10 questions to ensure good condo purchase

10 questions to ensure good condo purchase

Finally, we get to the all-important 10 key questions smart condo buyers should ask (but condo sellers hope their buyers don’t ask):

1 – WHAT IS THE FINANCIAL CONDITION OF THE HOMEOWNER’S ASSOCIATION (HOA)? If you are a buyer seriously considering purchasing a specific condo unit, it’s time to ask for and read copies of the latest HOA financial reports, minutes of the HOA meetings for the last six months, and a copy of the CC&Rs, by-laws and rules.

Don’t hesitate to ask lots of questions about this information, such as, “Are any monthly association fee increases planned or under discussion? “How many special assessments were levied against the condo owners in the last five years?” “Are any owners delinquent in their monthly fee payments?” and “Is the HOA involved in any lawsuits?”

Are commercial real estate loans going to hurt banks?

Are commercial real estate loans going to hurt banks?

Collman & Karsky Architects of Tampa has increased its staff by nearly a third since late 2004, trying to keep pace with surging demand for sleek new office, condo and retail buildings.

“The vacancy rate for office space is in the 10% range (or lower). As that approaches down to the 6% range, we’re going to be seeing more speculative office buildings,” says Rodney Collman, a principal at the firm, discussing local conditions. “We still have about 1,000 people a day moving into Florida. We’ve got a lot of housing needs.”

Colorado foreclosure rate still No. 1 in U.S.

Colorado foreclosure rate still No. 1 in U.S.

For the second consecutive month, Colorado has the dubious distinction of having the highest foreclosure rate in the nation, the latest sign that the weak, lower-priced housing market continues to plague the economy.

The report by RealtyTrac Inc. of Irvine, Calif., shows that 3,706 homes in Colorado were in some state of foreclosure in April.

That equates to one of every 494 households in foreclosure, according to RealtyTrac. The national average is one of every 1,268 households.

Cooling real estate market still leaves many buyers out in cold [South Florida]

Cooling real estate market still leaves many buyers out in cold

The cooling real estate market offers a bit of good news for cash-strapped home buyers: The affordability squeeze has eased slightly.

But the income needed to buy a typical home is still twice what it was four years ago.

Buying a median-priced home in Martin and St. Lucie counties in the first three months of the year required an annual household income of $54,587, down from the $54,954 needed to qualify for a loan for the median home in the fourth quarter of last year. The median price means half the homes cost more and half cost less.

Toxic Reverse Mortgage Gobbles up a 94-year-old Widow’s Home Equity

Toxic Reverse Mortgage Gobbles up a 94-year-old Widow’s Home Equity

What’s the worst sort of real estate experience you can imagine? How about a mortgage that eventually eats your entire house — your entire equity stake — and leaves you penniless despite years of double-digit appreciation?

That’s been the experience of Katharine Stephens of Brigantine, N.J. In 1988, she and her husband, Harold, signed up for a reverse mortgage that guaranteed to pay them $312 a month for as long as they resided in their house near Atlantic City. At the time Katharine was 76 and Harold was 78. Harold later died, leaving Katharine living alone in the property.

Tampabay: Sale, or foregone foreclosure?

Tampabay: Sale, or foregone foreclosure?

They were behind on their mortgage payments. He said he was offering them a way out of trouble. But then he evicted them and made big profits. And they say that was his plan all along.

Mary Ella Savage sat down at her dining room table one December day and sold her St. Petersburg home to a stranger for the price of a movie ticket.

She was desperate, just like the others.