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 [...]
Question: Our pool and clubhouse are 15 years old. The board wants to build a larger pool and upgrade the clubhouse which would require a $200,000 special assessment and drain our reserves. Answer: The board has no authority to expand the common area amenities. Its authority is to maintain existing amenities in good condition. However, if an appropriate majority of the members are in favor of raising and spending this money for this purpose, that is acceptable. However, the "appropriate" [...]
Well, it was just a question of time - and it's been a very long time it's true - but it sounds as if Orlando condo loans may slowly be creeping back onto the mortgage radar, at least for certain kinds of purchases. Yes, there are caveats, and we still don't know of any loans for those wretched Orlando condo foreclosures at the $50K price range, but I did receive an email this week from a bank claiming to be able to loan on "non-warrantable" condos and Orlando condo condo hotels. Here's the [...]
55 West Condos, downtown Orlando  Starting Monday: LOOK & LEASE SAME DAY at 55 West -- get an i-PAD!  AWESOME specials this week...  2 - 2.5 months free on select units! Not have much left at these prices! $100.00 Moves you in with a 30 day move in! Call Condo Metropolis on 407-290-3408 to register and take a tour asap. For more info on downtown Orlando condos (for rent or sale) see our 55 West condo page and also our Downtown Orlando Condos page.
President Obama signed the Dodd-Frank Financial Regulation Reform Act into law Wednesday, beÂginning what will inevitably become a maelstrom of angry lobbying and political jockeying. Obama described the 2300 page behemoth as a “common sense approach to long-needed financial regulationâ€. I don’t know about you, but ‘common sense’ usually doesn’t need to be explained in a tome about twice the length of Tolstoy’s War [...]
Orlando condo sales are back with condo buyers coming from every corner of the globe to snap up a piece of Orlando real estate.  The following graph says it all. The median price for a unit in Orlando during June 2010 was $52,800, down 3 % from 2009, according to the recently released industry report. Prices were up from $49,900 in May. The median price for condos across Florida state was $95,000, down 16 % from June 2009. With 889 units sold during June, Orlando condo sales [...]
New legislation (SB 1196) looks set to help condo buyers during these tricky times. It also encourages bulk buyers of condo inventory by removing some of the liablity previsously associated with such purchases, ie. they will no longer be considered the communities new "developers" for the purposes of lawsuits just because they now own a portion of them. The Distressed Condominium Relief Act went into effect on July 1, 2010. The new law, signed by Governor Crist on June 1st, broadens the [...]