#Florida condominium special assessments

[andrewjbernhard]

Challenging Condo Special Assessments Under Florida Law: Essential Guide for Homeowners

Are you a condominium owner in Florida facing an unexpected special assessment and unsure of your rights? Our latest guide is here to help. This article explores grounds for challenging assessments if you believe an assessment is unfair.

In Florida, condominium governance involves a nuanced interplay of laws designed to protect both individual unit owners and the collective community interests. A common source of contention is special assessments—extra fees levied by a condominium association to cover unforeseen expenses or improvements not included in the annual budget. If you face a special assessment you deem unfair,…

[thelistingteammiami]

South Florida Condominium Crises: New Laws, HOA Fees, and Solutions

South Florida is renowned for its luxury condos and vibrant lifestyle. However, recent years have seen condo owners facing rising fees, assessments, and stringent new laws. The situation has left many residents asking, "What’s happening to our dream lifestyle?" In this comprehensive article, we'll break down the South Florida Condominium Crises, delve into HOA fees, assessments, and the impact of recent condo laws, and explore possible solutions.

Understanding the South Florida Condominium Crises

South Florida’s condominium market has been under immense pressure recently. While condos were once considered a haven for those seeking the ultimate Florida lifestyle, they now face a series of crises involving escalating costs, structural concerns, and stricter regulations. This shift has put condo owners on edge, fearing that their investment might turn into a financial burden.

Causes of the Crisis

There are several contributing factors to the condominium crises in South Florida, including:

Aging infrastructure: Many condominium buildings are decades old and require substantial repairs.

Natural elements: Exposure to salt water, humidity, and hurricanes accelerates structural wear and tear.

Financial mismanagement: Some HOAs have poorly managed funds, leading to deficits when major repairs are needed.

The Role of HOA Fees and Assessments

HOA fees cover routine maintenance, insurance, amenities, and reserves. However, when major repairs or improvements are required, owners are often hit with unexpected assessments. With rising costs and more frequent assessments, many condo owners are finding themselves in a financial pinch.

The Impact of Aging Infrastructure

Many South Florida condos were built during the boom years of the 1970s and 1980s. As these buildings age, they need extensive repairs to remain safe and functional. Common issues include concrete spalling, corroded rebar, outdated electrical systems, and leaking plumbing.

These repairs come with hefty price tags, which are often passed on to condo owners through increased HOA fees or special assessments.

The Surfside Tragedy and Its Aftermath

The tragic collapse of the Champlain Towers South in Surfside in June 2021 served as a wake-up call. It brought to light the consequences of deferred maintenance and inadequate reserves. This catastrophe prompted Florida lawmakers to reassess condo regulations, emphasizing safety, inspections, and reserve funding.

The New Florida Condo Laws

In response to the Surfside tragedy, Florida passed new laws requiring:

Mandatory inspections: Condos over 30 years old (or 25 years if within three miles of the coast) must undergo structural inspections every 10 years.

Reserve studies: Associations must conduct reserve studies every 10 years to ensure sufficient funds for future repairs.

Increased transparency: HOAs are now required to share financial reports with residents regularly.

These laws aim to improve safety but also contribute to increased costs for condo owners.

Financial Implications for Condo Owners

The impact of these new laws is significant. Condo owners can expect to see:

Higher HOA fees: As associations collect more funds to meet reserve requirements.

Increased assessments: For necessary repairs identified during inspections.

Tighter budgets: Many owners will need to adjust their finances to accommodate these changes.

Possible Solutions and Preventive Measures

The key to addressing these challenges lies in proactive measures:

Regular maintenance: Regular upkeep can prevent costly repairs in the long run.

Proper funding: HOAs should prioritize reserve funding to cover future repairs.

Effective communication: Transparent communication between HOAs and residents fosters understanding and trust.

The Role of Reserve Studies and Funding

A reserve study is a detailed analysis of a condo's common elements and the funds needed for future repairs. It’s like a savings plan for the building. By conducting regular reserve studies, HOAs can accurately forecast future expenses, minimizing the risk of surprise assessments.

How to Handle Special Assessments

Special assessments are additional fees levied on condo owners when there's a shortfall in reserve funds. Here’s how to handle them:

Understand the reason: Ask your HOA to explain why the assessment is necessary.

Negotiate payment plans: Many HOAs offer installment options for large assessments.

Seek legal advice: If you believe an assessment is unjustified, consult an attorney.

What Condo Owners Can Do

As a condo owner, you can take proactive steps to protect your investment:

Attend HOA meetings: Stay informed about decisions affecting your property.

Review financial reports: Understand how your fees are being utilized.

Get involved: Consider running for the board or joining a committee.

Government Involvement and Support

The government can play a significant role in alleviating the crisis by:

Offering grants or low-interest loans: To help associations fund critical repairs.

Implementing tax incentives: For buildings that undergo safety upgrades.

Providing educational resources: To guide HOAs in financial planning and maintenance.

Future Outlook for South Florida Condos

While the current situation is challenging, these changes may lead to a more sustainable and safer condominium market. New laws and proactive measures can prevent future tragedies, ensuring that condo living remains a viable and attractive option in South Florida.

Conclusion

The South Florida Condominium Crisis is a complex issue that combines aging infrastructure, financial mismanagement, and evolving regulations. While the new laws bring additional costs, they also promise a safer and more transparent environment for condo owners. By understanding the challenges and taking proactive steps, residents and HOAs can navigate this crisis effectively.

FAQs

[lilycomplete]

New Florida Condo Bill: What You Need to Know

In 2024, Florida lawmakers passed a significant bill aimed at strengthening condominium regulations in the state. The new legislation addresses the safety, maintenance, and management of condo buildings in response to past tragedies and increasing concerns about aging infrastructure. This article will explore the key provisions of the new Florida condo bill, how it affects condo owners, associations, and what steps are necessary to comply.

Background

The collapse of the Champlain Towers South in Surfside in June 2021 was a wake-up call for condominium safety in Florida. The disaster resulted in the tragic loss of 98 lives and raised serious questions about building maintenance, inspections, and accountability. In the wake of the tragedy, Florida lawmakers sought to introduce stronger regulations to prevent similar incidents. The new condo bill builds on previous legislation to address structural safety, inspection requirements, and reserve funding.

Key Provisions of the New Condo Bill

Mandatory Building Inspections One of the central features of the new bill is the requirement for regular building inspections for condominiums and cooperative buildings. Structures that are three stories or higher and over 30 years old must undergo an inspection by a licensed engineer or architect. Buildings within three miles of the coast have to be inspected once they reach 25 years of age. After the initial inspection, subsequent inspections are required every 10 years to ensure ongoing safety.

Structural Integrity Reserve Study The bill mandates that condo associations perform a structural integrity reserve study every 10 years. This study evaluates the financial reserves needed for future repairs and maintenance of key structural elements, including roofs, load-bearing walls, electrical systems, and foundations. Condo associations must collect and set aside reserve funds based on this study, ensuring that they are financially prepared for significant repairs and renovations.

Reserve Fund Requirements One of the most critical changes is the stricter requirement for condo associations to maintain reserve funds. Previously, many associations could waive or reduce reserve contributions with the approval of unit owners. The new law eliminates this option for structural repairs. Associations must now fund reserves to cover necessary repairs to critical structural components, reducing the risk of deferred maintenance and sudden special assessments.

Recertification Process The bill introduces a recertification process for older condo buildings, particularly those over 30 years old or located near the coast. This process requires a thorough inspection to assess the structural and electrical safety of the building. If any issues are identified, they must be addressed immediately to maintain the building’s certification. Failure to comply with the recertification requirements could result in fines, loss of insurance, and potential evacuation orders for residents.

Increased Accountability for Condo Associations Condo associations play a critical role in maintaining the safety and financial stability of buildings. The new legislation holds condo boards more accountable by requiring transparency in budgeting, inspection reports, and reserve studies. It also allows state regulators to take action against associations that fail to meet their obligations, potentially intervening when safety or financial issues arise.

Unit Owner Rights and Responsibilities Under the new condo bill, unit owners are granted more access to critical information about the condition of their building. They have the right to receive copies of inspection reports and reserve studies, ensuring they are informed about the state of their property. Additionally, the bill outlines the responsibilities of unit owners in maintaining their units and complying with association rules related to safety.

How the Bill Impacts Condo Owners and Associations

For condo owners, this new legislation provides greater peace of mind by ensuring that their building is being properly inspected and maintained. However, it also means that unit owners may face increased costs in the form of higher association dues or special assessments to cover the required reserve funding for repairs.

Condo associations, on the other hand, face new challenges in managing the stricter requirements. They must ensure that reserve studies are conducted on time, inspections are completed, and that funds are properly set aside for future repairs. Associations that have deferred maintenance or underfunded reserves in the past may find it difficult to comply with the new requirements, potentially leading to financial strain or conflict with unit owners.

Preparing for Compliance

Condo associations must start preparing for compliance by scheduling inspections and reserve studies well in advance of the deadlines. Working with experienced engineers, architects, and financial planners will be essential in meeting the new requirements without overburdening unit owners. Transparent communication with residents about upcoming changes, financial obligations, and safety improvements will also be key to maintaining trust and cooperation within the community.

Conclusion

The new Florida condo bill represents a major shift in how condominiums are managed, with a stronger emphasis on safety, accountability, and financial preparedness. While these changes may come with increased costs, they are designed to protect the lives and investments of condo owners. By complying with the new regulations, Florida’s condos can avoid the devastating consequences of neglect and ensure a safer future for all residents.

[graciouslivingrealty]

Discovering Homes for Sale and Knowing Property's Value

Whether you're considering selling your home in Aventura, Florida, or just curious about its current market value, understanding your home's worth is crucial. In this blog post, we'll explore how to determine the value of your home, factors influencing property prices in Aventura, and key insights into homes for sale in this vibrant Florida community.

Understanding Your Home's Value

Determining the value of your home involves several factors, including location, property size, condition, recent sales of similar homes (comps), and current market trends. Here are essential steps to assess your home's worth:

Market Analysis Conducting a comparative market analysis (CMA) is a fundamental step. Look at recent sales of similar homes in Aventura to gauge the current market value. Real estate websites, local listings, and guidance from a real estate agent specializing in Aventura can provide valuable data.

Property Condition Evaluate your home's condition objectively. Factors such as age, upgrades, maintenance history, and overall appeal impact its value. Homes in Aventura often attract buyers seeking modern amenities and well-maintained properties.

Location Aventura's desirable location near Miami and its waterfront charm significantly influence property values. Proximity to beaches, parks, schools, shopping centers like Aventura Mall, and cultural attractions adds to the appeal for potential buyers.

Current Market Trends Stay informed about current market trends in Aventura. Factors such as supply and demand, interest rates, and economic conditions can affect property prices. A real estate professional can provide insights into market dynamics specific to Aventura.

Homes for Sale in Aventura, Florida

Aventura offers a diverse range of homes for sale, catering to various lifestyles and preferences:

Waterfront Properties Luxury waterfront homes and condos in Aventura boast breathtaking views of the Intracoastal Waterway, Biscayne Bay, or the Atlantic Ocean. These properties often feature upscale amenities like marinas, private docks, and proximity to yacht clubs.

Golf Course Communities Aventura is known for its prestigious golf courses and gated communities offering golf course views. Homes in these neighborhoods appeal to golf enthusiasts seeking a serene residential environment with access to world-class golf facilities.

Condominium Living Condominiums in Aventura provide convenient living with amenities such as pools, fitness centers, and 24/7 security. They are popular among individuals looking for low-maintenance lifestyles and proximity to Aventura's shopping and dining destinations.

Family-Friendly Neighborhoods Aventura features family-friendly neighborhoods with single-family homes and townhouses. These communities offer spacious layouts, parks, top-rated schools, and proximity to recreational facilities, making them ideal for growing families.

Finding Your Ideal Home in Aventura

Whether you're buying or selling a home in Aventura, partnering with a knowledgeable real estate agent is invaluable. They can guide you through the process, provide a competitive market analysis, and help negotiate the best deal. Here are additional tips for navigating the Aventura real estate market:

Work with a Local Expert Choose a real estate agent familiar with Aventura's neighborhoods and market trends. Their local knowledge can help you find homes that meet your criteria or attract buyers interested in your property.

Attend Open Houses and Tours Explore homes for sale in Aventura through open houses and virtual tours. This firsthand experience allows you to assess property features, neighborhood amenities, and overall appeal before making a decision.

Review Financing Options Understand your financing options and get pre-approved for a mortgage if you're buying. Sellers should prepare necessary documents and consider staging their homes to attract potential buyers.

Conclusion

Knowing your home's worth in Aventura, Florida, involves research, analysis, and understanding local market dynamics. Whether you're selling or buying, staying informed about property values and market trends is essential for making informed decisions.  Explore the diverse range of homes for sale in Aventura, consult with a trusted real estate professional like Gracious Living Realty, and embark on your journey to finding or selling your ideal home in this vibrant South Florida community.

[guyluxuryrealestate]

What Do You Pay at Closing When Selling a House in Palm Beach FL?

What Do You Pay at Closing When Selling a House in Palm Beach FL?

Sellers in Palm Beach FL pay around 3% of the purchase price as an estimate of closing costs. This is excluding real estate commissions. The closing costs when selling a house in Palm Beach FL include:

Documentary Stamp Taxes.

Title Search Price.

Condominium/HOA Association.

Estoppel Letter Fee.

Fee For the Title Company

Survey Costs.

Commission For both Realtors.

Let us take a look at all these costs in detail.

What are the major closing payments?

1. Documentary Stamp Taxes On The Deed

A deed is a legal document that signifies the transfer of interests. For example, quitclaim deeds and warranty deeds. A deed needs to be signed and delivered. It is not required to be recorded in public records. But buyers would want to record it for two reasons: 

●       To use as proof that the property is bought by them.

●       To provide protection against any title claims. 

The County of Palm Beach levies a tax for recording such documents in public records. This is the Documentary Stamp Tax on the deed and is mostly paid by the seller.

What is the approximate cost?

A Palm Beach county seller will be charged $0.7 for every $100 of the selling price as the documentary stamp tax. So, if you are selling a house for $200,000, you would be charged 70 cents per $100. You will be paying a total documentary stamp tax of $1400.

2. Title Search

In Florida, the seller has the responsibility of showing the buyer a clear title for his property. The title search is performed by either an attorney or the title company.

Title companies have experts who specialize in the real estate business. They help the seller in the title search for the property. The title companies receive a synopsis of the title. It contains details of the legal issues related to the property. For instance, it will show the property's liens, easements, and transfers of the deeds. A good title company will have expert professionals who can find out the history of the property. 

To buyers, a clean title to the property is mandatory. The seller must provide a clear and marketable title. If not, the buyer is free to reject the contract unless both parties agree otherwise.

What is the approximate cost?

The price of a title search includes the fee of the title company.

3. HOA/Condominium Association Estoppel Letter Fee

An estoppel letter is a mandatory legal document. It is allocated by the seller's HOA (Homeowners Association). The document outlines the financial status of the current owner. It also highlights past and current fee due balances. The letter expresses the property's debts, violations, fees, and special assessments. These are generally allotted by the HOA.  

Before giving a loan to the prospective buyer, the bank would want to if there are any debts left with the HOA. They want to know the exact amount of debt. Without the estoppel letter, the buyer cannot borrow money from the bank. 

There are three possibilities that can be seen on the estoppel letter. One, there is no debt. Two, the seller must continue to pay the debt. And, three, the debt is divided between the seller and the buyer.

What is the approximate cost?

There is no fixed charge for the estoppel letter. The prices can be different for different associations. In most cases, the range is anywhere from $0 to $500. As per the law, the estoppel letter must be provided by the association within a period of 15 days.

4. Title Fees

The title fee is the fee the seller pays for the insurance premium of the buyer’s title. It is important as it protects both the buyer and the lender in case of any problems with the title. 

There might be some problems related to the title that aren’t discovered at the time of closing. Some examples of such problems can be improper legal descriptions, forged deeds, etc. 

The Title fee acts as a cover against such problems.

What is the approximate cost?

The title fee is calculated at the rate of $5.75 per $1000 of the purchase price up to $100,000. Over $100,000, add $5 per $1,000 of purchase price up to 1 million.

5. Survey Cost

A survey of the property is done by a professional surveyor and will show the boundaries of the property.  Since it clearly defines the exact boundaries of the seller’s property lines, it’s a good idea to have it done. These costs are legally binding and professionally certified. If there are no new constructions since a previous survey, the buyer can accept an old survey also. This will save you time as well as money.  

What is the approximate cost?

The Survey cost depends upon the size, location, history and age of the property. It might also differ among locations and professionals. In most cases, it costs anywhere from $300 to $600.

6. Commission For Seller's Realtor

The fee of a realtor is one of the major factors to consider when selling a property. It is true that real estate transactions are negotiable. But, while selling your Palm Beach house, you will be paying a fixed commission to the realtor.

There are two types of realtors. First, a listing agent who is hired by the seller. The job of a listing agent is to list the seller's property (ies) to realtors that have potential buyers. Second is a buyer's realtor. Their job is to show the listed properties to potential buyers.

Realtors must be registered under a real estate brokerage. If not, they are running an illegal business. Additionally, a realtor may work both as the listing agent and the buyer's agent. So, they will be compensated for both the jobs. Also, the seller has to pay both the listing agent and the buyer's agent. The payment is derived from the property's sale price as the commission.

What is the approximate cost?

Commissions for different agents:

Listing Agent- 2.5 to 3%

Buyer's- 2.5 to 3% 

This means you will be paying around 5 or 6% commission to the realtor(s). This means, if your property is sold for $100,000, the commission will be approx. $5000-$6000.

Conclusion

Selling a house can give you some stress, especially on financial terms. That’s why knowing about the closing costs can help you. 

Do you want to sell your house in Palm Beach county? Guy DeGiacinto Luxury Real Estate can make your experience better. Contact me at 561-371-8287.

I am more than happy to provide you real estate services of the highest standards.

[koparatnewton09-blog]

Buying a Condo Conversion

Never question the ingenuity of the real estate developer.

Close to 20 years ago, two of my best buddies and I decided to pool our resources after college and get an apartment of our own.

The three of us were barely able to afford a 3 bedroom apartment that was about 10 years old at the time. We paid about $500/mo. in rent. To this day, I am not sure how we could afford that apartment.

The apartment was a dump. The flooring, the kitchen and, especially, the bathrooms were so bad, that my father walked in one day with a horrified look of disgust on his face, and refused to stay. However, that was what my buddies and I called home.

Today, nearly 30 years later I am doing loans for people buying units in that same apartment complex. Today, it's a condo conversion!!

The entire complex has been remodeled, and the units are going for nearly $175,000 a unit.

Pure genius!

You all know about condo conversions and how incredibly hot they are in the market. Low interest rates have driven new home sales through the roof and condos are no exception.

First time home buyers are flocking to get in any way they can. This has actually crippled the apartment business and is driving the biggest condominium conversion boom in 20 years.

Over 12,000 apartment units in Las Vegas are currently mapped for condo conversions. Condo developers are paying a premium to acquire and transform old apartment complexes into condos and they are doing this all across the country, especially Las Vegas and South Florida.

The developers typically search for apartment-to-condo conversions in desirable locations where they won't directly compete with affordable entry- level homes.

They want to offer an affordable alternative to pricier single-family homes or to costlier condos in new developments. 

In many cases, condo conversions provide the perfect entry-level opportunity for renters to become home owners, allowing these new property owners to build equity and realize their homeownership dream.

Transforming apartment buildings into condominiums is quicker and less risky than construction from the ground up. click to find out more kopart at newton show flat

Land prices have gone up so high that many developers cannot afford to build entry-level housing, so this is a great option. Home buyers then benefit because converted units are usually more affordable than new ones, and many are in choice locations. You can find some of these units advertised locally for as low as the $90's.

Conversion developers say they can buy something for one-third of the cost that it would take to buy the vacant land and build something on it.

The beauty for the developer is that the condo conversion isn't going to be selling for one-third of what it would cost brand new. It's more like 75%-85% of it.

The developers usually do a pretty nice job improving the property and the units. Upgrades are usually made to the property's exterior and common areas. Then they add on the sizzle. Granite counter tops, upgraded cabinetry and fixtures, and wood floors are often added to individual units. The upgrades are built into the condo prices.

Once the developer acquires an apartment complex, they generally convince about 10-15% of the existing renters to stay by buying a unit. They will often offer these people discounts before they ever even market to the general public.

The obvious key to selling these units to your clients is to convince buyers that they are better off owning versus renting or to get your more timid investors to jump in with less financial risk.

People have a desire to own a home. There are very few who want to rent and low interest rates have provided this opportunity.

Condo conversions create more affordable housing in areas when the price for a single-family home skyrockets like we have seen throughout the country. A single family home in Las Vegas, where I live, is averaging around $300,000. That is simply not affordable for your average first-time home buyer.

Speculators and investors make up 30-50% of all condo conversion buyers. They buy these units, intending to sell them at a higher price in a short term.

Rising interest rates historically have slowed conversion activity. This slows down the appreciation as well. It's difficult to convince someone to pay $1200 per month on a mortgage for a 1000 sq. ft condo. However, get it under $1000 and you will find buyers.

Before you invest in one of these units and plan on renting it out, or you plan to buy one to live in, you must know a few things.

Condo conversions are marketed to the very same people who rent apartments. Thirty to 50% of all condo conversion buyers are investors and speculators.

When they go to rent their units, they are competing for the very same market as the developer of the project. Why rent when you can buy? Why rent from you either?

Once cheap mortgages vanish, and rates have been rising recently as you all know, condo conversions will become riskier. When home sales slow, converters may find it harder to sell their condos.

Once 30 year interest rates hit 7% or 8%, experts say, condo conversions will cool. Today, we are at around 6.25%. The good news is condo conversions are almost the last bastion of truly affordable housing in many areas.

Here are some things to keep in mind...

Many people buying condo conversions don't realize that the property they are buying is different from a newly constructed unit. This means the financial exposure for repairs and replacements can be much higher.

New condominiums, built from the ground up, are constructed with the building materials of today and have to conform to today's more strict building codes.

The condition of converted condominiums can vary. An older apartment complex converted to condos could have wear and tear and may have structural faults unknown at closing. These problems can become a real hindrance later on.

Newer apartments that have been converted to condominiums in the past few years were probably constructed under the latest building codes and have new building components, mechanical systems and interior finishes. These are a safer bet and you will want to find out the year the original structure was built.

Many older buildings have been converted as well. Some converters gut an apartment building, taking it down to its "shell," and then rebuild it, installing new plumbing, roof and mechanical systems.

Other developers simply do "cosmetic rehabs," leaving the building components as is and merely sprucing up the property to make units more marketable.

Buyers beware. Are you buying a fully renovated building that was taken down to the shell, or are you buying a building that someone just slapped some paint on and put in a few new windows?

What about problems to the complex? Although most developers do a terrific job in converting, what if the roof needs to be repaired after a few years? Does the association have enough reserves to cover it? Many people believe condo conversion owners can expect special assessments quicker than new condo buyers.

You do have some safeguards. As a lender for condo conversion buyers, we often require an engineer's report from the developer before we close the loan. You have a right to this document as well.

It tells you what was done to the building and the sales office can give you a copy of this if you ask.

Here are some other things you should know before buying a condo conversion:

They usually have restrictive covenants. Every condominium project has rules and restrictions that govern what unit owners can do. If you own a pet, make sure your building is pet-friendly. Do you even get a covered parking space?

Are you buying the unit as an investor to rent out? You will want to make sure the building allows rentals and the minimum term required.

If speculators cannot resell their units they will rent them out too. If there are many renters, that can create problems with condo owners in the same building and lead to maintenance issues.

Renters tend to care far less about their homes than do the home's owner. Too many renters can destroy the complex and it's value.

Speculators buy as much as 70% of some condominium projects. You may be moving into a building that is nearly vacant. That may not be what you had hoped for.

Once a condominium project has more than 30% of its owners that use it as a second home or as an investment property, the condos all become "non-warrantable."

Non-warrantable condos mean the project is not insured by Fannie Mae. This means a different kind of loan for the buyer of your condo. Many banks do not loan on non-warrantable condos. We offer non-warrantable condo loans. Even though they are very competitive, even offering 100% financing, the loan programs are not quite the same as they are on a warrantable condo.

Here is a time and problem saving tip:

When you are selling a condo, of any kind, you want to make sure you or your agent contacts the Homeowner's Association, early in the process, and asks them what percentage of the project is non-owner occupied. If it's over 30%, you want to communicate this immediately to your buyer. He has to make sure his lender can do the loan or he may have to change lenders. It is best if you know this early.

Many condo conversions are considered non-warrantable.

The bottom line is condo conversions offer affordable housing in many areas where the first-time homebuyer and the real estate investor, who wants to take on a little less financial risk, are starting to be turned away. However, as a buyer you want to be very cautious and ask questions about the building's history and residential make-up.

[beautifulrolli]

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[malonerobinson24-blog]

Strategize Your Rental Transfer With Tampa Movers

Strategize Your Rental Move With Tampa Movers

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It begins using a reserving The sole way to leave a review is to start by coming up with a reserving. That is how we know our assessments originate from actual guests who have stayed within the house.

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[visiongroupllc]

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[andrewjbernhard]

Condo Association Board Guide to Defending Special Assessments: From 40-Year Recertifications to Reserve Shortfalls

In our latest blog post, we dive deep into: 🔹 Why Special Assessments May Be Necessary. 🔹 Defending the Decision - Tips. 🔹 Navigating 40-Year Recertifications. 🔹 The Business Judgment Rule.

Introduction Condominium living in Florida offers a blend of convenience and community but comes with its own set of complexities, especially when it comes to managing finances. One of the most contentious issues that condo associations can face is the imposition of special assessments. These additional fees are levied on unit owners to cover unexpected expenses or major repairs not included in…

[leanpick]

Opinion | Florida Condominium Laws Need Reform

Opinion | Florida Condominium Laws Need Reform

Because there aren’t enough inspectors or regulators, some buildings have delayed recertification for years. But things can also go wrong before recertification, and at some buildings, owners merely patch and paint and ignore long-term maintenance repairs or otherwise cut corners to avoid the conflict and chaos that large special assessments cause with their neighbors. What should be done?…

[bbcbreakingnews]

‘Condo wars:’ Surfside association fighting in Florida was extreme, but it’s a familiar battle for HOAs

Long before the Champlain Towers South Condominium collapsed, the owners and the complex’s board of directors spent years clashing over the cost and extent of safety and structural repairs for the 12-story building near Miami.

“Why is all of this so complicated and expensive?” read the question that topped the board’s meeting minutes over a list of major structural problems last October as the deadline for a state-required recertification of the Surfside, Florida building approached.

On April 9, Jean Wodnicki, president of the Champlain Towers South board, warned in a letter to owners that the problems had worsened. “We have discussed, debated, and argued for years now, and will continue to do so for years to come as different items come into play,” she wrote.

“A lot of the work could have been done or planned for in years gone by. But this is where we are now,” added Wodnicki.

The disagreements represent an extreme but familiar version of the infighting and financial planning battles that play out across the nation in condos, homeowner associations and co-ops — roughly 380,000 community associations in all. Owners or shareholders of the associations square off with volunteer and sometimes inexperienced board members elected to oversee the complexes in a struggle to maintain aging buildings while keeping monthly fees low and enticing new buyers.

“There’s always pressure to put off costs for the future that might be better allocated today,” said Thomas Skiba, chief executive officer of Community Associations Institute, a Virginia-based membership organization focused on building better residential communities. “Some boards are better than others. Some communities are better than others.”

One of the most financially and emotionally fraught battle lines is special assessments. They represent levies that may total tens of thousands of dollars to pay for such things as a new roof, major plumbing problems or extensive repairs to exterior walls. A Champlain Towers South special assessment, with payments that were to have been due this month, ranged from $80,000 for a one bedroom to $336,000 for a penthouse.

Sinking concern:Collapsed Miami condo had been sinking into Earth as early as the 1990s, researchers say

Condo president’s warning:‘Significantly worse’: Doomed Miami condo’s concrete deterioration was accelerating in April, condo letter says

Design flaw to blame?:New documents show residents in Florida’s collapsed condo feared flaws in original design

Special assessments are often necessary because the financial reserve accounts for many condos, homeowner associations and co-ops fall well short of covering the costs.

Robert Nordlund, a registered professional engineer, is a founder and the chief executive officer of Association Reserves, a consulting company that advises board members of condos, home associations and other organizations on the size of reserve funds for major and long-term expenses. The firm has more than 60,000 clients across the nation, he said.

Roughly 30% of associations “have a weak reserve fund for dealing with major costs and emergencies, with less than 30% of the funds needed for such projects. That means they’re likely to need a special assessment to pay for big ticket expenses, said Nordlund. Another 40% of associations rate “fair” for the financial reserves. And 30% have strong financial positions for major expenses and emergencies, Nordlund said

“A fair percentage follow our recommendations” about how much income from common charges and other fees should be set aside for long term maintenance and emergencies, he said. “But it’s unfortunately common that organizations don’t follow our recommendations fully.”

Champlain Towers South was among those that rated in the weak category, based on the report that Association Reserves researched and prepared for the condo in 2020. It showed that the complex had an available reserve of $706,460. The complex’s projected costs at the time totaled nearly $10.3 million, the report said. That meant the condo had just 6.9% of the funding needed for major repairs.

“We should have started saving at least five years ago,” said a slide that was prepared for the Champlain Towers South’s May 28, 2020, board meeting.

Nordlund said he could not comment on reports and recommendations that his company submitted to any client. However, he said the Champlain Towers South Board “was struggling and struggling and struggling” for years to gain approval from unit owners to fund costly repair work, and “finally got it over the line” shortly before the collapse.

Only 11 states require condos and homeowner associations to fund reserves for major costs, said Dawn Bauman, senior vice president for government and public affairs of Community Associations Institute. They include Connecticut; Delaware; Florida, Hawaii; Illinois; Massachusetts; Michigan; Minnesota; Nevada, Ohio; and Oregon.

However, Florida and Illinois, allow associations to waive the funding requirement based on the outcome a quorum of voters at an owners’ meeting, Bauman said.

The  investigation of the Champlain Towers South condo collapse is expected to examine whether infighting-related delays in budgeting and funding structural work played any role in the tragedy.

A developing tragedy: Continuing coverage of the Miami condo collapse

In official reports as of Friday, the collapse had killed 78 and left 62 still unaccounted for while searching of the rubble continued.

Housing association experts and others said they could not recall a collapse with as many deaths and as much damage as the one in Florida, which has become one of the worst residential housing disasters in U.S. history.

“It’s an incredible outlier. We don’t see that,” said Nordlund.

Nonetheless, many types of residential associations across the nation have experienced some version of the squabbling and delayed planning that deviled Champlain Towers South.

Battling over dry rot

The Champlain Towers South tragedy triggered bad memories for Debra Corazzelli. She’s a former president of the Island J Condominium Association, a complex of 174 homes housed in 29 buildings in Foster City, California.

She and other association leaders went through a similar battle with homeowners over efforts in 2012-2014 to repair extensive dry rotting found in the wood beneath the concrete that covered the condo balconies and stairs.

The association fired the first contractor hired for the job because the work wasn’t getting done, Corazzelli said.

A new contractor estimated that completing the job would cost $7 million, or $40,000 for each unit in the complex. Many homeowners got angry.

“It was condo wars. I said you should make a reality TV show about it,” recalled Corazzelli, who said her role was a lost cause — trying to keep peace among battling neighbors. 

During a homeowners meeting that required private security, a majority of the condo owners voted the proposed assessment down.

However, Foster City officials declared the structural problems a life and safety risk. And an attorney for the association successfully petitioned a local court to impose an assessment for roughly half the required $7 million, equivalent to $20,000 from each homeowner.  Corazzelli said homeowners were able to pay the assessment over 10 years with their monthly common charges. 

The repair work turned the tide. The complex was no longer structurally unsafe. Home values increased. And homeowners agreed to new payments to repaint the complex, remodel the community’s clubhouse and other improvement projects. Inside the clubhouse is a large piece of dry rot, in plastic, “as a reminder,” said Corazzelli.

“It worked out for us in the end. I can’t even imagine what the people (in Champlain Towers South) are going through,” said Corazzelli. “My heart goes out to them.” 

A near-miss collapse

In May 2005, part of a 65-foot-high stone retaining wall just north of the George Washington Bridge in northern Manhattan collapsed atop Riverside Drive and the Henry Hudson Parkway below. Miraculously, no one was killed or injured.

A board of inquiry report by the city Department of Buildings concluded that the wall had shifted, dropped stones and bulged for years, despite repair efforts by the Castle Village Owner’s Corporation, a five-building, 575-unit co-op atop the bluff behind the wall. The repairs were insufficient to deal with a buildup of groundwater behind the wall, the city inquiry concluded.

Although the co-op obtained 15 reports from engineering companies over the years, it did not do any substantial work after a 1985 repair with the exception of installing a failed drainage system, the board concluded. Those efforts “do not constitute effective repair and maintenance,” the board said.

Instead of notifying the Department of Buildings as the wall’s condition worsened, the co-op and an engineering firm it had hired “appeared to treat the situation as an ordinary problem, one that could be dealt with in the ordinary course of business,” the board concluded.

Shareholders in the co-op had to pay for a massive repair of the retaining wall, along with the monthly maintenance bills for their units, and the cost of litigation with an engineering firm.

Responding to the near tragedy, the city enacted a new law that required property owners to file inspection reports with the Department of Buildings every five years for any retaining wall on their holdings that are more than 10 feet high and face a public right of way.

Planning a better way

Shocked by the Champlain Towers South tragedy, board members and residents of condos, homeowner associations and co-ops are looking at their buildings, and making sure their homes are protected. There are alternatives to bickering and questionable planning decisions.

Community Associations Institute recommends that homeowners check whether their communities have conducted a reserve study to plan for repair and replacement of major items such as a roof or a building exterior surfaces. The advisory organization also urges owners to check whether their association has a sufficient reserve fund for emergencies and big-ticket costs. 

Does the complex need a professional engineer to evaluate the building’s structural integrity, along with critical areas such as balconies and stairwells? Homeowners should read communications from association boards and attend board meetings where they can discuss financial reserves and financial planning.

For board members, the institute recommends determining whether any structural components might need repair or replacement, as well as whether an expert inspection is needed. Board members should also have regular communication with owners about structural issues, reserves and financial plans, the organization said.

Additionally, board members should be transparent with association members about estimated repair costs and whether a special assessment might be needed to pay for the job.

The Foundation for Community Association Research cited the Island J Condominium Association as a successful recovery from troubled condo status. “Get to know and understand your audience so you can educate them on the realities of their situation,” the organization advised. “Homeowners need a lot of data and information before trusting an outsider” such as an engineer or contractor.

Contributing: Romina Ruiz-Goiriena, Grace Hauck

source http://bbcbreakingnews.com/2021/07/10/condo-wars-surfside-association-fighting-in-florida-was-extreme-but-its-a-familiar-battle-for-hoas/

[ourmrmel]

Mel Feller MPA, MHR, Discusses Investing in Condos in Texas

Mel Feller MPA, MHR, Discusses Investing in Condos in Texas

 Mel is the President/Founder of Mel Feller Seminars with Coaching for Success 360, Inc. and Mel Feller Coaching. Mel Feller Ministries. Mel Feller is an Innovator and Business Leader. Visit www.melfeller.com and www.melfellersuccessstories.com Mel Feller currently maintains an office in Texas. Currently an MBA Candidate.

 While I love investing in many types of real estate, for me, different asset classes have different exit strategies. As a rule, I am not a holder of condos as long term investments but will, from time to time, buy them for resale. My concern with holding condos or town homes as long term investments is the potential for an HOA or condo association to hold too much control over my investment. I am sure there are many very successful condo investors out there so this is not an attack. The asset class just is not my first investment choice.

 If you want to invest in condos and town homes the key is to recognize some of the potential risks and consider your options in advance. This way you can mitigate surprises before purchasing the unit.

 Many people believe owning a condo or town home is easier than owning a single family home because you don’t have to worry about yard maintenance, roof repairs, etc. Compared to buying a single-family house there are definite differences with condos. When purchasing a condo you are not only buying your unit. You are also buying an ownership interest in the common areas of the condominium project such as the lobby, grounds, building exterior, etc. With common ownership comes risk and responsibility.

  The following information does not cover everything you need to know, but it is a good start.

  Insurance

  It is usually a good idea to get a copy of the certificate of insurance, which is a summary of the condo association’s policy. First, see if the replacement costs covered by the policy are an accurate reflection of the cost of rebuilding. You will want to make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done.

   This is usually more costly in terms of premium but is much better than not being financially prepared for major repairs (especially when code related upgrades are required). On older buildings, there may have been many building code upgrades since the time of construction. As an example, over the years Florida’s hurricanes have wreaked havoc and many condo investors have suffered significant losses due to extended vacancies while waiting until their association and insurance carriers arranged for and completed repairs.

  Finally, make sure that you understand exactly what the association policy covers and what you are responsible for. Typically property and liability insurance does not cover the interior of your unit, but rather the exterior of the building and common areas. You may need to buy your own insurance to protect your interior space and your tenant will need a renter’s policy to insure their belongings.

  The HOA

  Look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty electrical, plumbing or the landscaper’s absence, you know that the complex is having management difficulties. Even if there are not any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex; projects the seller may have neglected to mention. HOA fees pay for expenses such as maintenance of the common areas, insurance (property and liability), non-sub-metered utilities, if any (such as water for irrigation and pools or electricity for exterior lighting and gates), repair reserves and more.

       Management

  I am cautious of a condo complex whose owners manage the place themselves. Although many are operated efficiently, self-management can lead to more hassles for owners; especially non-occupant owners. If the condo development is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you get saddled with a bad property manager, you can be sure of this: Your dream condo investment just might keep you up at night.

 Fees

  Be sure to ask what is included in the HOA fees and find out the delinquency rates of present owners. A portion of your HOA fees should be designated toward reserves and you should find out how much is allocated to reserves. You should also review the balance to confirm it is sufficient to cover things like roof repair and replacement, mechanical systems, façades, and other large capital improvements.

  If people are not paying their association fees on time, it could be a sign of owner discontent or an indication that the association might be underfunded. Either way…it is a red flag. If reserves are insufficient to pay for large expenses or capital improvements (or if reserves have already been designated for another planned expense), the HOA will assess an additional fee on the condo owners. This is called a “special assessment.” The seller should be able to tell you if any special assessments are planned, but do not rely solely on this information.

 A sk to see all board minutes within the previous 12 months and ask to talk with the HOA treasurer. Find out if there either is any pending litigation by the HOA or against the HOA as these can often result in a special assessment for legal fees or damages. It is also a good practice to compare the association fees to those of similar nearby complexes. Are they too high or suspiciously low? Keep in mind that complexes with pools, gyms and other amenities may have higher maintenance and  liability insurance costs.

  High-rise condominium towers typically have more complex mechanical systems such as elevators and HVAC systems that usually require extra reserves and maintenance fees. On the other hand, low-rise and single story developments may have extensive grounds that require landscaping and repaving. You might also ask to see two to three years of HOA fee history so that you can see how they are trending. Have they gone up significantly? Will they continue to go up? These are all good questions to ask of the seller or of the HOA treasurer. If the seller is a bank, you will not learn much so talking with the HOA Treasurer is a must!

 Reserves

  If the fees are low in comparison to nearby complexes, ask why? In newer condo and townhouse projects, builders sometimes charge lower fees to entice buyers. Yet, once the units are sold and the property is turned over to the HOA, the fees increase significantly in order to cover the costs of maintenance and reserves. Ask if the community has done a reserve-fund review in the past five years.

  According to Lester Giese, the author of The 99 Best Residential & Recreational Communities in America, he recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they do not pay much in maintenance may be in a complex that either is not being kept up well or is living

   Liens

 One thing to be careful of is that the HOA may place liens on units for non-payment of fees and seek a deficiency judgment against any of the unit owners for non-payment. You could be on the hook for the seller’s delinquency. A title report should disclose any liens placed on the unit you are buying. Do not assume, however, that the condo association will put a lien on all outstanding fees, and that it will therefore appear in the title report. You must get a guarantee from the seller that all fees are paid as agreed as well as an estoppel letter from the HOA. A good title company or closing attorney can help you with this but be sure to make the request.

  Condo docs

   State governments require condo developers to file a declaration with the local county, which describes the condominium project, establishes a homeowners association and either refers to or includes the bylaws. The bylaws govern how the association should be run, such as the number of meetings per year, required votes, and the election of directors and officers. The declaration may contain covenants, conditions and restrictions (CC&R’s) which are rules specifying how condo owners may use their property and the common areas. These rules are binding on all purchasers. Once the developer hands the project over to the HOA, additional rules can be added through voting (according to the bylaws established).

 CC&R’s and condo regulations limit the rights of property owners, but with the intention of retaining and improving the value of the property in the subdivision or project. Possible restrictions could be pets, holiday decorations and home businesses.

 You should be sure to get a copy of the declaration, the bylaws (if not included) and all rules and regulations established by the condo association to make sure you are aware of any restrictions that will conflict with your intended use of the unit.

  A good friend failed to do this before his purchase and then learned that the association had to approve all new tenants, his investment unit sat vacant for over a year and a half because their requirements were so strict. He eventually lost the place because he could no longer afford to make payments on a vacant condo.

 Renting, Resale & Financing

 Should you make sure not only you are aware of and willing to accept the restrictions imposed by an HOA, you need to ensure that the rules are sufficient to maintain your investment objective and resale value of the unit? If the tenant population is over 10%, there should be clear rental policies, either listed in the bylaws or appended as an amendment. Will the management company find tenants for you? Are you allowed to find your own? If the management company does it, do they get enough good tenants? You might want to ask other tenants or owners about their experience. In addition, ask to see the association’s lease, and have a real estate attorney review it to protect you.

  An important thing to consider is that an association can change its bylaws to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen. More importantly on resale, a lender may consider all units in a condominium project that allows too many rental units to be investment property. For example, if the complexes rules allow 30% or more units to be rented (even if they aren’t actually rented) lenders could deny potential buyers a home loan for an owner occupant and will instead offer an investment property loan that may require a lower loan-to-value ratio and a higher interest rate. If a rental restriction is not in place, or if there is room for the HOA to adjust the level of rentals, your ability to sell the unit later could also be impaired.

  Caveat Emptor

 Buying a condo or town home may seem easy compared to buying a single family house. However, in many ways, it carries a higher level of risk and requires more due diligence on the part of the purchaser. Just as you might when purchasing a single-family house, a home inspection by a reputable and knowledgeable in inspector is recommended. For owner occupants  and tenants condominiums and town homes offer many benefits such as on-site amenities, low maintenance and convenience. Condominium and town home living often provides a desirable lifestyle for many given their tendency to be located in pedestrian-friendly neighborhoods or other urban environments. These benefits however, do not always translate to an ideal investment. It is always up to the investor to perform their due diligence, examine all documents at closing.

       Mel Feller, MPA, MHR, is a well-known real estate, business consultant, personal development

Consultant and speaker, specializing in performance, productivity, and profits. Mel is the President/Founder of Mel Feller Seminars with Coaching For Success 360, Inc. and Mel Feller Coaching, a real estate and business specific coaching company and Mel Feller Ministries. His three books for real estate professionals are systems on how to become an exceptional sales performer. His four books in Business and Government Grants are ways to leverage and increase your business Success in both time and money! His book on Personal Development “Lies that Will Sabotage Your Success”. Mel Feller is in Texas. Visit www.melfeller.com and www.melfellersuccessstories.com  

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The Ultimate Guide To Restoration Companies Dallas Tx

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