Depressed prices spur sales of getaway cottages

Michigan’s vacation home market is crawling toward recovery with an uptick in sales, according to real estate agents across the state. But not all regions are seeing progress, most prices remain discounted, and more buyers are paying all cash.

Sales have risen in many areas, ranging from the lower west side to the northwest tip of the Lower Peninsula to the eastern Thumb, Realtors said. But others, like the northeast counties atop Michigan’s hand, are still reeling from foreclosures and dropping prices.

Boyne City, on the banks of Lake Charlevoix in the northwest Lower Peninsula, reflects both trends. It is seeing a burst of vacation home construction even as it grapples with a glut of properties for sale.

via Depressed prices spur sales of getaway cottages.

Community Law: Owners must OK staggered terms for condo board

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 amended in 2008 to provide that “in the event the bylaws permit staggered terms of no more than 2 years and upon approval of a majority of the total voting interests, the association board members may serve 2-year staggered terms.”

via Community Law: Owners must OK staggered terms for condo board.

Community Law: Owners must OK staggered terms for condo board

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 amended in 2008 to provide that “in the event the bylaws permit staggered terms of no more than 2 years and upon approval of a majority of the total voting interests, the association board members may serve 2-year staggered terms.”

via Community Law: Owners must OK staggered terms for condo board.

How to Think About Refinancing

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 bought our house last October, have been seriously considering refinancing.  I thought it might be worthwhile looking at how we made the decision.

Our mortgage is currently at 4.5%.  But our credit union is offering rates as low as 3.875% on a 30-year fixed, and 3% on a 15-year fixed.  Since ceteris paribus, I would like to give my bank less money, this is tempting.

However, those rates aren’t free.  They require hefty buy down:  2.75 points plus a 1% origination fee to get to the 3.875% for a 30 year; 2.65 points plus a 1% origination fee to get to the 3% for a fifteen year.  When you add in the other expected costs of closing–title insurance, recordation fees, and so forth–we’re talking about thousands and thousands of dollars, plus roughly $2000 in closing costs, and another thousand or so in bank fees.

via How to Think About Refinancing.

Should you use your insurer’s preferred contractor to repair your car or home?

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. After her Jaguar was damaged in an accident, she said she went with one of her insurer’s preferred repair shops in part because it guaranteed the workmanship.

via Should you use your insurer’s preferred contractor to repair your car or home? – South Florida Sun-Sentinel.com.

Fueled by strong demand, Miami condo rents rise in double digits

 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 a waiting list for rentals. At the same time, units that were initially rented by their owners are being marketed for sale when leases expire.

via Fueled by strong demand, Miami condo rents rise in double digits.