Conway Crest condos are back - as The Winward on Lake Conway Condos. For those who were wondering what happened to the 29-home condo community, they were purchased by a new owner/developer (Concord/Wilshire) and after a change-over period, they are now back on the market. Sales began last year and have been ramping up over the summer. The new owners, Concord have been in construction / development for over 20 years all over the southeast. They have managed over 45 different assets [...]
Question:Â What is the difference between a condo and a townhouse? Can one be both a condo and a townhouse? Answer:Â The term "townhouse" is often used to describe side by side common wall units which may or may not be condominiums. The definition of a condominium is about how real estate is held: All condo owners own or lease an undivided interest in all real estate. In non-condo HOAs, owners share an undivided interest in common real estate plus an individual interest in real estate below[...]
It comes as a surprise to some, but under the Florida Condominium Act, when an owner decides to rent out their condo, their rights to use the on-site amenities like the pool, gym, tennis courts etc. pass to the renter. "Dual use" as it is referred to, is generally prohibited by the governing documents, meaning that owners who have tenants living in their homes can actually be prevented from using their own facilities. Unfair? Not really. The amenities are developed for use by only a certain [...]
The Orlando Sentinel reports that "Five years after local real-estate professionals wrote off the downtown Orlando condominium market as a dark-windowed wasteland of half-empty towers, urban lifestyles and downtown views have sparked bidding wars on upscale units." However the piece fails to acknowledge the one of the key determining factors in the increased dollar sales. Limited supply and increased demand. It's not so much that there's anything special about the units or the market, [...]
So much for "gated communities." Attorney Ken Direktor appears on CNN discussing potential association liability on the Trayvon Martin case. Interesting stuff. Orland condo buyers should worry more about the community itself rather than whether or not it is gated. Half the time, the issues are on the inside of the gate!
Question: When I bought my two condominium units, the documents allowed units to be rented. Thereafter, the condominium declaration was amended to prohibit rentals altogether. I did not vote in favor of the amendment. Subsequent to the effective date of the amendment, I sold one unit, but I have also kept one unit. Can I continue to rent the one unit I have kept? R.J. (via e-mail)Answer: Yes, assuming that the declaration amendments were adopted after October 1, 2004. The current version of the[...]
Question: I live in a community with a homeowners’ association. Does the board have to let owners speak at board meetings? S.R. (via e-mail) Answer: Yes. Prior to the 2011 Legislative Session, HOA members, unlike their condominium counterparts, were not legally entitled to speak at board meetings, with a limited exception for meetings called under a somewhat complicated member petition process. In 2011, the statute was changed to provide owners with the general right to speak at [...]
Heya. Changes are a’brewin’ in the mortgage industry. You need to be aware of what’s happening, as it affects you directly. Clients with FHA Case Numbers assigned on or after April 9, 2012 will see an increase to both the upfront mortgage insurance premium and the monthly mortgage insurance premium. The upfront mortgage insurance premium (currently 1% of the base loan amount) will be increasing to 1.75% of the base loan amount. The monthly mortgage [...]
Question: When I bought my two condominium units, the documents allowed units to be rented. Thereafter, the condominium declaration was amended to prohibit rentals altogether. I did not vote in favor of the amendment. Subsequent to the effective date of the amendment, I sold one unit, but I have also kept one unit. Can I continue to rent the one unit I have kept? R.J. (via e-mail) Answer: Yes, assuming that the declaration amendments were adopted after October 1, 2004. The current version of [...]
As a real estate brokerage that deals largely with investors from out of state, it's no surprise to us that Florida had the highest concentration of property purchased by international buyers in 2011. That's according to the National Association of Realtors Profile of International Buying Activity. 31 % of all international sales in 2011 came from Florida, and Canadians who accounted for 23 percent of all foreign buyers. In fact, 8 percent of Florida resales in 2010 were to Canadians. For [...]