th Avenue LLC Morris Kimberly Anne Bianchimano John Barbaro Michelle Schmitt Michael Gerbino Kara L Deleo Donald 400 E 8th Ave 101 W Spruce Ave Un 302 1802 Surf Ave Un A 129 West 8th Ave 1100 New Jersey Ave #302 500 Ocean Ave Un 3 1205 Surf Ave 122 E 22nd Ave 431 E 19th Ave 122 E 22nd Ave Ocean City Ferren William J Courtney Jeffrey P Salmon Jack E Jr 1919 Central Avenue LLC H & K Property Mgmt LLC Abbott Jennifer L Rancor Properties LLC Rancor Properties LLC Pallozzi Michael P De Bow Samuel Salvati Shore Holdings LLC Sgouros Christopher Bonvetti John M Ranco Properties LLC Brown Timothy J D
 
Home Prices on <br>Your Radar? Home Prices on Your Radar? Access property transfers anytime with the Herald online PROPERTY TRANSFER RECORDS Property Transfers Recorded in County Clerk s Office between 4/21/25-4/27/25 Seller Avalon 21st Street Marina LLC V Butler Revocable Trust Hassinger Chester C Daulerio Mary Ann Gretz Robert J Buyer Woosnam Jeffrey M Sr Ereso Glenn Seventh And Sunrise LLC Di Maggio Edward Morris Kelly E Cape May Naples Family Limited Partnership Semj LLC Deddy Robert E Dean Christopher W Naples Family Limited Partnership Semj LLC Property Price Lot 1.807, Block 19.11 55 W 29th St 2010 Seventh Ave North Side 7800 Dune Dr 7888 Dune Dr Total: Median: $3,600,000 $3,175,000 $1,100,000 $400,000 $285,000 $8,560,000 $1,100,000 210 Ocean St Un 4 111 Illinois Ave 210 Ocean St Un 4A Total: Median: $999,950 $850,000 $300,050 $2,150,000 $850,000 Total: Median: $449,000 $385,000 $834,000 $417,000 Total: Median: $560,000 $559,000 $540,000 $515,000 $475,000 $440,000 $435,000 $420,000 $400,000 $260,000 $4,604,000 $457,500 Total: Median: $660,000 $620,000 $405,000 $310,000 $172,075 $172,075 $172,075 $172,075 $110,000 $48,000 $2,841,300 $172,075 Dennis Township Dougherty Joseph Gerardo Leonard Jones Peter S Loughran Paul A 42 Robin Dr 156 School House Ln Lower Township Kole Alison Hevener William H Exr Shump Nicole Skowronek Frank Barry Thorpe William R Corchiani Christopher M Exr Clavan Edward P Georgia Donald B Jr Est Inmon Sally A Reichle Jeffrey Allison Victoria S Sasso Angelo M Gorman James Casey Henry F Hmr Investments LLC Sciarrone Kathleen Woodzell Levi Marchesseault Kathylyn Koob Katharine C Kellaway Andrea 119 W Pacific Ave 12 Mimosa Dr 25 Barbara Ter 58 Heron Way Lot 10, Block 651 91 Hadtke Dr 106 Broadway 214 E Weber Ave 232 Maryland Ave 409 Croydon Dr Middle Township Yocum Jeffrey A Agr Builders LLC Weisman Boris Ellmer Kenneth Shl Dev LLC Shl Dev LLC Shl Dev LLC Shl Dev LLC Sun East Federal Credit Union Inc Emu Enterprises LLC Menz Mary Jane Karpatkin Susan Giuliano Joseph Wicker Donna E Nvr Inc Nvr Inc Nvr Inc Nvr Inc Jflf Company LLC Honest Builds LLC 1102 Saint Andrews Dr 2 South 5th St 51 Acorn Ln 148 Lee Ln 118 Muirhead Ln 120 Muirhead Ln 125 Muirhead Ln 123 Muirhead Ln 107 Indian Trail Rd 5 Florida Ave North Wildwood Scooter Boot LLC Miller Elizabeth Ann Exr Capone Michael Mario Barnes John Joseph Di Antonio Vincent Kovalski Raymond J Trust Sobutek James J Trust Brown Michael J Sr Madden Kenneth J Dieduardo Jodie M Gibbs Charles Exr Corazzi Daniel J Barron Kristina S O
 
Property Transfers Recorded in County Property Transfers Recorded in County Clerk s Office between 4/21/25-4/27/25 Continued from left Regino Thomas Malek Martin A Beau Rivage LLC Carroll Chris Pagliaccetti Joseph A Malek Chancellor Sanfilippo Anthony F Jr Campanale Lawrence 8305 Pacific Ave Un B 310 Farragut Rd 9103 Atlantic Ave Uit 302 8501 Atlantic Ave $625,000 $450,000 $390,000 $299,900 Total: $2,619,900 Median: $450,000 Total for Cape May County: $68,811,732 Median for Cape May County: $560,000 Compilation 2025 Seawave Corporation Data Source: http://clerk.capemaycountynj.gov/landrecords
 
Property Transfers Recorded in County Property Transfers Recorded in County Clerk s Office between 4/27/25-5/4/25 Continued from left 8515 Landis LLC Keenan Mary Ann Est Markle Stephen Joyce Margaret Trust Jlc Private Investments LLC Galrao Louis M Powers William Mclaughlin James Vankawala Harshadku D Bvt 216 LLC Stevenson Matthew S Higgins Shaun F 8515 Landis Ave 242 57th St 111 42ndstt Lot 5.02, Block 39.01 4314 Park Rd Un 102 Lot , Block $925,000 $800,000 $775,000 $450,000 $300,000 $210,000 Total: $19,740,000 Median: $1,300,000 Stone Harbor Scarola Alexander L Clover 103 LLC Troisi Patricia A Est King Scott E Mc Gonigle David B Sealuke LLC 270 92nd St 263 103rd St East Un Un A 9102 Third Ave Upper Township D R Horton - New Jersey Jcm Dev LLC Ritchey Marianne Atlantic Cape Builders LLC 109 South Shore Road LLC Cape Commercial Builders LLC Total: Median: $4,015,000 $1,900,000 $1,750,000 $7,665,000 $1,900,000 Diretto Family Irrevocable Trust Beeby Heather Delvescio Joseph F Zz For Rent LLC Zz For Rent LLC Zz For Rent LLC 1838 Rte 9 15 Mc Donald Dr 546 Stagecoach Rd 603 Second Ave 1613 Rte 50 1609 Rte 50 West Cape May Giancroce Marco NJ Cape Properties LLC Total: Median: $719,000 $430,000 $381,000 $350,000 $350,000 $150,000 $2,380,000 $365,500 739 Broadway Unit 2 LLC Klein Daniel 739 Broadway #2 11 E Mechanic St West Wildwood Gallagher William J Riemer Louis C Dettrey Kathryn Adm Total: Median: $1,200,000 $725,000 $1,925,000 $962,500 Haslett Guy Roman William G III Island Acquisitions LLC 4 Ave D 537 W Pine Ave 5 C Ave Wildwood Macrina Jaime T Bab 126 LLC 25 S Pearl LLC Flannery Brian Secrest Michele R Simeonides Carolyn Total: Median: $895,000 $760,000 $354,971 $2,009,971 $760,000 Flannery Brian J & A Shore Works LLC C & W Realty LLC Simeonides Carolyn Mcmenamin Patrick Thomas Hutton Jonathan 430 W Burk Ave 126 East Hildreth Ave 441 W Pine Ave 135 E Burk Ave #A 313 West Magnolia Ave 144 E Burk Ave Wildwood Crest Peffley David A Lanciano Daniel Bero Victor E Total: Median: $880,000 $741,875 $657,500 $640,000 $610,000 $575,000 $4,104,375 $648,750 Terroni Christopher Kipnis Robie A Solcany Stephen Lot 1.02, Block 16.03 303A E Crocus 5600 Seaview Ave Un 9 Woodbine Devico Anthony Total: Median: $925,000 $450,000 $350,000 $1,725,000 $450,000 Devico Jonathan Michael 199 Tyler Rd $150,000 Total: $150,000 Median: $150,000 Total for Cape May County: $113,280,246 Median for Cape May County: $688,250 Compilation 2025 Seawave Corporation Data Source: http://clerk.capemaycountynj.gov/landrecords
 

Commercial 

Condo Insights <br> <br>#64 Condo Insights #64 Understanding the Capital Reserve Study Part 3 Reserve Studies are prepared with three different levels of service: full service, update with site visit and update without a site visit. Specifying the level of service allows for easy comparison between different reserve studies and ensures that the association understands the scope of the work performed. Knowing the level of service helps the association understand the methodology used in the study, which is crucial for interpreting the findings and making informed decisions. Different levels of service come with different costs. Clearly stating the level of service helps the association understand the budget implications of the reserve study. Level I is a Full Reserve Study. It includes both a physical and financial analysis with an engineer s site visit. The component inventory list and current component condition assessments with useful life and valuation estimates are determined from a visual on-site inspection. This information is used to conduct the financial analysis which includes the current fund status and recommended funding plan. A Full Reserve Study is recommended if the association has never had a reserve study, if a substantial time has lapsed since the last study or if there are concerns about the accuracy of component inventory, quantities or measurements. Level II is an update to the previous reserve study and includes an engineer s site visit. The report updates both the physical analysis and financial analysis of an existing report. A site inspection is conducted to verify and/or make adjustments to the existing component asset list, condition assessments, useful life and component valuation estimates. The financial analysis is updated, including the current fund status and recommended funding plan. A Level II Reserve Study is recommended after major projects and as required by state law. Level III updates the financial analysis only, with no site visit. The current fund status and funding plan is updated, using information gathered from board members, vendors, the association manager and information contained within a prior reserve study. A Level III report is recommended to review, adjust and verify that the existing funding plan is accurate and suitable for current economic conditions. How should the board approach a reserve study. First step is to identify firms experienced in preparation of reserve studies. Engineering firms that specialize in reserve studies and those that specialize in forensic analyses serve distinct purposes. Reserve Specialists have a thorough understanding of how buildings age and deteriorate and are qualified to determine if an issue is normal or abnormal based on their observations. Forensic engineering firms specialize in invasive or destructive analyses to determine the exact cause of a specific issue and the appropriate remedial action. Look for a reserve study company with multi-disciplined engineers who have industry accreditation (CAI s Reserve Specialist Designation and/or APRA s Professional Reserve Analyst designation). Ask to see samples of their work. A detailed report that utilizes tables, graphs, pictures, diagrams, spreadsheets and explanatory graphics make the report easy to understand. These items are important pieces of a reserve study and should not be considered as extras. If possible, have the engineering firm commit to a timeline or schedule that includes site visit and delivery of the first draft. It should be obvious but confirm the report will be in compliance with requirements in the Structural Integrity Act. The engineering firm will request information about the association, to identify common elements, and to have clear understanding of the scope of association responsibilities for operation, maintenance, repair and replacement. Associations should provide the engineering firm with the Master Deed, building plans, the most recent capital reserve study (if one exists), a schedule of recent replacements including date, type and cost of any major repairs or replacements that have been performed on the common elements since original construction, the projected balance in the reserve fund at the start of the study period, the amount of the current annual reserve contribution and the association s current maintenance schedule and/or maintenance budget. Condo board members should expect a comprehensive report that clearly explains the condition of their community association s common elements and a funding plan to pay for future replacements. Jim Yost owns Elite Management and Advisory Services, LLC and is co-owner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast.net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein.com. The entire Condo Insights series of articles is available online at www.oceanpropertymgmt.com.
 
Condo Insights <br>#61 Swimming Pools Condo Insights #61 Swimming Pools Part 3 Sanitizing options and operating costs Swimming pools are a common amenity in seashore condos because they offer a comfortable place to swim, exercise, and cool off. Part 3 in this series will discuss the most common types of disinfection chemicals and systems, costs of operation and budgeting for pool operation. Health codes require primary chlorine or bromine sanitation in all commercial aquatic facilities. Chlorine can handle all sizes of aquatic facility water, is convenient to use and is an effective way to kill bacteria and algae. There are various compounds of chlorine used in swimming pools, some of which are stabilized, some are not. Stabilizers extend the life of chlorine in the water. Chlorine can come in liquid or tablet form. There are different types of chlorinators, including inline, floating and saltwater. While chlorine is typically inexpensive to use, recent chlorine shortages have made it significantly more expensive in recent years. A downside to chlorine is that it reacts with organic materials like lotions and sweat and it creates byproducts that cause red eyes, dry skin and lung irritation. According to the Certified Pool Operator (CPO) Handbook, understanding the differences between chlorine and bromine is crucial for maintaining safe and effective pool water sanitation. Both have pros and cons regarding effectiveness, stability, odor, and skin/eye irritation. Chlorine acts as a fast-acting oxidizer, killing bacteria and algae quickly; on the other hand bromine acts as a slower ionizer, sanitizing water over a longer period. Chlorine breaks down quickly in sunlight, requiring frequent dosing, especially in outdoor pools; bromine is more stable making it a better option for indoor pools or hot tubs where sunlight exposure is limited. Chlorine can have a strong, noticeable odor, especially when combined with other contaminants, whereas bromine generally has a less potent odor compared to chlorine. Chlorine can irritate skin and eyes, especially with high concentrations or prolonged exposure; bromine is generally considered gentler on skin and eyes than chlorine. Chlorine is generally more cost-effective than bromine. Bromine is effective over a wider pH range than chlorine. Mixing bromine and chlorine can create bromine chloride, which is less effective at sanitizing and can also cause a strong odor. Saltwater pool sanitation systems have become popular among aquatics facilities because they produce chlorine without irritating swimmers skin. Saltwater pools have lower levels of chlorine than traditional chlorinated pools. Chlorine is produced through electrolysis and uses the added salt (sodium chloride) to form hypochlorous acid (which acts as a sanitizer) and hydroxyl ions (oxidant or filter aid). A downside to saltwater sanitization is that improper maintenance, faulty sensors, or chemical imbalance can cause any saltwater pool to become super chlorinated which can damage equipment, pool surfaces, and become dangerous for swimming. In addition, salt produced by the saltwater pool can damage or attack the cement, plaster, and coping of the pool; and the high salt concentration found in the saltwater pools may affect grass, planters, trees, and shrubs near the pool. Chemical controller systems offer automated pool chemistry management, improving safety, reducing workload, and optimizing chemical use, all contributing to efficiency and a safer environment for swimmers and pool staff. Controllers continuously monitor and adjust pH, chlorine (or other sanitizers), and other key parameters, ensuring optimal and consistent water conditions for swimming. Properly balanced and sanitized pool water is essential for preventing recreational water illnesses and infections. Consistent water chemistry minimizes eye irritation, skin irritation, and other potential health problems associated with imbalanced pool water. Controllers automate the process of dosing and mixing chemicals, reducing the need for manual chemical adjustments, which in turn reduces potential for human error. Controllers dispense chemicals only when and as needed, minimizing waste and saving money. Automatic chemical control allows for consistent water quality around the clock, ensuring the pool is always safe and clean. Controllers can track water chemistry data and alert staff to any problems or unusual conditions. By dispensing chemicals only when needed, chemical costs can be reduced. Controllers can also be integrated with other pool equipment, such as pumps and heaters, optimizing their efficiency and reducing energy consumption. Automation reduces the need for staff to spend time on chemical testing and adjustment, freeing them to focus on other tasks. Maintaining stable water chemistry helps prevent corrosion and damage to pool equipment, extending its lifespan. Annual operating costs for pool facilities include: costs for municipal and county inspections and registration; water quality testing by certified labs; costs of chemicals and consumables; general maintenance & repair to aquatic facilities, pumps, motors, filters and heaters; opening and closing costs; the cost for a Certified Pool Operator; and service personnel for regular cleaning and operation of the aquatic facility. Many of these annual costs (such as for inspections, registration, testing, CPO, opening and closing) are fairly consistent year to year. In New Jersey, a condominium pool is generally considered a public recreational bathing facility and therefore subject to the rules and regulations governing those facilities, rather than being classified as a commercial pool. (NJAC 8:26) New Jersey defines public recreational bathing facilities as any bathing beach, swimming pool, wading pool, hot tub, or spa used by the public or by residents of multiple living units, including condominiums. Because condominium pools serve residents of multiple units, they fall under the category of public recreational bathing facilities and are not considered private. This means that condominium pools in New Jersey are subject to the same health and safety standards, including lifeguard requirements, as other public pools. in New Jersey, public recreational bathing facilities are required to have a written standard operating procedure, also known as an aquatics facility plan. The plan must include: a diagram of the facility, evacuation plan, lifeguard schedule (if not exempt), staff responsibilities, emergency contacts and phone numbers, location of first aid and rescue equipment, staff emergency procedures, location of the emergency shut off switch for suction outlets, hours of operation, schedule of operational activities such as water quality testing and recordkeeping, and a zone of protection of the lifeguards. Jim Yost owns Elite Management and Advisory Services, LLC and is co-owner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast. net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@ lowenstein.com. The entire Condo Insights series of articles is available online at www.oceanpropertymgmt.com.
 
Condo Insights <br>#62 Condo Insights #62 Understanding the Capital Reserve Study Part 1 On January 8th,2024 New Jersey Governor Phil Murphy signed into law S2760/A4384, commonly known as the Structural Integrity Act (the Act ). This legislation requires that almost all condominium associations have capital reserve studies prepared every five years, defines and requires adequate funding levels; expands the scope of reserve studies to include any major projects that could arise in the coming 30-year timeframe and that preventive maintenance schedules be included as part of the reserve studies. The Structural Integrity Act is causing a lot of confusion amongst Boards and unit owners it is also a source of financial discipline moving forward to address past funding shortcomings. Why is the Structural Integrity Act important? According to the United States Census Bureau, in 2024 there are almost 3.5 million multi-family housing units in New Jersey. Over 85% are in buildings that are over 25 years old. Over 63% are in buildings more than 45 years old. As buildings get older, they are likely to require more attention to periodic maintenance and replacement of roofs, windows & doors, elevators, and to essential mechanical equipment such as plumbing, electrical, fire alarm & fire suppression systems. Prior to the Act, associations were not required to have a reserve study. Many of those that have a reserve study were not following the funding recommendations in their study. The Act requires the reserve study to be prepared by a licensed professional engineer or reserve specialist and for associations to adequately fund their reserve account for future repairs and major maintenance projects. Periodic maintenance and replacement of capital assets require significant financial investment. The Act is intended to ensure that condominium associations no longer have underfunded reserves and that multi-family residential buildings are regularly inspected and properly maintained. What exactly is a capital reserve study? A capital reserve study ( CRS ) is a comprehensive report that analyzes a property s physical condition and financial health, specifically focusing on the long-term costs of repairing and replacing common area components and recommends a funding plan to ensure those costs can be met. In short, a CRS determines an estimate for the amount of money an association needs to have saved for future capital expenditures, such as roof replacement, paving, or replacement of association equipment such as elevators, HVAC, fire systems and recreational facilities. A CRS looks ahead to what can be expected to be replaced, renovated or rehabilitated in the upcoming 30 years. A CRS includes both a physical analysis of the property s common elements (inventory, condition, remaining useful life) and a financial analysis of the reserve funds and projected costs. It involves creating a detailed list of common area components, including their quantities, ages, conditions, and estimated useful lives. The study helps determine the estimated timing of when components will likely need to be replaced or repaired, based on their condition and estimated remaining useful life. It provides an estimate of the costs associated with repairing or replacing those components over the long term. The study aims to determine the necessary funding level for the reserve account and recommends a funding plan to ensure sufficient funds are available when needed. The purpose of a reserve study is to help associations anticipate and plan for the future costs of repairing and replacing major common area components by providing an estimate of these expenses and when they are likely to occur. Reserve studies provide a roadmap for future capital projects, making it easier for the board and residents to understand the association s financial situation and long-term plans. Reserve studies help ensure that associations have sufficient funds to cover major repairs and replacements, preventing unexpected financial strains and large assessments. By identifying potential problems and planning for future needs, reserve studies help mitigate the risk of unexpected and potentially costly repairs or replacements. Board members throughout New Jersey are now tasked with engaging a qualified engineering firm to prepare a capital reserve study for their association, many for the first time. Prior to the Act, the time frame from engaging the engineering firm, site visit, preparation of the initial draft of the CRS, review and approval of the final CRS was a few months. The Act has caused a surge in demand for new CRS business for engineering firms, and subsequently, the time frame for the process takes much longer than it had prior to the Act. Even though the Act requires associations to have had their CRS prepared by the end of 2024, due in part to procrastination on part of some associations and backlog of work for engineering firms, some associations are still waiting for a first draft as we approach the halfway point in 2025. Historically, engineering firms have been very efficient and accurate in preparation of draft reserve studies. Board members are advised to review the draft reserve studies closely to make sure all information is accurate before finalizing the CRS for their association. Jim Yost owns Elite Management and Advisory Services, LLC and is co-owner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@ comcast.net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein. com. The entire Condo Insights series of articles is available online at www. oceanpropertymgmt.com.
 
Condo Insights <br>#63 Condo Insights #63 Understanding the Capital Reserve Study Part 2 TheCommunityAssociationInstitute ( CAI ) is the trade organization for community, condominium, and homeowner s associations. According to CAI, a capital reserve study should include the following: a summary of the association s number of units, physical description of the property, reserve fund financial condition; a projection of reserve starting balance, recommended reserve contributions, projected reserve expenses, and projected ending reserve fund balance for a minimum of 30 years; a listing of the component inventory, component quantity or identifying descriptions, useful life, remaining useful life and current replacement cost; a description of methods and objectives utilized in computing the Fund Status and development of the Funding Plan, source(s) utilized to obtain component repair or replacement cost estimates; a description of the level of service by which the reserve study was prepared and the fiscal year for which the reserve study is prepared. A physical description of the common areas and infrastructure (e.g., roofs, siding, landscaping, common buildings) is essential for identifying areas of association responsibility, potential areas of concern and estimating future repair and replacement costs. This allows the reserve study to accurately assess the condition of the assets, identify potential problems, and develop a realistic plan for addressing them. A reserve study includes a schedule of associationassetsincludingacomponent inventory, quantity, estimated useful life, estimated remaining useful life, and replacement cost to provide a structured, comprehensive, and easily understandable overview of the association s capital assets and future needs. Atableallowsforeasycomparison and identification of different components, their current condition, and their estimated future needs. The tabular format facilitates long term analysis of the association s reserve fund status, funding needs, and the timing of potential replacements. A clear and transparent overview of the association s assets and responsibilities promotes accountability and informed decision-making. By identifying the useful life and remaining useful life of components, the reserve study can help the association anticipate future costs and plan for necessary repairs or replacements. The tabular format allows the association to determine the current replacement costs, which is essential for developing a sustainable funding plan for the reserve fund. In many states, reserve studies are legally required to provide this level of detail to association members and prospective purchasers. The reserve fund is the savings account for the association, used to cover repairs and replacements for association assets. A reserve study must analyze the current balance in the reserve fund, future contributions, and projected expenses to determine if the fund is adequately funded and to develop a sustainable funding plan. An adequately funded reserve fund allows the association to cover unexpected expenses without resorting to special assessments. Regular maintenance and timely repairs, funded by the reserve fund, help maintain property values and prevent costly deferred maintenance. The reserve study provides the board with the data needed to make informed decisions about budgeting, maintenance, and capital projects. A reserve study includes projections of the starting balance, recommended contributions, expenses, and ending balance to help associations plan for future major repairs and replacements, ensuring adequate funding and minimizing the need for unexpected special assessments. A starting fund balance establishes the current financial status of the reserve fund, serving as the baseline for projections. The study estimates timing and future costs for major repairs and replacements of common area components, such as roofs, paving, and other infrastructure. The study analyzes the association s financial needs and recommends the necessary annual contributions to the reserve fund to ensure the association is adequately funded for future expenses. The CRS includes a projected annual ending reserve fund balance which allows the association to monitor its financial health and make adjustments as needed. Reserve studies are designed to help associations plan for future expenses, so specifying the fiscal year for which the study is prepared ensures that the recommendations are relevant to the association s budgeting cycle. Reserve studies are often used as a long-term financial planning tool, and specifying the fiscal year helps the association track progress towards their reserve funding goals. Some jurisdictions or lenders may require reserve studies to be prepared for a specific fiscal year, so specifying the fiscal year ensures compliance with any applicable requirements. Reserve studies help associations plan for the long-term maintenance and replacement of common area components, ensuring the property remains well-maintained and valuable. By setting aside funds in advance, associations can avoid unexpected financial shocks when major repairs or replacements are needed, minimizing the need for special assessments. Proper reserve planning helps protect the longterm value of the property by ensuring that major repairs and replacements are addressed in a timely and sustainable manner. Governing boards have a fiduciary duty to manage association funds and property, and a reserve study helps them fulfill this duty by providing a clear understanding of the association s financial condition and future needs. Jim Yost owns Elite Management and Advisory Services, LLC and is coowner / Managing Partner for Ocean Property Management Corporation, based in Wildwood. The firms provide management and advisory services to numerous community, condominium and homeowner associations in southern New Jersey. He can be reached at yostopmc@comcast.net. Karim Kaspar, Esq. is Senior Counsel with Lowenstein Sandler LLP. He serves as general counsel to numerous community and condominium associations throughout New Jersey. He specializes in complex commercial litigation and real estate matters and has been active and instrumental in the firm s pro-bono activities. He can be reached at kkaspar@lowenstein.com. The entire Condo Insights series of articles is available online at w w w. o c e a n p r o p e r t y m g m t . c o m
 

Lots for Sale 

Two shovel ready lots All utilities in place single family zoned Building envelope defined Awaiting your floor plan approval. 15,000 sq. feet @ $125K 7,500 sq. feet @ 95K Firm but some seller assitance available. 908-801-1359
 
VIRGINIA Great Land & Spectacular Oceanfront OCEAN VIEW on Virginias Eastern Shore Spectacular Pond Front-Ocean side 1.09 acre lot!! 25 miles South of Chincoteaque Island National Seashore FOR SALE: lot #67, Crippen View, Parksley, Virginia 23421 $75,000 Contact: dkp1021@verizon.net or 732-610-2494
 

Rooms For Rent 

WILDWOOD 1 BR apts., Effs & single rooms avail. Newly renovated rooms. Rates starting at $275 per week & up. We have 6 locations all close to transportation & the beach. Manager on duty 24 hours. If interested call Bill, 267-597-8566 or 908-601-7423. Summer Rentals Available open year round.
 

Year Round Rental 

C <br> <br>The <br> <br>HANNEL C The HANNEL S Apartments Professionally Managed 1 BEDROOM $1,30000 2 BEDROOM 1,50000 $ Air Conditioning Now epting Swimming Pool SmAalcc l Pets Laundry Facilities Heat/Hot Water Included (609) 884-0026 3910 Bayshore Rd., N. Cape May Located near the Cape May Lewes Ferry www.channelsapartments.com
 
WILDWOOD 12-mo. Unfurnished 2BR in WW on Rio Grande Ave. Avail 6/1 $1600/mo incl all util/cable. It is a non smoking/ no pets (except cats) unit. Refs req. Call 201-970-3835
 

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VIRGINIA Great Land & Spectacular Oceanfront OCEAN VIEW on Virginias Eastern Shore Spectacular Pond Front-Ocean side 1.09 acre lot!! 25 miles South of Chincoteaque Island National Seashore FOR SALE: lot #67, Crippen View, Parksley, Virginia 23421 $75,000 Contact: dkp1021@verizon.net or 732-610-2494
Real Estate
WILDWOOD 1 BR apts., Effs & single rooms avail. Newly renovated rooms. Rates starting at $275 per week & up. We have 6 locations all close to transportation & the beach. Manager on duty 24 hours. If interested call Bill, 267-597-8566 or 908-601-7423. Summer Rentals Available open year round.
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WILDWOOD 12-mo. Unfurnished 2BR in WW on Rio Grande Ave. Avail 6/1 $1600/mo incl all util/cable. It is a non smoking/ no pets (except cats) unit. Refs req. Call 201-970-3835
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Two shovel ready lots All utilities in place single family zoned Building envelope defined Awaiting your floor plan approval. 15,000 sq. feet @ $125K 7,500 sq. feet @ 95K Firm but some seller assitance available. 908-801-1359
Real Estate
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Real Estate
Real Estate
VIRGINIA Great Land & Spectacular Oceanfront OCEAN VIEW on Virginias Eastern Shore Spectacular Pond Front-Ocean side 1.09 acre lot!! 25 miles South of Chincoteaque Island National Seashore FOR SALE: lot #67, Crippen View, Parksley, Virginia 23421 $75,000 Contact: dkp1021@verizon.net or 732-610-2494
Real Estate
WILDWOOD 1 BR apts., Effs & single rooms avail. Newly renovated rooms. Rates starting at $275 per week & up. We have 6 locations all close to transportation & the beach. Manager on duty 24 hours. If interested call Bill, 267-597-8566 or 908-601-7423. Summer Rentals Available open year round.
Real Estate
Real Estate
Real Estate
Real Estate
WILDWOOD 12-mo. Unfurnished 2BR in WW on Rio Grande Ave. Avail 6/1 $1600/mo incl all util/cable. It is a non smoking/ no pets (except cats) unit. Refs req. Call 201-970-3835
Real Estate
Real Estate
Real Estate
Real Estate
Two shovel ready lots All utilities in place single family zoned Building envelope defined Awaiting your floor plan approval. 15,000 sq. feet @ $125K 7,500 sq. feet @ 95K Firm but some seller assitance available. 908-801-1359


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