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 [...]
In real estate sales, sellers are required to disclose any material fact that any prudent buyer would want to know before completing a purchase. Property located over a toxic waste dump would be an obvious example of disclosure and the need for it. There are less catastrophic issues, like roof condition or a leaking crawlspace but the idea is the same. Anything that could negatively impact the value or marketability of the property needs to be divulged before closing. While there are usually [...]
Starting in 2005 Kevin Azzouz initiated a renewal in Metrowest, one of Orlando’s largest suburban developments. His most controversial program was the use of homeowner dues to stop rampant crime by hiring Orlando PD off-duty officers. The results of his controversial ZERO CRIME initiative were immediately realized and can be seen here. Not unexpectedly, a group of anti-tax/anti-spend homeowners claimed that millions of dollars of dues were misused. The fight turned nasty [...]
Question: Does the board have the right to grant exclusive use of common areas to one or a few members? Several of our owners have requested to expand the size of their decks or patios. Answer: Common elements available to one or several members (instead of all) are referred to as "limited common elements". This means they are common but limited to exclusive use of one member (as in the case of a unit deck) or designated members (as in the case of a private street). These limited common [...]
 is like Chuck Norris vs. A Velocirapt​or... Jobs, jobs, jobs. Job creation is the big concern for the United States right now. With it, a chain reacÂtion fixes everything. People start spending more, home prices start to rise again as demand increases, wealth returns to the American public, cherubs dance naked in the streets whilst strumming harps. Without it, things stay right about where they’re at in Sucktown.  So, everyone is excited to hear our[...]
ORLANDO, Fla. – Feb. 10, 2011 – Sales of existing condominiums in Florida rose 6 percent in fourth quarter 2010 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. A total of 17,231 existing condos sold statewide in 4Q 2010; during the same period the year before, a total of 16,229 units changed hands. Thirteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in the [...]
Yes, we usually deal only with Orlando but these condo deals in TAMPA, about 90 minutes from Orlando, have some pretty good returns. (Click image for info.)  Vista Cay Also, the Vista Cay Condo Deal that went out to our database in the last email, has come downt to $105K. It can close as early as Feb 21st (no short sale hassles or bank foreclosure bidding). The seller is installing new stainless steel appliances, repainting the interior, and replacing the carpets throughout. [...]