The Regency at Monroe Home Owners Association (HOA) announced today the hiring of Cole Schotz P.C., a New Jersey-Hackensack headquartered law firm with a highly regarded construction law and litigation practice, to represent the HOA in negotiations regarding the transition of community control from the developer Toll Brothers.
“The process of Transition is a complex matter,” said Stuart Z. Goldstein, lead Board of Trustee member handling the negotiations. "Wherein the HOA must assert any and all claims regarding construction deficiencies and defects found in the common areas of the community, absent which it will fall to the homeowners to absorb these costs."
The Regency at Monroe, in Monroe Township, an adult community of senior citizens now includes over 1,000 homes, representing an estimated profit of $200 million for Toll Brothers.
The current Transition covers Phases 1-6 of the community, which includes the common elements (e.g., roads, sidewalks, drainage areas, the Regency Clubhouse, Golf course, Golf Pro Shop) associated with 760 houses built between 2001 and 2008. A second Transition will occur when Toll Brothers completes its final construction goal of 1,274 homes expected in four years. The remaining 274 homes to be constructed and sold are believed to represent another $40 million in profit to Toll Brothers.
"To date," Goldstein explained, "the HOA has completed two major engineering studies, conducted by a major independent firm, O&S Associates. These studies have identified between $4-6 million in construction deficiencies within the Regency community by Toll Brothers."
Goldstein went on to stress, “Each of the 5 law firms we interviewed in choosing Cole Scholtz cautioned us that Toll Brothers has experienced delay in resolving issues with HOAs."
“Unfortunately, there is very little protection for senior citizen homeowners under New Jersey law, if builders decide they will not fix construction shortcomings. If the HOA cannot resolve or litigate these issues with Toll Brothers, it will drive up maintenance fees paid by homeowners. In an adult community, this is particularly threatening to folks who are now living on a fixed income.”
Cole Schotz is one of the largest law firms in New Jersey, with headquarters in Hackensack. This law firm was selected by the governing Board of Trustees representing the Regency at Monroe HOA after a rigorous screening process over 3 months and involving 5 law firms specializing in construction law, litigation and HOA Transitions.
Toll Brothers mission statement says, ‘Our goal is for homeowners to move into a community built to the highest standards.’ The Board of Trustees are hopeful the builder will live up to its corporate mission statement and Cole Schotz can help negotiate a settlement redressing construction problems and avoiding the added cost of legal action.
The Regency at Monroe is an adult community (55+) located in Monroe Township, N.J., with over 1,000 individual homes occupied and will consist of 1,274 homes when completed.. The community, which started in 2001, includes a clubhouse and golf course. The first 760 homes were completed in 2008 (Phases 1-6), but the Transition to homeowner control was delayed until 2014. A six-member homeowner Board of Trustees took over governance of the HOA 18 months ago, though a Toll Brothers representative serves as President.
Press Contact:
Stuart Z. Goldstein, Regency at Monroe HOA
609.203.5220
Stephanie Harmon
732.605.9800
Press Release Service by Newswire.com
Original Source: Regency at Monroe Hires Cole Schotz P.C. to Work on HOA Claims With Toll Brothers
