Good news: Our MLS search provider DS Search Agent, will soon be releasing a mobile version making your Orlando condo hunt on the fly that much easier. Stay tuned for release info!
Question: Our board wants to build a larger pool and upgrade the clubhouse and is considering borrowing $200,000 and use our $50,000 reserve fund. While the expansion concept is supported by the members, I question the wisdom of borrowing money and using reserves earmarked for other things to do it. Answer: A homeowner association borrowing money, particularly for discretionary spending like this, is a bad idea. The costs associated with this kind of borrowing are high since it is considered a [...]
The Plantation Park Condo Owners Association won its lawsuit with with developer American Invsco this week - and they now have their clubhouse back! They also received $83,000. The lawsuit with AI over shoddy workmanship, which started in 2007 after the apartments converted to condos has been dragging on for four years but now the COA, which has been operating out of one of the ground floor condos, can finally move back to the clubhouse. "It was a great feeling signing my [...]
Will the real Forrest Gump please stand up. Our broker Marcus Burke is featured in today's Orlando Business Journal. You can read the full box-of-chocolates interview here.
Florida's existing home and existing condo sales rose in February, according to the latest housing data released by Florida Realtors®. Existing home sales increased 13 percent last month with a total of 13,701 homes sold statewide compared to 12,164 homes sold in February 2010, according to Florida Realtors. February's statewide sales of existing condos rose 29 percent compared to the previous year's sales figure. Seventeen of Florida's metropolitan statistical areas (MSAs) reported [...]
So the fun continues at 55 West Condos downtown Orlando. According to the Orlando Sentinel, Boston-based real-estate investment group TA Associates purchased the residential high-rise 55 West from the Dutch group that purchased it in foreclosure. The same group acquired real estate in MetroWest a couple of years ago at the La Palazza building. City of Orlando spokeswoman Cassandra Lasfer on Monday confirmed the acquisition of the 33-story mixed-use 55 West in mid March, which was built [...]
When you purchase a into a homeowner association (HOA), you automatically become a member and obligate yourself to financially support the operation and obey the rules. That said, few buyers take the time to examine the information to make an informed decision. Here are some of the basic "Know Hows". HOA Fees. As a member of the HOA, you will pay fees to support management and maintenance. High rise condominiums and HOAs with clubhouses, pools and parks typically have higher fees than those with[...]
WorldQuest Resort condo hotel in Orlando was sold for $12 million on March 10, said Cushman & Wakefield of Florida Inc., a real estate brokerage firm. According to the Orlando Business Journal, the firm represented property owner Redus Florida Condos LLC in the transaction with buyer WQ Hotel Management LLC. The WorldQuest Resort vacation condos sale consisted of 96 unsold units on nearly ten acres, a pool and amenity center, said a release. In December 2008, the property found itself [...]
Treasury secretary Tim Geithner and his posse have proposed three strategies for winding down FanÂnie Mae and Freddie Mac, the gargantuan governmentally sponsored version of Terri Schiavo if she was a mortgage securitization giant. I can’t say I blame them, as our banking system exploited the poor GSEs to near-death. The downside of this is that regardless of the choice they make, higher loan costs and larger down payments are unavoidable. So, if you’d like[...]
Question: Can the board offer discounts to members that prepay a special assessment rather than participate in a payment plan? Answer: No discounts should be offered since they would cause a shortfall. It is appropriate, however, to charge late fees to those that don't pay as agreed.However, it is a bad idea for HOAs to finance special assessments at all because of the increased administrative costs and the likelihood of dealing with delinquent payments. For example, If you have a 30 unit [...]