Question: I have just read one of your articles that stated: "If the reserve fund Percent Funded is below 100%, implement a funding strategy to increase that level to the 100% goal as soon as possible." From my research, reserve study specialists often recommend that reserves be 100% funded but add that the law does not require they be 100% funded. Our management company acknowledges the 100% funding recommendation, but states that it is not necessary. My question is there a "Percent Funded" [...]
Quick update on the Vue at Lake Eola, downtown Orlando: Since securing FHA financing the Vue has closed 30 units in the past 6 months, totaling $12M in Orlando condo retail sales. The available commercial space at the Vue Orlando closed last November and is already being built out. It is going to be the home of the downtown law firm, Stovash, Case and Tingley. Space for a small coffee shop is also being carved out and both should be open by the end of the year. For more information on [...]
Here are some exclusive deals through Condo Metropolis. These have not yet hit the MLS but will do so in the next month or so. These are all cash deals. No fighting with the bank. We offer management thereafter in most cases or will recommend someone who can. Most of these units will be ''rent ready". Click the image below for full sized image. BULK DEAL (These can now be purchased individually!) As most of you will know, small bulk deals have become also impossible to find, so I wanted to [...]
Veranda Park condos in Metro West have a great foreclosure deal available right now. Most of the condo units have been rented out by the bank that now controls them, however there are one or two units for sale at Veranda Park - at incredible prices. Veranda Park is one of the nicest condo buildings in Orlando - I don't know anywhere else that can boast marble bath tubs! With its Italian architechture and attention to detail, Veranda Park remains a unique and impressive [...]
You think you have animal control problems in your homeowner association? Forget the barking dogs and stray cats! Just look at this notice posted by a Florida HOA: Alligator Safety Tips Don't bother them and usually they won't bother you. Don't swim outside posted swimming areas or in waters that might contain large alligators. Don't swim at night. Don't feed alligators. It causes them to lose their natural fear of humans. Don't throw fish scraps into the water or along the [...]
Can Complaints About Association Operations Become a Defense Against Foreclosure? One of the principles I learned when I first became a member of this Law Firm has now been called into question, at least somewhat, by a new ruling issued by the Fourth District Court of Appeal. I initially learned that the obligation of the association to maintain and care for the property is completely independent of and not contingent upon the obligation on the part of the owners to pay assessments. [...]
What Rules and Regulations are Enforceable? I am often asked by readers whether guest restrictions are enforceable. Residents often want to know whether the Association can require them to notify management when guests arrive or whether it is appropriate to require guests to register with the Association. The answer to these questions is, almost inevitably, “it dependsâ€. Readers are not usually satisfied with this answer and I can certainly understand why. Nonetheless, there are [...]
As most of you will know, small bulk deals have become also impossible to find, so I wanted to get this opportunity out to everyone asap since I'm sure it will be gone within the week. Â I have just gained access to a group of 5 condos that can be purchased in bulk at Palms Villa, a condo conversion community near Hunter's Creek, Orlando (32837). Details *Â 3x 3/2 @1134 SF = $75-85K each, includes renovation; *Â 2x 2/2 @999 SF = $70-80K each, includes renovation; *Â 3 condos are on [...]
Question: Are there state statutes that prohibit the board from using reserves to fund an operating account deficit? Answer: State laws vary on this topic. Most are silent altogether. The governing documents may or may not have something to say about it. But it usually comes down to common sense. If the HOA has a real reserve fund, only reserve related expenses should be paid for from reserves. If the HOA runs an operating budget deficit, the board should raise a special assessment to fund the[...]
We're happy to announce new, enhanced features to our MLS data base search for those of you who are motivated enough and independent enough to search for your own listings. Condo Metropolis uses state-of-the-art technology to provide you with everything you need to find the real estate investment you're looking for, including Orlando condo foreclosures and short sales. For more information on Orlando condo purchases, or to list your condo for sale, call us on: 407-290-3408 or email [...]