News about properties and real estate
Q: If a 1985 amendment to our condominium bylaws provides for staggered terms, but our association did not hold a vote to affirm staggered terms in 2008 or any subsequent year, is our association in violation of the law if we still use staggered terms? A: Yes. Section 718.112(2)(d)1 of the Florida Condominium Act was …
Continue reading “Community Law: Owners must OK staggered terms for condo board”
Everyone tells me that this blog has become perhaps a mite gloomy over the past few days . . . weeks . . . months. So let’s look at one of the rare bright spots in this financial Twilight of the Gods: mortgage rates. They’re really low. So low that my husband and I, who …
Should you hire the contractor recommended by your insurance company to repair your home or car after you file a claim? There are some perks, such as discounts or warranties, but there also are drawbacks that consumers should be aware of. Alice Thal, a nursing supervisor in Boca Raton, learned that lesson the hard way. …
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Strong demand and rapidly diminishing inventory is significantly boosting rental rates in Brickell’s condos, brokers say. “Rents have gone up by 12%-15%,” said Edgardo Defortuna, president of Fortune International Realty. "In our luxury buildings, we used to rent for $1.85-$1.90 a foot. Now it’s $2.20-$2.35 a foot.” In some properties such as Icon Brickell, he said, there’s …
Continue reading “Fueled by strong demand, Miami condo rents rise in double digits”
Homeowners facing foreclosure may take some solace in this; even West Palm Beach retail monolith CityPlace is wrestling with its lenders for a loan modification. The outdoor shopping complex, celebrated for reinventing downtown, last paid on its $150 million loan in February, sending it into 90-day delinquent status last month. Although retail occupancy remains high …
A recent RealtyTrac/Trulia survey revealed that 85 percent of current homebuyers are interested in distressed properties—residences that have been foreclosed or are being offered as short sales. At the same time, the city and suburbs possess a substantial stock of distressed condos, lost either by homeowners or by developers. But buying a foreclosed condo has …
Continue reading “Expert Tips for Buying a Foreclosed Condo in Today’s Market”