In a prior column on ‘The Southampton’, a condominium located in the west end of Toronto, I indicated that it is a noteworthy example of a property that has been maintained in outstanding condition throughout its current lifespan of nearly 20 years. The entrance and lobby is the introduction to a property and the statement they make, when well-maintained, clearly enhances the value of the entire complex
In a prior column on ‘The Southampton’, a condominium located in the west end of Toronto, I indicated that it is a noteworthy example of a property that has been maintained in outstanding condition throughout its current lifespan of nearly 20 years. The entrance and lobby is the introduction to a property and the statement they make, when well-maintained, clearly enhances the value of the entire complex.
In preparation for this article, I was reviewing the archives of ‘The New York Times’ and came across an article by Joanne Kaufman under the heading, “When it comes to the lobby, everyone is a Decorator”. This reminded me of a project I was involved in as the property manager for a condominium where its board of directors had decided to repave the roadway leading to the front entrance.
As work got underway I quickly discovered that some residents began questioning the quality of the asphalt that was to be laid and the thickness of the asphalt to be installed. The expertise of the well recommended paving firm, contracted for the project, became secondary when a group of residents began to believe they knew paving better than the contractor.
In my experience, as a property manager, I have come in contact with potential buyers of condominium units and from the get-go, unless the entrance and interior lobby is in excellent condition, there is an immediate lack of interest in going forward to inspect the balance of the property and the suite they may be interested in purchasing. Boards of directors are well aware of the fact that unless these areas are properly maintained and updated from time to time, owners will soon begin to complain to the directors.
Today, more so than in the past, the costs of updating these areas are forever increasing. Fortunately, all condominium corporations are required to make monthly contributions to their ‘Reserve Fund’ and these are the funds that are used to pay for the upgrades in these areas.
However, where many directors began to encounter difficulties is in deciding what materials to be used for items such as flooring, alterations to the lighting system, wall and ceiling finishes and the list simply goes on and on. At this point the directors usually turn to an interior decorating firm experienced in the upgrading of condominium lobbies and front entrances.
When a board decides that the time has arrived to renovate the front lobby and entranceway, the problem that looms the greatest is the decision around the final design. In speaking with Judith Wong of PPM Construction Management, her 19 years of experience in the business of renovating the public areas of condominiums, has given her a clear understanding that there will be many opinions on what is considered good design and décor.
The key is not to get bogged down in the process of consultation with all who have an interest in the appearance of the property. There project management of the renovation can be accomplished in several ways, such as: the industry standard all-in design-build, time plus materials or a flat-fee model.
The flat fee model offers benefits to client boards in that mark-ups are not charged on the various sections of the project. For large renovations, this can mean significant savings and greater funds available to assure a very upscale end product.
Thus, a project comes in on budget, is enjoyed by many and will maintain or may even drive up the value of the property.
Thomas Marks is a former DCN associate editor. Emails can be sent to editor@dailycommercialnews.com
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