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Paper eres2014_162:
Identifying governance factors that impact upon multi-owned developments

id eres2014_162
authors Johnston, Nicole; Richard Reed, Eric Too, Dulani Halvitigala
year 2014
title Identifying governance factors that impact upon multi-owned developments
source 21st Annual European Real Estate Society Conference in Bucharest, Romania
summary Multi-owned developments are a unique property type due to the incorporation of a private governance association. Although there are jurisdictional differences, these associations are generally responsible for, amongst other things: the management, maintenance and control of the commonly owned property, determining the contributions payable by each lot owner to the operation of the association; enforcing the rules of the association; and ensuring that records meet legislative requirements. As a volunteer based entity, these associations can be plagued with dysfunction which can impact upon the viability of the association and in turn the individual lots within a development. Anecdotally it appears that property stakeholders often do not undertake an inspection of association records to determine the level of functionality. By categorising the identified governance factors, understanding can be gained of the risks associated with this property type. This paper seeks to identify governance factors that impact upon multi-owned developments in Australia by evaluating relevant legislative requirements and analysing a collection of association inspection reports. The implications for the wider property market is also assessed. Internationally, there is scant literature on multi-owned developments and the impacts dysfunctional associations have on a development and the wider property market.
series ERES:conference
more &slot=2770
discussion No discussions. Post discussion ...
session Q : Real Estate Valuation
last changed 2014/10/21 21:51
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