Fannie Mae, the too-big-to-fail public-private mortgage company, approved 123 new Florida condo projects for financing in the first half of of 2010, a stark contrast to 2008 when not a single condo community was accepted, according to a new report from condovultures.com in Miami. New condo project approvals for financing in 2010 have already risen by more than 40 percent compared to 2009 when 87 projects were deemed acceptable for mortgages by Fannie Mae. No new Florida condos were [...]
Well we don't normally deal with sales outside of Orlando but given the number of investment inquiries we receive both locally and internationaly for turn-key income producing investments (regardless of location) we thought we'd put this one out there. Here's a quick exerpt from the brochure. (Please click on the image to the right to download the brochure in pdf format.) These Atlanta homes come completely renovated, tenant-ready, with local property management in place. A two-year [...]
When you buy a condo from a developer or builder, you're automatically given a set of what are commonly referred to as "Condo Docs". You may get the heavy weight paper version, but these days you're more likely to get the CD-ROM version. Either way, most buyers don't bother to read them, but they do include some useful information for those looking to learn about their new condo investment. When you buy a resale, the owner will probably give you their copy, but when you buy from the [...]
Lennar homes have opened a town home vacation resort close to Disney called Paradise Palms. Current pricing for Paradise Palms resort includes a turnkey furniture package and a private heated pool (only two 3-Bed left for this deal) - for the three bedroom unit the price is $189,990. Financing may be possible as well as $5,000 in closing costs paid.  Amenities of the community include a 9,500 sq ft club house with: Grotto style heated community pool two spas Tiki bar and [...]
A fortune teller asked me to gaze into her crystal ball. "I see wear and tear in your building's future. I see a new roof will be needed. I see cracking paint and asphalt in need of repair. I see (gasp!) a depleted reserve fund!" It doesn't take a fortune teller to predict that common elements are going to wear out and it doesn't take a crystal ball to predict that HOAs are going to need money and a plan to fix them. So why do so many HOAs fail to properly plan for these predictable events and [...]
The statutes governing community associations require notice of meetings to encourage owner participation. HOAleader recently published an article on this subject: HOA Meetings: Does Your State Have Rules for Your Meeting Agendas? Here are some handy reminders - there are additional options in the statutes. This list is not intended to be all inclusive. Â TYPE OF MEETING Condo/Co-op HOA Board meeting 48 hours posted (or pursuant to documents) with agenda 48 hours posted (or pursuant[...]
Question: What can the homeowner association do with bank owned properties that go delinquent or let their tenants break the rules? Answer: Bank owned properties can become common in HOAs when the real estate market is not moving homes quickly enough. Foreclosed homes can remain vacant for long periods, may have yards full of weeds, maintenance issues and HOA fees may go unpaid in months.If your HOA is having such problems with bank owned properties, here are several good options for solving [...]
As of July 1st 2010, although condo owners are no longer required to carry home owners insurance, if they do carry insurance (and they should), then that policy must include coverage for "special assessments" by the board of directors. To quote the new statute 627.714(1): For policies issues or renewed on or after July 1, 2010, coverage under a unit owner's residential property policy must include at least $2000 in property loss assessment coverage [special assessment coverage] for all [...]
Condominium conversions became tremendously popular (because they were profitable) during the housing boom. Many old tired apartment buildings were converted to condominium ownership, remodeled and then the units sold. In some cases the developer substantially remodeled the building and improvements by updating plumbing and electrical systems, replacing the roof, replacing or modernizing elevators and "gutting" the interiors. In other cases the developer merely installed tile [...]
If you're a regular reader of the Orlando Condo Blog, then you'll know by now that most condos have to be FHA approved to attract lending these days (but see our blog below on a bank that claims it can now do Orlando condo loans). So how does one find out which Orlando condos are FHA approved? Well, we can certainly help with that, however, there's a new website out there allows a user to search, BY ADDRESS, whether a unit is not only FHA approved, but eligible. The site updates daily on all [...]