Coral Gables Historical Archive
The Guide
Thursday, January 11, 1962, page 5 (of 16)
The page
The text of this pageRead by computer from the scan, so some words may be wrong. The page picture is the original.
Meet the Apartment That's Like Your Marriage
(EDITOR'S NOTE: The author of this article has managed several cooperative apartment houses in South Florida.) By GENE RANKIN President Keyes Management Co. A cooperative apartment is like matrimony — the chances are you are in it for better or worse. In a rental building, a tenant can get a divorce — or be divorced — from the premises with relative ease. But the co-op owner has a considerable financial investment to consider. A co-op apartment is essentially a corporation and the occupants are the owners of the corporate shares. No business could expect to prosper without trained executives and skilled management is a prerequisite to the successful operation of a co-op corporation. As in any corporation, the co-op has a board of directors elected by the majority of the stockholders and, preferably, a trained "general manager" who is responsible to the board for the efficient operation of the corporation. Because it is usually not feasible to place this responsibility on one of the stockholders, the type management should be a prime concern to the prospective co-op owner. It is generally agreed most problems in co-ops stem from internal management. People are attracted to co-ops because they offer home ownership in a congenial atmosphere with a minimum of responsibility. Impersonal administration of the co-op by an outsider reduces the risk of family squabbles within the corporation. It also protects the owners' investment through accurate accounting and proration of assessments while assuring them that their personal finances remain confidential. Co-op owners who place the affairs of their corporation in the hands of an experienced agent benefit from his advice when preparing the annual budget for approval by the corporate family at the yearly stockholders meeting It takes practice to manage family finances and to allow a sufficient reserve to cover unexpected expenses. In making up the co-op budget, the experienced agent can guard against the need for special assessments. An experienced agent supervises the employes of the co-op; sees that routine requests are taken care of promptly; collects assessments, and tactfully enforces the house rules. Co-op living offers many advantages, but the operation of a successful co-op is not a simple matter. The prospective owner should definitely find out what the management policy is before investing in a co-op building. Rankin, who has been with Keyes Management Company for 13 years, has been active in the supervision of a number of co-op apartments under the management of the firm.
VARSITY BARBER SHOP
218 Miracle Mile Miracle Building Arcade "Only Barber Shop On The Mile"
BISCAYNE EXTERMINATING SERVICE
Highland 6-6401 3555 S.W. 29th Terr. Miami
Free Gifts SOUTH MIAMI FEDERAL SAVINGS & LOAN ASSOCIATION
Free Gifts Plaid 21" Travel Bag with a full zipper, lock and key. Light yet sturdy enough to take with you anywhere. A Bonus For Your "Good Judgment" We at South Miami Federal feel we will be contributing to your family's security if we can encourage you to save with us... the advantages are many. Your account is insured up to $10,000 by an agency of the U.S. Government. YOUR MONEY WILL EARN AN ANTICIPATED 4 1/4% DIVIDEND PER YEAR COMPOUNDED QUARTERLY . . . WHICH MEANS FOUR TIMES A YEAR. You will deal with friendly, well trained people who are interested in you. Your family's security could be assured. Under new regulations, funds received on or before Jan. 22 will earn dividends from the first of month in which received. And, you will get a Bonus for Your "Good Judgment." These FREE GIFTS (and others) are for people who open an account of $250.00 or more at either of our two neighborhood offices. Sorry, no gifts mailed. 4 1/4% ANTICIPATED RATE COMPOUNDED QUARTERLY SE HABLA ESPANOL All purpose 24-piece tool kit with carrying case. Adjustable wrench, screw driver and socket wrenches. Famous Globe Electric Heating Pad in a wide choice of pastel colors. Fully automatic with 3-way temperature control. Four Hallcraft cereal or soup bowls, open vegetable dish and platter in the smart new design you'll love. Revere Whistling Tea Kettle made of stainless steel with a copper bottom. Beautifully designed and so practical. Hallcraft 16-piece starter service for 4. Original design. Will enhance the beauty of any table setting. Beacon Blanket 72"x90". Special blend of rayon and nylon bound in satin. Allergy free. Moth resistant. Many colors. Set of 4 large 12-ounce genuine thermo-temp insulated tumblers in assorted pastel colors. Will keep drinks hot or cold. SOUTH MIAMI FEDERAL SAVINGS & LOAN ASSOCIATION Main Office: 5749 Sunset Drive, South Miami Phone: MO 1-4206 Drive-In Tellers Branch: Suniland Shopping Center, Miami Phone: CE 5-6661 ONE HOUR FREE PARKING