The purpose of a Maintenance Plan is to instruct a homeowner association board and property manager how to properly maintain common element components. Following a well prepared Maintenance Plan will help extend the useful life of the components and reduce costs to the members. An effective preventive maintenance plan should satisfy the following five key goals: Preserve owners’ investment. Preventive maintenance can extend the life of building components, sustaining and [...]
For those still not sure what's going on in the Orlando condo market, here's a quick update: Bottom for condo conversions was last year; inventory is getting sparse; prices have been on the rise for 12 months now, and for Orlando bank owned condo foreclosures in the under $100K price bracket, it's a fast paced, all-cash, aggressive, seller's market. All of those statements are facts as of September 2011. Suprised? Our regular investors aren't. They know, because they're [...]
A recent Federal Reserve study elucidated the fact that about 2.3 million homeowners could have refiÂnanced last year had lending standards not been so strict or had they not owed more than the home is worth. You don’t say. Well I’ll be goll-derned. You mean to tell me that this whole mortgage situaÂtion would be better if people still had home equity? Man. I gotta get me some of THAT stuff. Existing home sales jumped upwards 7.7% while new [...]
In common wall housing, unit flooding and damage can happen for a variety of reasons including roof leaks, water supply pipes leak, toilet/bathtub overflows and washer hose ruptures. Who is responsible for water damage, the HOA or unit owner? First, determine the actual cause of the loss and whether any of the involved parties were negligent in their maintenance responsibilities (like, left the water running). Then, review the governing documents to determine what guidance there may be for [...]
With the collection rate being what it is and bank foreclosures taking forever, I understand that Boards do not want to wait any longer than necessary to take action to collect overdue assessments. Many Boards give management and their attorneys "marching orders" to proceed as quickly and as forcefully as possible and I agree - that is prudent in light of the current economic climate.  However, the desire to do something fast should never replace or outweigh the desire to do [...]
Orlando's "Canadian Invasion" continued last week with 2 bus loads of eager Canadians pulling into the Madison Condos in MetroWest Orlando for a tour and quick lecture by Condo Metropolis on the best way to purchase distressed / bank owned / inventory. Eyewitness News 9 came along for a the ride and they had their hands full with investors who were keen to talk and ready to write contracts. MetroWest's real estate foreclosure inventory has been the target of [...]
A case recently issued by the 3rd District Court of Appeal confirms unit owner obligations to pay validly adopted assessments. The Court in Coral Way Condominium Investments, Inc. v. 21/22 Condominium Association, Inc., recited two important statements, one of which was made by the Florida Supreme Court in 1994 in the Ocean Trail Unit Association, Inc. v. Mead, case. Unit owners must understand the following pronouncements:Â Â Avoidance of the payment of a valid assessment, however, is not [...]
We have discussed bankruptcy issues over the years. Desperate association leaders sometimes come to a conclusion that going bankrupt is the only way to resolve outstanding debt while continuing to operate the property. Please refer to the following posts - they explain pros and con's of bankruptcy as well as some of the mechanics of the process: Bankruptcy An Option for Financially Distressed Condos and HOAs: At Least Five Community Associations in Florida have filed for Bankruptcy Protection [...]
Those of you who live in or have purchased, or are thinking of purchasing in the much maligned subdivision of MetroWest Orlando but are too afraid due to all the bad stories, will be pleased to hear that the MetroWest Master Association (MWMA) received an Honorable Mention for Orange County Community Organization's Excellence in Safety & Security Initiatives, recognizing MWMA's commitment to community crime prevention and proactive safety awareness through its many safety initiatives. [...]
Wanna hear something crazy? I have some good real estate news to report. Like, a good sum of good news. Good vibes, bro. I feel like a hippie after Woodstock: all engorged with positivity and in desÂperate need of a burger and a bath. Second quarter bank earning are pegged to indicate an expansion of loans on their balance sheets. A bunch of the nation’s biggest lenders are quietly modifying loans without request to create more manÂageable terms for [...]