The Orlando Condo Blog

The Consumer Financial Protection Bureau is attempting to throw another prophylactic over the al­ready shrink-wrapped big-swinging mortgage industry (yes, that was a dick joke).  New regulations will provide stricter rules on loans with teaser rates, negative amortization, and a world of other fea­tures that basically no one does anymore.  They will also be offering a legal “safe harbor” that will bar any consumer lawsuits against the banks writing these loans so long as they are compliant.

You hear that?  If we play by Uncle Sam’s new rules you can’t sue us.  It’ll be like mooning the lions at the zoo.  They want to maul us but the bullet-proof 6-inch-thick plexiglass says otherwise.  And those dumb, furry cats thought they were at the top of the food chain.  Invent an iPhone and we’ll talk, Puddy-Tats.

For nine straight months, home prices have been moving up.  And the moves appear to be getting big­ger and bigger.  Am I shocked?  Nope.  Considering home values have been a drag on the economy for quite some time now, it’s about time my industry started adding to GDP.  Stocks have enjoyed a siz­able rally since their lows.  Global economic health has stabilized and, to this author’s knowledge, no one is trying to nuke anyone else at this time.  It’s about damn time that people started realizing the greatest investment on earth is earth itself.

Pretty awesome line?  You betcha.  And I totally stole it from someone more eloquent than me. Continue Reading »

The Madison Condos in MetroWest has a new website that reflects the condominium’s, new self-managed status. The site offers live MLS access and owners and would-be owners can see the inventory that is currently up for grabs, as well as competing units in the 32835 (MetroWest) zip code.

There are separate news sections for owners and tenants and the site includes diagrams of the various floor plans, as well as access to the Madison condo docs. The site went live December 1, 2012.

For more information on the Madison visit their new site and for information on units currently available or a tour, call Condo Metropolis on: 407-901-5161.

Conway Crest condos are back – as The Winward on Lake Conway Condos.

For those who were wondering what happened to the 29-home condo community, they were purchased by a new owner/developer (Concord/Wilshire) and after a change-over period, they are now back on the market. Sales began last year and have been ramping up over the summer.

The new owners, Concord have been in construction / development for over 20 years all over the southeast. They have managed over 45 different assets and were involved in the design and construction of The Marriott Grand Lakes here in Orlando.

The Winward on Lake Conway condo community is already 60% sold out and qualifies for FHA financing, making them one of the few condos in Orlando that you could actually get a mortgage on (most condos don’t qualify).

Question: What is the difference between a condo and a townhouse? Can one be both a condo and a townhouse?

Answer: The term “townhouse” is often used to describe side by side common wall units which may or may not be condominiums. The definition of a condominium is about how real estate is held: All condo owners own or lease an undivided interest in all real estate. In non-condo HOAs, owners share an undivided interest in common real estate plus an individual interest in real estate below their unit or home. Continue Reading »

It comes as a surprise to some, but under the Florida Condominium Act, when an owner decides to rent out their condo, their rights to use the on-site amenities like the pool, gym, tennis courts etc. pass to the renter.

“Dual use” as it is referred to, is generally prohibited by the governing documents, meaning that owners who have tenants living in their homes can actually be prevented from using their own facilities.

Unfair? Not really. The amenities are developed for use by only a certain number of persons and in communities where most of the units are owned by investors who rent out their condos, that use could effectively be doubled, putting enormous pressure on the infrastructure. Just as you can’t live in your home once it’s rented, nor can you use the pool. Fortunately, in most cases, this never becomes an issue as most condo investors live out of state – or out of the country.

For more information on acquiring MetroWest investment condos, contact us here at Condo Metropolis on 407-290-3408. We look after the entire life cycle of your investment, meaning as your Realtor we will help you purchase a property, as your property manager we will find a renter for you and manage the unit, and finally, when you are ready to exit from your investment, we become your Realtor once more, listing and sell the unit for you!

So much for “gated communities.” Attorney Ken Direktor appears on CNN discussing potential association liability on the Trayvon Martin case. Interesting stuff. Orland condo buyers should worry more about the community itself rather than whether or not it is gated. Half the time, the issues are on the inside of the gate!

Question: When I bought my two condominium units, the documents allowed units to be rented. Thereafter, the condominium declaration was amended to prohibit rentals altogether. I did not vote in favor of the amendment. Subsequent to the effective date of the amendment, I sold one unit, but I have also kept one unit. Can I continue to rent the one unit I have kept? R.J. (via e-mail) Continue Reading »

Question: I live in a community with a homeowners’ association. Does the board have to let owners speak at board meetings? S.R. (via e-mail) Continue Reading »

Heya. Changes are a’brewin’ in the mortgage industry. You need to be aware of what’s happening, as it affects you directly.

Clients with FHA Case Numbers assigned on or after April 9, 2012 will see an increase to both the upfront mortgage insurance premium and the monthly mortgage insurance premium.

The upfront mortgage insurance premium (currently 1% of the base loan amount) will be increasing to 1.75% of the base loan amount.

The monthly mortgage insurance premium (currently 1.15% of the base loan amount divided into 12 months) will be increasing to 1.25% of the base loan amount.

For example– Continue Reading »