Question: I live in a community with a homeowners’ association. Does the board have to let owners speak at board meetings? S.R. (via e-mail) Answer: Yes. Prior to the 2011 Legislative Session, HOA members, unlike their condominium counterparts, were not legally entitled to speak at board meetings, with a limited exception for meetings called under a somewhat complicated member petition process. In 2011, the statute was changed to provide owners with the general right to speak at [...]
Heya. Changes are a’brewin’ in the mortgage industry. You need to be aware of what’s happening, as it affects you directly. Clients with FHA Case Numbers assigned on or after April 9, 2012 will see an increase to both the upfront mortgage insurance premium and the monthly mortgage insurance premium. The upfront mortgage insurance premium (currently 1% of the base loan amount) will be increasing to 1.75% of the base loan amount. The monthly mortgage [...]
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 [...]
As a real estate brokerage that deals largely with investors from out of state, it's no surprise to us that Florida had the highest concentration of property purchased by international buyers in 2011. That's according to the National Association of Realtors Profile of International Buying Activity. 31 % of all international sales in 2011 came from Florida, and Canadians who accounted for 23 percent of all foreign buyers. In fact, 8 percent of Florida resales in 2010 were to Canadians. For [...]
I often work with buyers who are worried about picking up bad debt on a foreclosure. In other words, they fear that if they purchase one that is subject to a home owners association that they may be liable for the dues that were never paid by the prior owner. True? The answer, as always, is "it depends." You should contact a real estate attorney for legal advice on matters such as these however there are some basic rules of thumb that may help guide you. You can check if the HOA/COA has a [...]
Low prices and a recovering economic outlook are encouraging more and more overseas property buyers into the American market says the latest annual survey of the Association of Foreign Investors in Real Estate (AFIRE). The survey, which was conducted in the last quarter of 2011, interviewed a group of AFIRE members who, between them, hold around $338 billion of USA real estate in their portfolios. It showed that they plan to increase their investment in the U.S.A. even further in 2012. The[...]
Local realtors are seeing houses pop onto the market and have a double-digit number of offers in a matter of hours. In fact, looking at a macro level, the National Association of Realtors reported that the inventory of homes for sale has dropped to the lowest level since march 2005. Yet we’re not seeing house prices move north in an appreciable manner. What gives? The fact is, I don’t have a thrillingly good answer to that question. Could be the preponderance of [...]
Tenanted, Resort-Style Orlando Condo - Not Yet Listed on MLS! At the Madison Condo community in MetroWest Orlando. New turnkey listing... 2-beds/2-baths, Orlando, MetroWest (32835). On the golf course. No bank hassles, no outstanding COA fees or taxes. Price you see is price you pay. One, flat rate broker fee of $295! COA payments are around $300 a month, taxes under $1500 a year. Will cashflow! Reliable tenant in place at $850 a month. Property management will be taken [...]
In our last Orlando Property Management blog, we went over some of the things to look out for when hiring a property management company if you are a landlord with a condo, town home or single family home. Fraud, embezzlement, firings, loss of license: we've seen it all before and it often starts when real estate agents get into property management part-time, without knowing what they're getting themselves into. What most agents quickly find out is that property management is all about finances [...]
The beautiful but beleaguered Veranda Park condos in MetroWest finally had their remaining units picked up by a Canadian buyer from the bank. The sale, towards the end of last year means that the Canadian buyer Geosam Veranda LLC, now has a majority interest in the residential block. This means they can raise the monthly dues (COA fees) if they wish. For example, they could raise them on a 2-bedroom, 2-bathroom from about $350 to about $950. Oh look, they just did. We're not sure what the[...]