REGISTER

Passwords do not match
Required fields missing
Already registered.
Try logging in below

LOGIN


I trust this computer, keep me signed on.

Forgot your password?

SAFETY TIPS


Avoid becoming a victim of scams and fraud!

ALWAYS:
  • Arrange to meet so the buyer can examine the item before payment
  • Be suspicious of too-good-to-be-true offers;
    there's probably a catch
NEVER:
  • Send money before you've seen the item
  • Send an item before you have been paid
Well known classified scams:
  • Cheap overseas phones (iPhones etc.)
  • Cheap laptops (MacBooks etc.)
  • Cheap loans (overseas)
  • Get rich programs
  • Advance funds fraud
  • Puppy scams

ALL CATEGORIES

FILTER RESULTS

Search
Category

The BEST Commercial listings near Cape May NJ

The BEST Commercial listings near Cape May NJ

Click here to post your own
Real Estate listing
with Herald Marketplace
Click here to post your own
Real Estate listing
with Herald Marketplace

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> <br>#65 Condo Insights #65 Failure to Comply with the Structural Integrity Act On January 8th,2024 New Jersey Governor Phil Murphy signed into law S2760/A4384, commonly known as the Structural Integrity Act (the Act ). 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, and to prevent moisture infiltration into and subsequent deterioration of the exterior walls, fa ades and balconies. The law comes in response to growing concerns about the aging infrastructure of condominiums and the need for standardized inspection procedures. The Act requires that buildings of a specific type are inspected by a licensed professional engineer and that inspection report is provided to the local municipality. The Act is intended to ensure that residential condominium buildings are regularly inspected and properly maintained. The Act also requires that almost all condominium associations have capital reserve studies prepared every five years, defines and requires adequate funding levels; defines the annual contribution an association must make to its reserve fund and 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 a source of financial discipline moving forward to address past funding shortcomings but is causing a lot of confusion amongst Boards and unit owners. Prior to the Act, associations were not required to have a structural inspection. Prior to the Act, associations were not required to have a reserve study, and many of those that have a reserve study were not following the funding recommendations in their study. The Act requires associations to adequately fund their reserve account for future repairs and major maintenance projects following the recommended annual funding level in the CRS, as well as making sure the reserve account balance at the end of each fiscal year meets or exceeds the estimated account balance in the CRS. This will help avoid future assessments for capital expenditures. 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. Associations can expect to undertake structural inspections and capital reserve study updates at least once every five years. Failure to comply could have detrimental effects to the Association and Board members. If a New Jersey condominium association fails to comply with the Structural Integrity Act, it could face fines, legal consequences, and in cases of severe structural risks, authorities may order the evacuation of the building if the association fails to address the issues promptly. The law specifies enforcement mechanisms and penalties for noncompliance. Specifically, if an association doesn t comply with the Act s structural inspection requirements, they might be given a period of time to remedy the issue, such as ordering an inspection or initiating repairs. If the violation isn t resolved within that timeframe, financial penalties can be imposed until the required steps are taken. Additionally, penalties may apply for failing to comply with stop construction orders, for intentionally providing false information or omitting required details in applications Board members have a duty to maintain the building s structural integrity, and failure to do so could lead to lawsuits from unit owners. Unit owners in New Jersey can sue their association for failing to comply with the Structural Integrity Act for negligence if structural issues lead to damage or harm. The law mandates that associations ensure the structural integrity of buildings and common areas, and failure to comply can lead to legal action. A building s insurance coverage might be affected if the association fails to maintain structural integrity, as many association insurance policy applications now require an association officer confirm that the common elements are being properly maintained. Some insurance companies are requesting copies of current structural inspection reports and the association s current reserve study. These questions and requests for documentation are appearing on more and more renewal applications. Board members may also face personal liability if they fail to adhere to the law. Directors & officers insurance may not provide coverage if a board knowingly fails to comply with the Act. This could have serious implications and ramifications for board members if the board approves a budget in which the reserve contribution does not meet or exceed the recommended reserve contribution in the association s reserve study, and/ or does not maintain an adequate balance in the association reserve fund The Condominium Project Questionnaire is used by lenders to gather information about the association s condition, financial health, and other relevant details that assess the eligibility of a condominium project for mortgage financing. The Questionnaire has expanded to require information from the association about reserve studies, structural inspections and performance of regular periodic maintenance. Potential buyers may be hesitant to purchase units in a building with known structural problems or deferred maintenance, potentially lowering the value of the property, and may have a harder time finding financing for their purchase in such buildings. The cost of inspections, necessary repairs and deferred maintenance could also lead to increased assessments for unit owners. 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. Associations have a responsibility to maintain the building s structural integrity and the law is designed to protect residents by ensuring buildings meet structural integrity standards. Failure to comply with the law can have significant financial and legal consequences for the association. It s crucial for association board members and owners to understand the requirements of the Structural Integrity Act and take proactive steps to ensure compliance. 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 .
 

FEATURED ADS

Real Estate
Real Estate
The Ocean City Housing Authority is opening the waiting lists for 0 & 1 bedroom Rental Assistance Demonstration (RAD) units. These lists will open at 9:00am on Tuesday, July 8th, 2025, and they will remain open until 11:59pm on Monday, August 11th, 2025. This is Federally Subsidized Housing designated for low-income individuals. 0 & 1 bedroom RAD units are designated specifically for low-income individuals who are elderly (62+) or persons with a disability or a handicap. THIS IS NOT FOR THE SECTION 8 VOUCHER PROGRAM. Applications may be submitted online by visiting myportal.oceancityha.org. For reasonable accommodation requests, please call our office at 609-399-1062.
Real Estate
Real Estate
NORTH WILDWOOD Fri 7/4, Sat 7/5, Sun 7/6 135 Walnut Ave-9-11 am Water views, Elevator C21 609-522-1212
Real Estate
Quite older couple looking for a year round house/ apartment to rent before October 2025. Call Debbie @ 609-741-5989
Real Estate
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
The Ocean City Housing Authority is opening the waiting lists for 0 & 1 bedroom Rental Assistance Demonstration (RAD) units. These lists will open at 9:00am on Tuesday, July 8th, 2025, and they will remain open until 11:59pm on Monday, August 11th, 2025. This is Federally Subsidized Housing designated for low-income individuals. 0 & 1 bedroom RAD units are designated specifically for low-income individuals who are elderly (62+) or persons with a disability or a handicap. THIS IS NOT FOR THE SECTION 8 VOUCHER PROGRAM. Applications may be submitted online by visiting myportal.oceancityha.org. For reasonable accommodation requests, please call our office at 609-399-1062.
Real Estate
Real Estate
NORTH WILDWOOD Fri 7/4, Sat 7/5, Sun 7/6 135 Walnut Ave-9-11 am Water views, Elevator C21 609-522-1212
Real Estate
Quite older couple looking for a year round house/ apartment to rent before October 2025. Call Debbie @ 609-741-5989
Real Estate
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


SAFETY TIPS   

 
 
Copyright © 2025 All Rights Reserved.