With spring in Orlando already well underway, were seeing uptick in the number of enquiries we are receiving from our clients who are thinkng about either exiting the marketplace, or acquiring new properties. As those of you who purchased through our real estate division know, at Condo Metropolis, apart from managing our investors condos and town-homes, we also help with the acquisition of new assets, as well as the disposal (sale) of those that have done their job. So if you have any questions [...]
According to a recent report by Movoto Real Estate, the price for condos increased in October when compared to the same time a year ago. This increase, caused by a lack inventory, is good news for sellers. Nevertheless, while the current market favors sellers, month-over-month data indicates that more condos are coming on the market, which will adversely affect list prices. In the past year, the median list price per square foot index for a condo increased from $200 to $222, or 11.4 percent.[...]
Do you love the sights and sounds of downtown Orlando and already see yourself on the balcony of a high-rise condo toasting with friends? Of course you do, but you’re not sure if all the amenities are worth the extra cash you’ll be shelling out to live in a downtown condo. In this post we’ll go over all of the expenses you would be paying if you moved into a house instead of a condo and let you decide for yourself. Most downtown condos have the following [...]
The Madison Condos in MetroWest has a new website that reflects the condominium's, new self-managed status. The site offers live MLS access and owners and would-be owners can see the inventory that is currently up for grabs, as well as competing units in the 32835 (MetroWest) zip code. There are separate news sections for owners and tenants and the site includes diagrams of the various floor plans, as well as access to the Madison condo docs. The site went live December 1, 2012. For more [...]
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[...]