Hamptons Condos Board Runs Amok

Anyone who has to deal with them on a regular basis, knows that some Orlando condo associations have got out of control these days. They’ve gone from letting their communities go to ruin after the real estate crash, to implementing draconian measures to try and reverse the rot.

We get it, things need to be kept under control. And the truth is, some do-it-yourself landlords haven’t been screening properly, allowing felons and the like to gain entry. This has caused condo owners associations to start screening themselves, which means that many tenants have to go through the process twice. Once with a reputable company like ourselves, and then they have to pay again and go through the same procedure with the COA.

But some have gone too far. According to Orlando Property Management Execs blog, in the latest of draconian measures, which appear designed to put investors off from buying there altogether, The Hamptons at MetroWest is now requiring that even tenants who are renewing their leases, apply all over again – at their own expense. The Board of Directors wants to re-run criminal history etc. as if tenants hadn’t already been screened the year prior. Now sure, some tenants could have run foul of the law in the 12 months they were living there, but couldn’t we all? And if the Hamptons really cares so much about this possibility, then surely such additional checks should be done at the expense of the Board, and not the tenant’s? The current policy upsets tenants, owners and management companies alike. Sounds like a lose-lose-lose to us.

Your thoughts?

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New Orlando Property Management Site

Condo Metropolis is pleased to announce the launch of it’s new property management site. Since our real estate division has been sharing online space with property management, we decided it was time for a new site where each division can focus on delivering a better user experience.

Both landlords and tenants will find the new property management site more streamlined and tenants can pay rent using a hot button directly from the home page. Maintenance requests can also be made using the same system. Owners too will benefit from a number of ownership articles which will help them navigate the choppy waters of property management.

The new site can be found at www.OrlandoPropertyManagementExecs.com

Now, all that’s left to do is update the main Condo Metropolis site. It hasn’t changed much since we launched in 2006, so look out for a new makeover later this year!~

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The Landmark Condos at Winter Park

Only 4 condos left at the Landmark in Winter Park. Fantastic location next to the coolest new coffee shops and bars, just off Park Ave.

Call 407-901-5161 for more info and to get a tour before the last few disappear.

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Fairview Grande Condos, Orlando: Liquidation

Fairview Grande Condominium in Orlando can be yours for just 5% down.

The builders are blowing out the last few units from the low $200,000’s.
Upgrades include covered parking, granite counter tops and stainless steel appliances.
Amenities include a day dock, clubhouse, pool and fitness center.
The condominium also has gated security.
Let us show you around the latest deals on North Orange Blossom Trail (32804).

Call 407-901-5161 to arrange a tour today.

fairview grande

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Millennium Cove Condos Sell Again in Orlando

After what seems like years of going back to rentals, Millennium Cove (alternatively spelled Milenium Cove, or Millenium Cove, or even Milennium Cove,) an Orlando apartment conversion from the days of the real estate crash, is back on sale.

The location is yes, you guess it, a stone’s throw from Orlando’s Mall at Millenia (pick your spelling), with instant access to I4 and the Florida Turnpike.

One- two- and three-bedroom floor plans are available from 600 to 1000 square feet. Property taxes are still low and monthly condo association fees are dependent on floor plan. A community pool and other amenities are available for resident use.

For more info or to take a tour of this condominium, just call us here at Condo Metropolis on 407-901-5161 x10.

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Bulk Orlando Condo Sale (MetroWest)

Bulk Orlando condo offerings, with anywhere from ten to several hundred units, used to be 10 a penny a couple of years ago, but they are pretty rare today.

But we have one for you. 10 condos for sale, all tenanted, all 2 bedroom, 2-bathroom, all tenanted and all managed. All in the MetroWest area of Orlando. Six at the Palms Club, two at the Madison, one at CrestView, one at Azur. All managed locally by us at Condo Metropolis.

Turnkey deal ready to go!

Email me for more info at Info@CondoMetropolis.com or call. 407-901-5161.

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Orlando Condo Investor Update

With spring in Orlando already well underway, were seeing uptick in the number of enquiries we are receiving from our clients who are thinkng about either exiting the marketplace, or acquiring new properties. As those of you who purchased through our real estate division know, at Condo Metropolis, apart from managing our investors condos and town-homes, we also help with the acquisition of new assets, as well as the disposal (sale) of those that have done their job. So if you have any questions relating to the eventual sale your investment, feel free to call or email us at any time.

 

The Orlando condo market reached rock bottom a couple of years ago now and prices have been steadily increasing ever since, at the rate of about $10K per year on average. Perhaps more around downtown Orlando. Whether or not the time is right for you to sell, will depend largely on what you paid for the unit in the first place of course, as well as your personal circumstances.

 

For those of you who were lucky enough to purchase from banks in around 2008-9 you may have already seen a doubling in price. In other cases, you may need to hold for a couple more years to see the investment make the return you had hoped for as prices continue to rise. Certainly there is every sign that the market will continue to slowly improve and as lending comes back, prices are likely to rise further. In about 80% of cases, my advice would be to “hold” pending further price rises so that you can see real capital gains but also cover the fees and taxes associated with selling. Continue reading
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State of the Condo Market

According to a recent report by Movoto Real Estate, the price for condos increased in October when compared to the same time a year ago. This increase, caused by a lack inventory, is good news for sellers. Nevertheless, while the current market favors sellers, month-over-month data indicates that more condos are coming on the market, which will adversely affect list prices.

In the past year, the median list price per square foot index for a condo increased from $200 to $222, or 11.4 percent. During the same 12 month period, inventory remained almost flat at about 29,200 units.

Nevertheless, inventory levels have remained flat or increased on a month-over-month basis since January. If this trend continues, buyers will have more purchasing power, as there will be more units for them to choose from and decreased competition.

Read the full report here.

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Condo Amenities, Are They Really Worth It?

Do you love the sights and sounds of downtown Orlando and already see yourself on the balcony of a high-rise condo toasting with friends?  Of course you do, but you’re not sure if all the amenities are worth the extra cash you’ll be shelling out to live in a downtown condo. In this post we’ll go over all of the expenses you would be paying if you moved into a house instead of a condo and let you decide for yourself.

Most downtown condos have the following amenities gym, pool, hot tub, sauna, parking garage, security, upgraded appliances, and no lawn to take care of. So what would this cost you if you just got a house on the outskirts of downtown?

If you’re into staying fit a gym membership is a necessity, packages at LA Fitness start around $30 to $45 a month just for a single person, double or triple that for couples or families. Besides the cost you have to travel there, use the smelly locker rooms, and deal with overcrowding.

As for a pool, if you can find a house with one to begin with, it could cover the spread for amenity costs alone. A pool not including a hot tub or sauna could run as high as $400 a month factoring in a cleaning service, electric bills, and repairs.

While parking is free when you own a house, parking is certainly not free when you frequent the downtown area you enjoy so much. If you only visit downtown twice a week you are probably paying $30 a month in parking fees when you could be there everyday for free. Continue reading

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Housing Market No Longer Your Enemy

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

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