Thank you everyone for the thoughtful questions and comments regarding SB 1196. I have literally received hundreds of questions and comments over the past week - either through this site or by email. Since many of the questions relate to the same issues, I'd like to share some of the responses. QUESTION:  Rumor has it that the Governor has a bill before him that would raise the voting approval to 75% for apparently new Condo and/or HOA amenities. True or false? RESPONSE: [...]
Question: Our board requested a special assessment of $7,000 for roof repair and exterior painting. After failing to get the required vote, the board increased the monthly fees by 33%. Can it do that? Answer: The answer depends on requirements of the governing documents. It is not uncommon for the governing documents to require a vote of the members to authorize a special assessment but not to approve the annual budget. The advantage of using a special assessment to pay for renovation is that [...]
Governor Crist had until June 1, 2010 to act on SB 1196. While I have included bullet point explanations of some of the changes, over the next few weeks please check for more in depth information about how these new provisions will impact your association's operations. Attention: If you are a non-paying, non-resident unit owner and lease your unit, the association may demand future payments of rent from the tenant to satisfy your financial obligations, without filing a lawsuit[...]
The recent Winter Park condo auction at the Douglas Grand was scrapped last week in favor of dealing directly with the most serious buyers who had expressed interest. The Metropolitan and Dorchester townhomes are being offered at $399K. That's between $140 and $147 per square foot, not bad for a brand new condo in Winter Park! However only 2 will be offered at this post-auction price point so if you're in the market for a new condo in one of Orlando's most prestigious neighborhoods [...]
Question: Our board uses Roberts Rules of Order to conduct our meetings and discussion is limited to board member deliberations with no comments allowed from guests. Some members have asked us to reconsider and to allow open comments from the audience. Is this a good way to go? Answer: Board meetings are meetings of and for the board, not the general members. Once the board meeting is called to order, guests should be advised that they are there to listen only. The chair can make an exception [...]
Remember the days when you could get a loan on a condo? Well for those of you who haven't noticed the real estate crisis (and there are a frightening number out there), those days are long gone. I haven't seen a real condo loan in a couple of years now and a look at MLS "Solds" over the last 12 months reveals about 95% of all Orlando condo sales were classified as "all-cash" transactions. The 5% of mortgage-based sales were on Fannie Mae (HomePath) approved condos which are few and far [...]
NOTE: The following blog contains historical information. Do NOT expect this pricing today. See date of blog and call 407-290-3408 for up to date pricing. Fourteen upscale condos at the Douglas Grand in the beautiful Winter Park will go to auction on May 16th. Condo Metropolis invites you to attend and to preview these condos at your leisure. Previews will be daily through May 15th. Flats and townhomes will be available and prices begin at $379K, a discount of 58% on original post-build [...]
Downtown Condominium The Vue which went to auction last month and was purchased by Delaware based Condo Developer LLC, has announced the sale of their remaining 165 units. The closing of the auction sale should occur by May 15, 2010 and the new Vue pricing is due to be released the third week of May. We will post that info once it's available. In the meantime, a potential buyers list is being established and unit specific reservations may be made for serious prospects. The reservation fee is [...]
55 & Older Housing - what does that mean? The Federal Fair Housing Act prohibits discrimination because of race, color, religion, sex, handicap, familial status or national origin. Many States have their own Fair Housing Act - in Florida Chapter 760 of the Florida Statutes is dedicated to discrimination issues that expand the protection to age and marital status. The term 'familial status' generally refers to occupancy by children (person under 18) with parent, guardian [...]
Not yet listed on the MLS, this 2nd floor condo (of 2 floors) is not a short sale or bank owned property - just a great price. Purchased last year, the owner is prepared to take a loss to compete with the banks. It has been fixed up and is in move in condition. It shows like a model home and some of the furniture might even stay. In the heart of one of Orlando's best neighborhoods and school districts, this condo is block construction, has high ceilings and used to sell for over $300K. It's [...]