Condo.com Blog

Finance Offer at 3%

Tue, 21 May 2013 20:29:34 GMT

CREDIT SUISSE LOAN

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The Experience of Getting Ready To Sell

Sat, 18 May 2013 23:27:51 GMT

We are one of the many this spring putting our house up for sale. In this slowly recovering market, as sellers we are having to invest more and do more just to market our nice home. During our get ready phase I have scoured the internet for any possible tips to make the process move quicker towards a sell and here are some of the favorable ideas I've found.

1. De-cluttering almost all your furniture and possessions is crucial. It has to look as much as possible like a model home...argh...unlived in perfect life. We all have too much of the "this-n-thats", we had to rent a storage building and we still have much more that should be hauled to it.

2. Clean and clean some more because if you dont....buyers (albeit probably not as neat and tidy as you) will act like they've never seen toothpaste in or near a sink before. So Clean it til it sparkles and keep cleaning it.

3. I've seen over and over again about baking cookies or putting a can of beer in the oven to make it smell like your baking bread. Sorry, not for me nor would such make me buy a house; however pleasant scents that are not overbearing can lull the buyer into wanting to stick around longer. I invested in a few nice oil burners that use a bulb instead of a lit flame (dont want any home owner's insurance issues) which nicely scents the air without overwhelming it. Most Scent Enthused seller sites like the scents of orange, vanilla, bamboo....simple, unmixed scents. For me, not having any showings yet, felt I should test the aroma and just how much consumes the air before the buyers tour my home. I decided to try Honeysuckle (one of my favorite scents) and must say it was very calming, pleasant, and that little Walmart Warmer drifted the scent very nicely over my open floor plan living space. If they notice or comment I will let you know.

4. We have pets, and I'm sure many buyers do also, but the fact is they dont want to know that you have pets. So be prepared to have your dog/cat kids and their food/water/toys out of site for every showing. No locking them up into their cages. No leaving their chew toys aspew. And, although we dont have cats, all sites mention that kitty litter pan has to absolutely disappear from anywhere a buyer might see it.

5. Make sure the outside of your home looks well groomed especially the entrance to your home. A few potted plants are welcoming not just to prospective buyers but to your self every time you come home.

6. We have an agent. She's not as proactive on the internet as I'd prefer. So being the micro-manager I am, I didnt stop at just letting her market with the MLS. I took over the zillow.com listing (and I would of the Realtor.com one too if she hadnt beat me to it) and listed THE BETTER PICTURES (even though I have sent her better representations she has yet to update), I've advertised on just about every free website from facebook, craigslist, etc.. to well...here to bring buyers in. I know your thinking thats what one hires a realtor for but frankly, in today's slowly recovering market and realtors that are not as internet savvy its better to assist beyond all the boxing, scrubbing, and waiting because who better knows you have expensive wooden blinds, and kohler cast iron sinks, blah, blah then you. In that respect, be proactive and dont expect buyers to ring your realtors phone off the hook unless you make it more likely to happen. Im sure they will never admit that it was your savvy that got the buyers to look (and BUY) but in the end when the house sells...do you care who sings the praises..as long as your singing all the way to the bank.

We have a showing coming up...from someone who saw it on facebook and told her daughter to take a look....word of mouth...still a bigger promoter than anything out there. I'll let ya'all know.

What individual owner behaviors pose a safety and security risk for your community?

Mon, 13 May 2013 14:26:48 GMT

If you live on a farm with the nearest neighbor miles down the road, the following behaviors may impact you and your family but they are not likely to hurt anyone else. However, choose the same behavioral path with the nearest neighbor separated by only some drywall or a fence and the result can be much more harmful. • Smoking: The biggest issues right now with smoking in multifamily buildings concern secondhand smoke and its detrimental impact on health. While that behavior certainly falls within the category of personal conduct impacting others, another possible impact is burning down the building if you fall asleep while smoking. More than one celebrity has died with a lit nicotine product in hand; no need to add innocent condominium and cooperative owners to that list. • Candles: Most people love the smell of scented candles as an enhancement to a home's ambiance. However, that beautiful scent can soon turn to the smell of acrid smoke if the candle lights nearby objects on fire. Burning candles requires some form of vigilance and people who live next to candle aficionados hope that vigilance is utilized. • Questionable taste in guests: Tell people who they can and can't have in their homes as guests and you are certain to encounter a vigorous debate if not an outright fight. However, some guests and occupants do create safety and security problems for the entire community particularly when those guests and occupants engage in domestic violence. Registered sex offenders and sexual predators also do not make the most welcome guests in shared ownership communities for all the obvious reasons. • Poor screening of renters: It has always amazed me that some people care very little about screening the people who will be living in their home. Perhaps in some cases, it is naiveté and in others perhaps the property was intended to be a rental so the owner lacks an emotional connection to it. In any event, owners who fail to find out who is moving into their properties put their neighbors at risk for reasons outlined in the questionable guest category above. • Poor screening of workers: It might not cross some people's minds to find out who is cleaning their home, cutting their lawn, working on their roof, serving as a caretaker for an ailing parent, etc. If these folks are working on your isolated farm, that is one thing. If they are working in a community and they are intent on mischief or wrongdoing, that lack of foresight and screening also becomes your neighbors' problem. • Reckless driving: Driving an ATV on country back-roads might result in no harm other than some frightened critters. However, in a crowded community, reckless driving on HOA roads or in the condominium association's parking garage or parking lot can result in injury or death. • Noise/Nuisance: Some might argue that cranking up the decibel levels with little to no soundproofing to shield your neighbors can result in hearing loss. If nothing else, the noises you make at odd hours could certainly result in your neighbors losing sleep. • Not addressing water leaks: You know better than anyone if there is water entering your unit on a steady basis. If you contend it is your association's responsibility to repair that leak, you still have a responsibility to mitigate your damages (and that of your neighbors) by stopping the water entry if possible. Allowing water to sit in your unit can create mold which can spread quickly throughout a multifamily building. • Pest Control: If you know you have bugs in your property, do something about it. If you live in a single family home in an HOA and find out you have termites, failing to address that problem can spread to your neighbors' homes. If you live in a multifamily building and have refused to allow the association to perform routine pest prevention in your unit, you are putting your neighbors' homes at risk when the pests in your place decide to check out the neighboring digs. Many of the more insidious problems in shared ownership communities involve people forgetting what it takes to be a good neighbor. If none of the behaviors above concern you, perhaps that farm is the place you ought to be!

Oakland, CA is the most exciting city in the US.

Wed, 08 May 2013 21:42:37 GMT

Oakland is the most exciting city in the US.

Speedier Bank Foreclosures in Florida thanks to recent legislation!

Tue, 07 May 2013 13:47:55 GMT

Another important victory for Florida community associations occurred during the 2013 Florida Legislative Session! HB 87 - Mortgage Foreclosures by Representative Kathleen Passidomo (R - Naples) has passed the Legislature by a 36 to 13 vote! The third time must be the charm as this year finally saw the passage of this much-needed relief after failing two years in a row. Far too many associations have been held in limbo waiting for banks to foreclose on delinquent properties in their communities. HB 87 will give associations a new tool in the form of an Order to Show Cause to force banks to proceed expeditiously with their foreclosure actions unless they can produce a compelling reason they cannot do so. Of course, if an association is already renting out property to which it took title and does not wish to speed up the bank's foreclosure, it should not avail itself of this new Order to Show Cause tool. However, for the vast majority of associations who cannot rent out delinquent properties in their community either because they have not taken title to those properties or those properties are not in rent-able condition, this bill will provide an ability to speed up the bank's foreclosure action. The highlights of this bill include: • Reduces the time period within which a lender can seek a deficiency judgment from the current 5 years to 1 year. • Requires that the lender's complaint disclose certain facts and confirm the availability of certain documentation supporting the lender's right to foreclose in order to ensure that the foreclosure can be successfully prosecuted. • Makes it harder for parties seeking to set aside or challenge a final judgment of foreclosure in order to safeguard the quality or character of the title to the property. • In the case of an owner-occupied residential property, the amount of a deficiency judgment may not exceed the difference between the judgment amount (or in the case of a short sale, the outstanding debt) and the fair market value of the property on the date of sale. • A condominium association, cooperative association or homeowner's association may request an order to show cause for the entry of a final judgment in the bank's foreclosure action in chambers and without a hearing. • The order to show cause shall set the date and time for a hearing to show cause and that hearing date may not occur sooner than the later of 20 days after service of the order to show cause or 45 days after service of the initial complaint. • The order to show cause shall state that the court may enter an order of final judgment of foreclosure at the hearing and order the clerk of the court to conduct a foreclosure sale. • The court may enter a default against the lender if it fails to appear at the hearing to show cause, fails to file defenses by a motion or by a verified or sworn answer or files an answer which does not contest the foreclosure. • Allows for the granting of attorney's fees for the order to show cause if the mortgage provides for reasonable attorney's fees and the requested fees do not exceed 3% of the principal amount owed at the time of filing the complaint. • The provisions of this bill apply to "all mortgages encumbering real property and all promissory notes secured by a mortgage, whether executed before, on, or after the effective date of this act." However, the order to show cause provisions "apply to causes of action pending on the effective date of this act." • HB 87 takes effect upon becoming law which means that the date when the Governor signs it or lets it pass into law without his signature is the effective date of the foregoing provisions. The mortgage defense attorneys and their clients have already mounted an effort to urge the Governor to veto this bill. We have been waiting a long time to give associations a greater say in the mortgage foreclosure actions that have been pending, in some cases, for years. We are in the homestretch with relief on the way. If you would like to send a message to the Governor about this bill you may email him at: rick.scott@eog.myflorida.com.

follow me on Twitter

Mon, 06 May 2013 23:46:34 GMT

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Enjoy the Fabulously Rich in Sunny Isles Beach Condominium Homes

Fri, 03 May 2013 20:08:29 GMT

Enjoy the Fabulously Rich in Sunny Isles Beach Condominium Homes

The barrier island that can be identified in northeastern Miami-Dade County has the exalted city of Sunny Isles Beachwhereverpersons savor the tropical local climate and experience the soothing sights and seemsof your ocean. It is not a surprise that countlessdevelopers have picked out this regionto develop their beach front resorts.

This town has the stately Atlantic Ocean on a person aspectand also the imposing Intercoastal Waterway on the other, whichproducesan environment wherevermen and women could become totallydropped in water and beachactions. Your entire town spans two.five miles, plus the 16,000 citizenstake pleasure in each and every inch of it.

Town of Sunny Isles Beach has definitely monumental luxury condominium buildingswithin just its vicinity. The existing factis way diverse from how it was while in the past when this land only had motels to talk of. Practically nothing can be farther from the truth of the matter now because this metropolisis thought by folks from all over the planet who check out the area’s lots of resorts. Also assisting to overhaul this site into what it'sthese days will be the many upscale condominium properties, such as the Oceanview Condo Sunny Isles, Winston Towers Condos plus the Ocean Reserve Sunny Isles Beach Condos.

These structures are in a very greatspot, whichcan be a significantportionin the motive that so many individuals are flocking to acquire condominium houseson the Jade Seaside, the Jade Ocean, Trump Positionas well as the Trump Towers. Foundalong Collins Avenue, the Sunny Isles condos available for purchase offer you people a seewith the ocean that is certainly not obstructed by a point. Along with that, foreseeable future citizens of Sunny Isles real estate are going to be certainwhich they will probably be residing in buildingswhich have all the needed comforts and conveniences of luxurious condominium houses.

American buildersare not the only types who noticed the prospective that Sunny Isles Beach front was featuring. Variousinternationalbuilders have joined the People in america, and so they aidedto develop the real estate growth that broughtvarious new condominium structures to this region. With this particular beingthe case, persons have differing types of communities to pick from in numerous measurementsthat may have as a lot of as 600 models.

People that purchase their next condominium homes in Sunny Isles Seasidemight be the privileged severalwho'reliving the unbelievably phenomenal Miami life-style, plus they should have a diverse range of luxuryqualitieswhereto make it happen.

Best Time for Buyers and Sellers

Fri, 03 May 2013 17:16:01 GMT

The market today is phenomenal for both buyers and sellers. Prices are still good, and financing rates are the lowest in at least 30 years. But the inventory is still very low, and a seller whose home is in good condition and prices it in range of it's value, will have a sale in less than thirty days!! I've been assisting buyers and sellers for over thirty years and have the dedication, expertise, and commitment to help you achieve your goal. You will be pleased with your results and confident when you experience the process done right. So, "Add SPARKS.......for a Moving Experience!" I look forward to working with YOU!

Buyers Are Bidding For Homes In Durham Region!

Wed, 01 May 2013 18:12:20 GMT

May 1st, 2013

Once again last night my day ended with a disappointing loss to a competing offer on a fairly price Pickering property. There is a real supply/demand problem and opportunity existing right now in the Durham resale market. It only depends upon who you are, a Buyer Or Seller? or both!

I've been involved in more multiple offers recently, than any other time before in my 17 years of local real estate sales. All of the way from Bowmanville to Pickering, I am seeing no shortage of buyers looking for a decent home in a decent neighbourhood. I say decent because many of these homes are not 'show stoppers' by any means yet they have been modestly looked after and are not dumps. It is not even a low asking price that is responsible for these events!

Right now, if you can find a great home at a reasonable price and your home is in good saleable condition, I would say don't hesitate to move forward on the potential purchase that has presented itself...and be prepared to bid on it and possibly go way over asking price! I.E. Last night's failed offer was over $2000 over asking price and was "not even close" to the other offer as per the listing agent!

If you are looking to unload a property (during a high market) call me ASAP and let's jack up the price and watch them line up for your home/ Investment house! Log On To the Top Search Engine's favorite choice for "Houses for sale in Durham Region"...Housematch.ca

Either way, I wish you well in this uniquely hot market!

My time on my HOA Board

Mon, 29 Apr 2013 13:07:19 GMT

One of the first questions I ask legislators, candidates seeking a job with my firm and vendors who sell services to community associations is: Have you ever served on your community's board of directors? How can any of us really know what a volunteer director job entails if we have never filled that role? I served on my homeowners' association board for two years and that was almost ten years ago. Prior to me, my husband served on the board and prior to that, other residents who were lawyers were recruited to serve on the board in the hopes that a legal background would somehow assist the board. I am not sure how much that theory was borne out in reality but my experiences from my time on the board have stayed with me and I believe have made me better able to relate to my association clients and their daily issues. Our HOA board meetings were all held in the various directors' homes and they were not well-attended. Occasionally, a resident with a specific request such as an exterior modification would attend and then leave after his or her item was discussed. Usually it was just the five of us alone discussing what needed to be done. The director hosting the meeting usually laid out coffee and refreshments. Although we were in comfy surroundings, we were there for business purposes and most of the directors were all very well prepared. My first year we had a director who really did not understand that the "job" entailed actually reading the minutes, attending meetings and performing the tasks assigned to him so he quickly tendered his resignation when he realized that our self-managed community (we did not have a professional manager and still do not to this day) meant managerial and operational tasks fell on the directors' shoulders. I was the only woman on the board and more than two decades younger than my male counterparts. Some memories of my time as a director are fairly vivid: • I was initially asked to become the secretary (with one director suggesting it was a natural fit given my gender) but I declined that offer. • One director was focused mainly on planting live oak trees in every home's front yard, claiming we had a landscape maintenance easement to do it. When I countered that the easement did not quite give us the liberty to undertake this project to the extent he desired nor was the entire community in support of it, this director suggested I resign from the board. I again politely declined that offer. • We had a resident who was unhappy with a violation letter he received requesting he put a door on his mailbox. He parked a car that was meant for the junkyard on his swale in protest. Eventually he moved his car and his mailbox to this day remains without a door. • We had zero delinquencies during my entire 2 years on the board. • We spent less than $1,500 in legal fees during my entire 2 years on the board. • We threw four well-attended social events each year which continues to this day. • We directors did not all agree with each other but we did listen to each other. • Our board meetings tended to last well over 2 hours and that was with no one in attendance! When my term was up, I did not run for re-election. I suppose working in the community association industry made it less appealing to go home and work again as a volunteer director. Even so, I am grateful for my time on the board. It made me much more empathetic to the problems and complaints I hear on a daily basis from directors, managers and residents. So what did I learn during my 2-year tenure on my community's board of directors? I learned that some of my fellow directors had engineering, managerial, entrepreneurial and other skills of which I had no idea previously. I learned that most of my fellow directors were very nice people who were serving on the board because they felt it was their duty to "give back" to the community in terms of their time and skills. I learned that there are bullies on boards just as there are bullies in the schoolyard and they should be dealt with the same way. I learned that serving on the board can be boring, exciting, frustrating, gratifying, enlightening, mystifying, easy and difficult depending on the circumstances. I am grateful to those who serve their communities well and for the right reasons.

Pompano Beach Seafood Fest

Fri, 26 Apr 2013 18:06:37 GMT

Wow! be sure and check out the 2013 Pompano Beach Seafood Fest!!http://http://pompanobeachseafoodfestival.com/

See you at the Beach....

Housing Recovery Buy Now Before Prices Rise

Fri, 26 Apr 2013 03:21:09 GMT

Recovery In South Florida Housing is Real and Sustainable

Recovery In South Florida Housing is Real and Sustainable Glen Trotta, CEO, Worldwide Realty Network Inc., agree

‘Transformation’ in South Florida housing market is sustainable, Metrostudy economist says

April 24, 2013 12:00PM

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Brad Hunter

As South Florida’s housing inventory shrinks, so does its vacant land, fueling a bidding war among builders and a rapid rise in construction costs and home prices, surveyor Metrostudy’s chief economist, Brad Hunter, said in an interview in the Sun-Sentinel.

“A complete transformation has occurred. Two years ago, buyers were holding back because prices were still falling, and now there is urgency to buy,” Hunter reportedly said.

To stay abreast of this “transformation,” Metrostudy researchers log 20,000 miles a quarter, driving through every active subdivision to count each new home, the newspaper reported.

The pace of recovery in South Florida’s housing market is sustainable because of more rigid mortgage lending requirements and less speculative buying, according to Hunter.

“We won’t get another bubble like we had before because those exotic, crazy mortgages don’t exist anymore…people are not buying for speculative reasons, so the new home market won’t get overbuilt. There is absolutely no danger in that,” the paper quoted Hunter as saying. [Sun-Sentinel] –Emily Schmall

Written by Glen Trotta. Posted in Florida Real Estate Trends, Real Estate News

Jose Miori PA - Florida Select Realty starts Blog.

Thu, 25 Apr 2013 15:36:56 GMT

Welcome to the first post of Jose Miori PA - Florida Select Realty, We are a unique boutique real estate practice focused on 100% customer satisfaction based on listening and understanding of our client's needs. We serve clients along Miami Fort Lauderdale area; including Aventura, Sunny Isles beach, Pembroke Pines, Weston,Southwest Ranches, Doral and many more.

You can visit our website at www.miorireal.com for listings and powerful advice for Sellers and Buyers.

Look forward to help you in the near future.

Jose Miori

President

Jose Miori PA - Florida Select Realty

Underwater mortgages: 2 Million borrowers regain their lost home equity

Thu, 25 Apr 2013 09:50:56 GMT

Currently, the housing market is on arebound, several reports published by leading real estate dataproviders have said so. According to those reports, home values areincreasing in several places across the country. As a result, a lotof underwater homeowners have got a new lease of life by regainingtheir home’s lost equity.

As per the findings of Corelogic,during the first quarter of 2012 almost one and a half million mortgage loans borrowers have been able to rise above water, i.e.,their home’s equity started improving gradually and went passed thevalue of their mortgages. Moreover, Zillow has also published areport in its website that said; around 2 million mortgage borrowerscould manage to wriggle themselves off the clutches of negativeequity in the last one year. In addition, total number of underwaterhomeowners dropped by 4 million as per the report endorsed by JPMorgan Securities.

Estimates done by various sources maydiffer but the fact remains the same and that is one can recoup hishome from the grip of negative equity by paying off the principalloan amount. Or else underwater homes may get back equity in themwhen there is a price rise raging in the market. So, experts haveopined that the housing market will once again stand back to itsfeet, if this trend of price appreciation continues for few yearsdown the line.

On the heels of this trend, homeownersmay opt to sell off their properties in order to cash in on goodmarket value and make a good killing after a long drought in thehousing market. There is a lot to gain out of this newfound businessopportunity. Additionally, near-ground mortgage rates too have madebuying a house at the moment a lucrative option. So, both the sellersas well as buyers stand to reap maximum profits.

However, the good news is punctuatedwith some serious fact and that is, a lot of homeowners are stilllanguishing under the burden of underwater mortgages. Considering thefact that home price is one of the crucial factors in the real estateindustry, there are more or less 15 million homeowners who haven’tmade a leeway out of the negative equity position. Though few taskshave been accomplished, yet a lot remains to be achieved. This isbecause only selected areas are experiencing a bump in their housingprices, but there are millions of other homeowners who are stillstuck with negative equity.

A good number of homes are found tohave not more than 5% as equity and their owners may find itdifficult to sell them. In such a condition, selling them off may notbe a profitable one, even if there are no additional costs involvedin the deal.

According to the recent statistics,72,936 homeowners in Los Angeles have got back their home’s equityduring the past year. Moreover, around 135,099 homeowners in Phoenixtoo are said to have been successful in pulling up their mortgage outof water. Similarly, 59,461 homeowners in Dallas-Fort Worth, 70,484homeowners in Miami Fort Lauderdale and 58,417 homeowners inRiverside California have all gone above water in 2012.

However, there is more than what meetsthe eye. In other words, these figures speak of only those homes thatare stuck with negative equity and are about to regain them.Unfortunately, these data in no way reveal anything about whether ornot these mortgage loans are delinquent. Taking into account, thedrop in delinquency rate to almost 7.09% in the 4^thquarter of 2012, there are still 11% mortgage loans in the countrythat have been reported as delinquent by the lenders, a survey by theMortgage Bankers Association has revealed.

Miami Properties Spelling Rapidly Amid Housing Shortage

Wed, 24 Apr 2013 14:37:58 GMT

Miami, FL – Residential sales continue to increase in the thriving Miami real estate market, according to the 25,000-member MIAMI Association of REALTORS.

The median sales price of condominiums, which has significantly increased each of the last 21 months, rose 19.3 percent compared to a year earlier and 1.2 percent compared to the previous month.

The median sales price of single-family homes surged 25.1 percent year-over-year and 16 percent compared to the previous month. This is the highest percentage since the height of the previous real estate boom in 2005.

The average sales price for condominiums in Miami-Dade County increased 27.1 percent. The average sales price for single-family homes increased 16.6 percent.

Miami Sales Remain Strong
Miami-Dade County residential sales increased 2.7 percent in March compared to record sales levels a year earlier.

New Listings Necessary to Satisfy Demand
Active listings at the end of March dropped 5.0 percent compared to March 2012, when the market was already experiencing a housing shortage. At the current sales pace, there are 5.1 months of supply of single-family homes and 5.9 months of supply of condominiums.

After several years of market strengthening, the Miami market momentum continues. As a result it is now a great time to sell in Miami. Many local property owners have recovered lost equity and can easily sell if priced right. Properties are selling very rapidly, yielding close to asking price and generating multiple offers.

Fewer Distressed Sales Result in Rising Prices
Sales of distressed properties continue to decline in Miami-Dade County, as prices for both REOs and short sales also rise significantly. In March 41 percent of all closed residential sales in Miami-Dade County were distressed compared to 49 percent in March.

The median sales price of single-family home and condominium foreclosures increased 10.1 and 23.6 percent respectively.

Cash Sales Reflect Presence of International Buyers
Cash sales accounted for 44.8 percent of single-family and 77 percent of condominium closings. Since nearly 90 percent of foreign buyers in Florida purchase properties all cash, this reflects the much stronger presence of international buyers in the Miami real estate market. By comparison all-cash sales nationally accounted for 30 percent of transactions in March.

Contact me for a quote of how much your property would sell for or for information on the investment and purchase opportunities available.

I look forward to hearing from you.

Thanks,
Kamran

Redondo Home Prices Jump 18%

Tue, 23 Apr 2013 21:30:56 GMT

You probably have read or heard in the media that nationwide, realtors are experiencing a severe shortage of available homes to show to the many buyers who have decided to take advantage of low interest rates.

In Redondo Beach, high demand and low available inventory have resulted in big price gains. There are many buyers for every home on the market. Most homes for sale are now receiving multiple offers. I recently heard that one Redondo home for sale received 41 offers!

Many more buyers are looking for a home and yet only 135 homes sold in the first quarter of this year, the same number that sold in the first quarter of last year. The median price of Redondo Beach homes was $681,000 this year compared to $578,000 in the first quarter of 2012, a rise of 18% year over year.

The recovery of the housing market has resulted in a quickening of the U.S. economic recovery. 236,000 new jobs were created in February, many more than analysts had expected. The Federal Reserve recently reiterated its intent to keep interest rates low until unemployment falls to 6.5% Experts believe it will be two years before that level is reached.

As prices rise, more homeowners who have been on the sidelines for several years will consider selling, which will ease the shortage of homes for sale and moderate the rate of appreciation, but for now it’s a feeding frenzy! If you want to jump in, let me know how I can help.

Owner sues HOA Board for failing to preserve restrictive covenants

Mon, 22 Apr 2013 15:41:39 GMT

Occasionally, I will hear from an older Florida homeowners' association that is considering allowing its restrictive covenants to simply expire by application of law. In some of these communities, there is not much in terms of common areas to maintain and insure or the entire concept of a mandatory association has lost its appeal. A new case out of the 4th DCA involves an action centered around an owner’s legal standing to compel the HOA’s Board of Directors to proceed with the “Preservation” of the Association’s restrictive covenants in compliance with Florida Statutes, Sections 720.05 & 720.06 in order to preserve such covenants from being extinguished under Florida Statutes, Chapter 712 - commonly referred to as the Florida Marketable Record Title Act (“MRTA”). The very recent case of Southfields of Palm Beach Polo and Country Club HOA, Inc., et al v. McCullough may make some boards who are otherwise inclined to ignore the effects of MRTA to reconsider. In this case, Victoria McCullough, a landowner in the Southfields equestrian community, filed a complaint in Circuit Court claiming that the Association’s board was refusing to preserve the Declaration by failing to record the permissive notice of preservation allowed under Florida Statutes, Section 712.05. McCullough requested an injunction and a writ of mandamus to compel the board to file the required notice. McCullough relied on the fact that in 1981, the Association’s governing declaration was recorded to impose certain covenants, conditions, and restrictions within the Southfields community. The declaration stated that its “provisions hereof shall be liberally construed to effectuate the purpose of creating a uniform plan for the development and operation of the Property.” The declaration created a homeowners association whose stated purpose, according to its articles of incorporation, is “to provide for the regulation, maintenance, and preservation of the development of Southfields.” The Court determined that the declaration was intended to preserve the equestrian nature of Southfields which thereby required that the board exercise its powers to maintain the declaration until and unless ninety-five percent of landowners vote to dissolve the declaration and disband the Association. The trial court granted summary judgment as to both the prayer for injunction and mandamus. The Appellate Court agreed with the trial court’s conclusion that if parcels were to drop out piecemeal without the requisite votes required by the governing documents, the Association would begin to resemble a piece of Swiss cheese, with portions of Southfields covered by the restrictions and other portions not otherwise covered by the restrictions. The Appellate Court also agreed that the language of the declaration itself made it clear that the board of directors is mandated and has a duty to protect Southfields and the restrictive covenants running with the land. Finally, the Appellate Court agreed that injunctive relief, as well as mandamus relief, was appropriate to compel the board to fulfill its duty and take the required action to preserve the declaration. The Appellate Court noted the mandamus relief is ordinarily used to compel a public official to perform a ministerial duty, but that neither party raised an appellate issue whether mandamus is appropriate to compel a homeowners association to act. The Court pointed out that mandamus has been approved to compel a corporation to act, citing, Faro v. Simplex Med. Sys., Inc., 748 So. 2d 342, 342-43 (Fla. 3d DCA 1999). Some older HOAs have drawn criticism for attempting to preserve or revive older covenants that will be or have been impacted as a result of MRTA and now some older HOAs are being criticized for not being proactive in protecting and preserving those covenants. This falls under the category of not being able to please everyone. For older HOAs that have a unique lifestyle connected with their community (for Southfields it was equestrian, for others it may be communities with age restrictions, a golf course or waterfront lifestyle, etc.), the issue of their community's character being tied to and defined by the restrictive covenants makes the board's decision to preserve or not to preserve a more important one.

The Tax Man Cometh for Associations Too!

Tue, 16 Apr 2013 12:32:36 GMT

Each of us is undoubtedly thinking about our own personal tax returns with April 15th upon us. However, board members have to think about tax time twice: personally and on behalf of the association. Hopefully, every association has retained an accounting professional to guide them throughout the year and, in particular, when it comes to preparing the association's tax return. I reached out to Monte Kane of Kane & Company CPAs (industry experts in Florida) to give some insight into this process. According to Monte, condominiums and HOAs file either standard Federal corporate returns, using Form 1120, or if they qualify for the "primarily residential" test, they can file the Federal Form 1120H. When an association files an 1120H return, it does not file a Florida income tax return. However, there are pros and cons to filing the 1120H which you should discuss with your CPA. Co-ops generally can only file an 1120C. While we all dread April 15th, an association's return is due on the 15th day of the third month after the year end. A calendar year association's federal return would thus be due on March 15th with an ability to extend filing by 6 months. Any officer of the association can sign the association's tax return but he or she must understand what is being signed which is the same requirement when a personal tax return is being signed. A community association manager should not sign the association's tax return unless he or she is an officer of the association. While a shared ownership community association is a not-for-profit corporation that does not confer tax exempt status. Associations are taxed and they can be fined/penalized for not paying taxes timely and/or for not filing their returns timely. Associations occasionally do receive a tax refund, usually when an association is required to make estimated payments and those amounts exceed the actual taxes owed. A refund may also be due and owing where an amended return is filed due to the fact that a prior accounting professional was not aware of certain specific elections that a board could make and/or was unaware of certain IRS Revenue Rulings. The accounting professional you choose to guide your board counts. Some areas that require expert assistance include: • Income resulting from settlements of construction defect and other lawsuits • Reserves for contingencies can pose tax issues • Understanding what is subject to State Sales and Use Tax • Be familiar with Revenue Ruling 70-604 and have your members take an annual vote to approve it (this can save the association taxes on excess income) Lastly, Monte reminds us that associations can avoid or reduce taxes with proper planning. He cautions, "We have seen too many associations where rules are not followed and the Board is exposing themselves in the event of an audit. Remember, boards are fiduciaries."

The Real Estate Impact of the Fiscal Cliff Deal

Tue, 16 Apr 2013 09:17:15 GMT

The real estate industry let out a sigh of relief when Congress announced the ‘Fiscal Cliff’ deal that took effect on January 1st. The deal extends tax breaks and includes deductions that are beneficial to homeowners across the country. The bill passed the House of Representatives with a 259-167 vote averting tax hikes and another impending recession.

Under the ‘H.R.8’ legislation the Mortgage Debt Relief Act has been extended through the rest of 2013. This means that distressed homeowners will not have to pay taxes on the forgiven debt of cancelled mortgages following loan modifications or short sales. This is a huge financial relief for owners experiencing short sales that would have chosen to go into foreclosure or bankruptcy had it not been extended.

There is also a deduction for Mortgage Insurance Premiums for homeowners with private mortgage insurance, FHA, VA, low down payment loans and with a gross income of $110,000 or less. These deductions can be written off on federal tax returns along with mortgage interest. (Inman News)

Another provision is a 10% tax credit (up to $500) for energy efficient home improvements as well as tax credits to builders and contractors on the construction of new homes that meet specific environmental codes. (National Association of Realtors)

In addition, Capital Gains taxes will increase to 20% for individuals with a gross income of $400,000 and joint incomes of $450,000 or higher, to be paid on the sale of real estate assets, stocks, etc. (MSNBC)

The real estate industry came out a winner in the final fiscal cliff negotiations, but it’s not unlikely that other tax issues and changes will arise later this year.

Federal Money Available to Help Avoid Foreclosures

Mon, 15 Apr 2013 20:41:17 GMT

Our Miami foreclosure lawyers want to let those of you facing the possibility of losing your homes to the banks in on perhaps the best-kept, non-secret: There is actually a huge fund of money that is available to help you avoid foreclosure.

What's more, that money is available until the end of 2017.

Trouble is, not many people who deserve it are actually getting it.

The money is through the federal Troubled Asset Relief Program, or TARP, which doled out roughly $8 billion through the Hardest Hit Fund project. Granted this was only a small portion of the $700 billion this same taxpayer-funded agency gave to the housing markets and banks to keep us all from teetering over the brink of financial collapse, but it's something nonetheless.

That $8 billion was to go to 18 states that were the "hardest hit." Florida was at the top of that list, and as such, was given more than $1 billion.

The idea was that the money would go to homeowners who were either unemployed or those who worked, but didn't earn enough to keep up with their mortgage. It was supposed to be a way for them to stay in their homes. Recently, the terms of eligibility were expanded to include other categories of homeowners as well.

The money was granted three years ago. And yet, the most recent report from the U.S. Treasury Department reveals that the Florida Housing Finance Corporation, the one responsible for dispersing this relief, has only given out 10 percent of that $1 billion, as of the end of last year.

In comparison, Michigan had already dispersed three-fourths of its funds by that same time.

This delay is to the detriment of the homeowners who need it most, said U.S. Sen. Bill Nelson (D-FL), who recently penned an investigation request to the inspector general of TARP.

Part of it is that people aren't being told about this option for relief. But the bigger issue is that the state housing corporation is, for whatever reason, being stingy with those funds. Nelson was quoted as saying that less than 20 percent of those who had applied for relief through the Hardest Hit program had been approved. That is the lowest of any of the states participating in the program.

All total, some 7,300 borrowers in Florida received relief through the program to allow them to stay in their homes. Of those, some 1,125 were in Broward and another 770 in Miami-Dade.

When you weigh how much is available versus how many people have applied versus how many people may be eligible - these numbers are abysmal.

A recent editorial by The Miami Herald editorial board indicated that there are a few glimmers of improvement, which may potentially signal a new direction. For example, eligibility requirements have been expanded from six months to 12 months. Additionally, the agency also upped the amount that can be used to help borrowers catch up on their late payments, as opposed to simply offering a principal reduction and leaving it at that.

This is encouraging, but we still have a long way to go.

Those who may have eligibility for this program should first contact a Miami foreclosure lawyer, as we will help fight to make sure your plea is weighed fairly and that your chances for approval are the best they can be.

If you're battling foreclosure in Miami or the surrounding areas contact Bruce Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 358-7991. Also, don't miss Miami Foreclosure Attorney Bruce Jacobs on 880AM/the Biz, every Wednesday from 5 p.m. to 6 p.m. on "Mortgage Wars," discussing foreclosure topics that matter to YOU.

Check out our blog at http://www.miamiforeclosurelawyerblog.com/