Question: I manage a large unit condominium complex. Several years ago, the board tried to pass a rental restriction and did not get the member votes needed. Now, in light of the foreclosure crisis, investors are buying foreclosed units and renting them out. We have one homeowner who is in the process of buying his fourth unit. Can an HOA limit the number of units owned by a single entity? And how does this affect our association as a whole? Answer: Yes, the HOA can limit rentals but it is [...]
Holy heck on a waffle cone, people. Let me try to itemize the plethora of madness that has taken place since my last newsletter installment: 1) Tiger Woods crashed into a tree and then essentially admitted to marital "transgressions". Jerry! Jerry! Maybe just stick to the fairway next time, chief. 2) Global warming has been deemed an official hoax, which is awesome because now I can do my turn-a-can-of-hairspray-into-a-flamethrower trick at parties guilt-free. 3) Taking a page[...]
Oak Plantation Orlando: A gated, Timeshare conversion resort off 192 in Kissimmee that has 50 fully furnished, condo hotel-style suites (466 SF - 965 SF) that have recently been released for outright sale to the public as condos / vacation homes. The sale prices at Oak Plantation condos include a guaranteed rent, all monthly home owners fees - and taxes. The condos are managed full time, and all utilities are also included. Oak Plantation is a completely hands off [...]
Condo prices have fallen more in Orlando during the past year than in any other metro area in the state and, most likely, the country. That's according to today's Orlando Sentinel. Statistics from the National Association of Realtors show that the median price for a 2-bedroom Orlando condo is currently about $50,600 - that's a 56% reduction from the same time last year ago, when the average price was $114,000. The result is that more than 1,600 condos sold in Orlando [...]
It seems as though every time you turn on the news they either have a "Our economic messiah has arrived" statistic for you to show everything is great, or a "We've mortgaged our children to the Chinese who are using them to fund nuclear bombs" comment to show everything is terrible. Gross Domestic Product (what we create as a nation) was downwardly revised in the 3rd quarter from 3.5% growth to 2.8% growth. Boooo. Home prices rose nationwide for the 5th straight month. Yay! [...]
Brio Restaurant at the Mall of Millennnia, Orlando hosted some of Orlando's local residents who had been hit by recent hard times for an on-the-house Thanksgiving lunch yesterday. About 75 guests signed up for the turkey Thanksgiving lunch. The entire Brio staff along with other volunteers (including one or two from Condo Metropolis) arrived for the 11am opening on Thursday to make sure everyone was fed, and each family left with a food gift-basket. The restaurant was closed to the [...]
Lake Buena Vista Resort is an Orlando approved Regional Center for this program, and President Obama has signed legislation that incorporates an extension of the EB-5 immigrant visa program extending it until October 2012. What is it? It's an opportunity for high net worth ($1MM) foreign nationals to fast track to Green Cards for themselves and their immediate family. For more info on this program contact Condo Metropolis on 407-290-3408. Lake Buena Vista Resort & Spa now has [...]
In some homeowner associations, the number of owners who rent their units is extraordinarily high, sometimes even outnumbering resident owners. With absentee owners and just a few irresponsible renters, there may be a move by the board to limit or eliminate rentals altogether. What things should be considered? When it comes to sorting out rental restrictions, there is a hierarchy of "legal authority." 1. The highest legal authority is the state's corporation, condominium and homeowner [...]
Sometimes it's just easiest to remember that (with one or two exceptions) there are no loans on condos right now. For those interested in the detail, HUD just changed its condominium rules again for those seeking FHA approval, but I'm not sure it really changes anything for the average buyer. HUD has relaxed its controversial requirement that at least fifty percent of the units in a condo project be sold before FHA could insure loans. Under the amended rule, FHA financing could be [...]
The Palms Hotel and Villas, condo hotel, Kissimmee FL - just a stone's throw from the Orlando Disney Parks. Purchased at $125,000 in 2006 - now priced at just $16,000! The catch? There isn't one, this is a real one hundred thousand dollar discount. It's not a short sale - it's not a foreclosure - it's not even listed yet. But it's available NOW at this price from a private seller who lives out of state. It's a cash deal of course, closing must occur before the end of December 2009. How[...]