FirstService in the news

"HOA fees help fund the services, maintenance and long-term planning that keep a community operating and protect property values over time. Boards that use disciplined, long-term planning, auditing vendor contracts, purchasing energy collectively, negotiating bulk services, can meaningfully reduce costs. We've seen residents save an average of $720 per household annually through connectivity programs alone." 

“The Surfside collapse exposed some really strong safety concerns that required quick action. It's a safety reset, but it'll also create a long legacy for healthy buildings in the future. Buyers in this market have changed. They're more educated than they've ever been before. We're seeing them ask more questions about reserves, maintenance history, building finances, and special assessments.” 

“It’s time to retire the old advice that everyone should be a homeowner. For many, especially in expensive markets, renting a home and investing the difference can build more wealth than taking on a massive mortgage.” 

"The new guidance from Fannie Mae and Freddie Mac issued in March applies to condo buildings only and has several significant changes. Banks are going to be looking for financial stability, budgeted reserves or reserve studies to ensure that the board is planning for the long-term maintenance of the property. The result will be a more onerous condo questionnaire and review process, with more “back and forth” as some responses will raise additional questions."

“At FirstService Residential, giving back to the communities we serve is a responsibility we take seriously. Our associates, clients and service provider partners help us create meaningful impact beyond our day-to-day work. We are proud to support Lurie Children's Hospital and be part of a project that creates lasting, positive experiences for children and families in Chicago."

“To be hospitable means not only to provide excellent service, but to deliver comfort in all aspects. Whether you’re looking at a hotel or a luxury condominium, in order to execute your deliverables, you always have to understand the “why” behind the vision and anticipate the needs of both the client and the residents.” 

“The cost of claims is very high in a high-rise environment in a city as dense as NYC and an overflow can cost from a few thousand to hundreds of thousands of dollars in damages. With the reduction in the number of carriers, there seems to be less competition.”

While HOA fees may add to homeowner costs, Diestel says there is an upside. "It does help with affordability because there is cost-sharing.” When you consider the rule of thumb that people should be saving 2% of their home’s value each year for maintenance, Diestel adds that HOA fees may, in fact, make homeownership more affordable.

As the market reaches new heights of sophistication, the focus has evolved from mainly the design to include bespoke, curated experiences. “Luxury amenities are no longer simply about the gym or high-end finishes. They are all about lifestyle and self-expression, healthy living and wellness: mind, body, and soul.”

Luxury is not a one-size-fits-all concept. It doesn't mean the same thing in every city, nor does it mean the same thing to every resident. Instead, it means creating experiential living driven by the unique qualities of a property and the people who call it home. “Luxury high-rise living is about setting a new standard in each market, from design to hospitality.”