The 2011 community association legislation clarifies owner privacy rights and expands owner access to employee salary information, among other things. Did you know? Right to Speak at HOA Board Meetings: The Homeowners’ Association Act has been amended to state that owners have the right to speak at meetings of the board with reference to “all designated items.†Under previous law, HOA members could only speak at board meetings as a matter of right if so provided in [...]
The Laws of Supply and demand are alive and well. The fewer condos that seem to be available, the more people want them. I say again to those of you who think condo bottom hasn't yet hit: You are wrong. And so it goes with the rentals at the Paramount Condos at Lake Eola. Seems like just a few months ago they would never get them all rented but now that they're all but gone, we seem to get more calls then ever. Here are the Paramount condos available for September 2011. move in. Please make [...]
Ever been to a community association meeting where it takes a half hour (or more) to address the form of the minutes from the previous meeting? I've seen reasonable people debate, argue and become animated over the content of meeting minutes. Criticisms such as "that's not what I said" or "you only included a portion of what I said" are common. These discussions create tension that could easily be avoided. Community leaders asked the following question: Question:What should be in our minutes?[...]
Question: Can a majority of owners present at an annual meeting override what the board has done or direct it by vote to do something? If not, what should the president's response to the effort be? Answer: The answer is a definite qualified "maybe". Generally speaking, the board is authorized to interpret the governing documents and enact rules and resolutions that are in keeping with them. However, if there is a clear majority of owners that disagrees with a board policy, the annual meeting is[...]
I still hear people talking about how "bottom" hasn't hit yet. Sure, the house market may (or may not) drop a few more points but as far as the Orlando condo market goes, there's no question that bottom was last year. I don't even want to argue about it any more. In 2011, inventory is low and prices are already on the rise again, albeit modestly. The median home price on a foreclosed condo, was $59,300 in May 2011, a nearly 19 percent jump from May 2010’s $49,900 according to the [...]
Orlando’s condo specialists, Condo Metropolis LLC, are becoming part of the Orlando Real Estate Group. The Orlando Real Estate Group will act as the new umbrella brokerage for the four Orlando real estate websites currently owned by Condo Metropolis LLC. The Orlando Real Estate Group consists of: 1.      Condo Metropolis (www.CondoMetropolis.com) home of Orlando’s condos; 2.      MetroWest Realty (www.MyMetroWestRealty.com) the [...]
Question: I have just read one of your articles that stated: "If the reserve fund Percent Funded is below 100%, implement a funding strategy to increase that level to the 100% goal as soon as possible." From my research, reserve study specialists often recommend that reserves be 100% funded but add that the law does not require they be 100% funded. Our management company acknowledges the 100% funding recommendation, but states that it is not necessary. My question is there a "Percent Funded" [...]
Quick update on the Vue at Lake Eola, downtown Orlando: Since securing FHA financing the Vue has closed 30 units in the past 6 months, totaling $12M in Orlando condo retail sales. The available commercial space at the Vue Orlando closed last November and is already being built out. It is going to be the home of the downtown law firm, Stovash, Case and Tingley. Space for a small coffee shop is also being carved out and both should be open by the end of the year. For more information on [...]
Here are some exclusive deals through Condo Metropolis. These have not yet hit the MLS but will do so in the next month or so. These are all cash deals. No fighting with the bank. We offer management thereafter in most cases or will recommend someone who can. Most of these units will be ''rent ready". Click the image below for full sized image. BULK DEAL (These can now be purchased individually!) As most of you will know, small bulk deals have become also impossible to find, so I wanted to [...]
Veranda Park condos in Metro West have a great foreclosure deal available right now. Most of the condo units have been rented out by the bank that now controls them, however there are one or two units for sale at Veranda Park - at incredible prices. Veranda Park is one of the nicest condo buildings in Orlando - I don't know anywhere else that can boast marble bath tubs! With its Italian architechture and attention to detail, Veranda Park remains a unique and impressive [...]