Tuesday, March 31, 2009


1) Concord Management
Just in case you missed the Q & A to the BOD, an owner asked:
Q. How is managers time spent between HOA and leasing?
A. It averages half on Association and half on Leasing.

Lower down in the blog you will find the NCC/Concord Management Agreement and the NCC 2009 Budget. Concord bills $25 x 168 condos, for $4,200 monthly or a total $50,400 a year, plus various additional expenses. The Budget provides for Management Fees of $70,400.

For this $70,000 a year we get a part time manager. Concord is charging us full time rates for part time work. In other words, they work for NCC 'part time', when they are not busy renting out the 60 unsold units that the developer owns.

2) BOD/Officers
The duties of the BOD* are to hire the manager, enforce the DOC and R&Rs, budget and financial matters, appoint committees. The duties of the Officers** (Pres, VP, Seretary, Treasurer) are the day to day running of the complex in conjunction with the manager.

The BOD 'elects' the Officers, said officers can be replaced at will by the BOD. The only input that the owners have is to elect the BOD who then, and without any input from the owners, 'elect' the Officers.

So just who are the BOD at NCC?
Norman Knight, Paul Missigman & Leonard DiGiacomo

And who are the 'Officers' at NCC?

Norman Knight, Paul Missigman & Leonard DiGiacomo

Mr. DiGiacomo is an owner, the other 2 are developers of NCC. I haven't seen anything to indicate that our owner on the BOD in any way opposes the other 2 developer members in anything, and in fact he seems so popular that he nominated himself for VP and was 'elected' by the BOD. So it appears that they are all so pleased with themselves that they are quite happy to keep electing themselves as Officers.

While there should be a 2nd Owner on the BOD in about 18 months it will probably be the Annual General Meeting in 2010 when we will finally be able to have 2 BOD members who will be working for the owners best interests. At that time we can appoint other owners as Officers and we will be finished with the nonsense of having the BOD elect themselves as Officers.

Hopefully one of the first things the new 2010 NCC administration will do is to replace Concord Management with a management firm that will work full time for their $70,000 a year. The developer can find some other realtor to shill for his unsold condos.

* See: http://tinyurl.com/cao9bs
** See: http://tinyurl.com/dm3z42

Contact info for the above is:
Norman Knight Norman.Knight@ced-concord.com
Paul Missigman P.Missigman@atlantichousing.com
Leonard DiGiacomo ljdpcb@gmail.com

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