A case recently issued by the 3rd District Court of Appeal confirms unit owner obligations to pay validly adopted assessments. The Court in Coral Way Condominium Investments, Inc. v. 21/22 Condominium Association, Inc., recited two important statements, one of which was made by the Florida Supreme Court in 1994 in the Ocean Trail Unit Association, Inc. v. Mead, case. Unit owners must understand the following pronouncements:Â Â Avoidance of the payment of a valid assessment, however, is not [...]
We have discussed bankruptcy issues over the years. Desperate association leaders sometimes come to a conclusion that going bankrupt is the only way to resolve outstanding debt while continuing to operate the property. Please refer to the following posts - they explain pros and con's of bankruptcy as well as some of the mechanics of the process: Bankruptcy An Option for Financially Distressed Condos and HOAs: At Least Five Community Associations in Florida have filed for Bankruptcy Protection [...]
Those of you who live in or have purchased, or are thinking of purchasing in the much maligned subdivision of MetroWest Orlando but are too afraid due to all the bad stories, will be pleased to hear that the MetroWest Master Association (MWMA) received an Honorable Mention for Orange County Community Organization's Excellence in Safety & Security Initiatives, recognizing MWMA's commitment to community crime prevention and proactive safety awareness through its many safety initiatives. [...]
Wanna hear something crazy? I have some good real estate news to report. Like, a good sum of good news. Good vibes, bro. I feel like a hippie after Woodstock: all engorged with positivity and in desÂperate need of a burger and a bath. Second quarter bank earning are pegged to indicate an expansion of loans on their balance sheets. A bunch of the nation’s biggest lenders are quietly modifying loans without request to create more manÂageable terms for [...]
The 2011 community association legislation clarifies owner privacy rights and expands owner access to employee salary information, among other things. Did you know? Right to Speak at HOA Board Meetings: The Homeowners’ Association Act has been amended to state that owners have the right to speak at meetings of the board with reference to “all designated items.†Under previous law, HOA members could only speak at board meetings as a matter of right if so provided in [...]
The Laws of Supply and demand are alive and well. The fewer condos that seem to be available, the more people want them. I say again to those of you who think condo bottom hasn't yet hit: You are wrong. And so it goes with the rentals at the Paramount Condos at Lake Eola. Seems like just a few months ago they would never get them all rented but now that they're all but gone, we seem to get more calls then ever. Here are the Paramount condos available for September 2011. move in. Please make [...]
Ever been to a community association meeting where it takes a half hour (or more) to address the form of the minutes from the previous meeting? I've seen reasonable people debate, argue and become animated over the content of meeting minutes. Criticisms such as "that's not what I said" or "you only included a portion of what I said" are common. These discussions create tension that could easily be avoided. Community leaders asked the following question: Question:What should be in our minutes?[...]
Question: Can a majority of owners present at an annual meeting override what the board has done or direct it by vote to do something? If not, what should the president's response to the effort be? Answer: The answer is a definite qualified "maybe". Generally speaking, the board is authorized to interpret the governing documents and enact rules and resolutions that are in keeping with them. However, if there is a clear majority of owners that disagrees with a board policy, the annual meeting is[...]
I still hear people talking about how "bottom" hasn't hit yet. Sure, the house market may (or may not) drop a few more points but as far as the Orlando condo market goes, there's no question that bottom was last year. I don't even want to argue about it any more. In 2011, inventory is low and prices are already on the rise again, albeit modestly. The median home price on a foreclosed condo, was $59,300 in May 2011, a nearly 19 percent jump from May 2010’s $49,900 according to the [...]
Orlando’s condo specialists, Condo Metropolis LLC, are becoming part of the Orlando Real Estate Group. The Orlando Real Estate Group will act as the new umbrella brokerage for the four Orlando real estate websites currently owned by Condo Metropolis LLC. The Orlando Real Estate Group consists of: 1.      Condo Metropolis (www.CondoMetropolis.com) home of Orlando’s condos; 2.      MetroWest Realty (www.MyMetroWestRealty.com) the [...]