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Posted by on in Condo Newz

Insurance News Net: Peak 1031 Exchange, Inc. Recommends Investor Like-Kind Exchanges to Offset Proposed Tax Hikes as Outlined in Obama’s Recent State of the Union Address 
2/10/15

"Once again, real estate investors find themselves in the cross hairs of Washingtonbudget planning," comments Kevin M. Levine, Executive Vice President of Peak 1031 Exchange Inc. In the wake of the recent proposal by President Obama to increase the top capital gains tax rate to 28% in an attempt to generate much needed revenue for the budget, the 1031 Exchange firm has increased its efforts to make investors of all classes aware of the consequences of this proposal. Levine and his team wish to ensure real estate investors are fully aware of the potential tax benefits associated with investing profits from the sale of property into other similar collateralized vehicles to defer tax liabilities down the road.

"At some point the other shoe is going to drop, much to the dismay of investors enjoying healthy returns from the sale and purchase of real estate," Levine continues. "At some critical juncture, Congressional and White House proposals tinkering with capital gains taxes will gain momentum." Levine is referring not only to the recent 28% capital gains proposal in President Obama's address on January 20th, but also to budget proposals capping investments that qualify for 1031 Exchange status to $1 million along with calls to lengthen depreciation schedules. Levine recommends that investors act now to implement tax strategies to leverage advantages of the tax code before "proposals become law" and restrictions make IRC Section 1031 exemptions less attractive.”

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Posted by on in Condo Newz

Dec. 23, 2014—The Federal Housing Finance Agency (FHFA) released a statement yesterday expressing concern about state statutes that allow community associations to obtain lien priority over first mortgages for unpaid association assessments. By asking a federal court to intervene, FHFA is trying to bail out mortgage servicers that have failed to fulfill basic contractual obligations to Fannie Mae and Freddie Mac.


"Make no mistake, FHFA is bailing out mortgage servicers that lacked the competency to meet basic contractual requirements and follow established rules of civil procedure," said Thomas M. Skiba, CAE, chief executive officer of Community Associations Institute (CAI). "By suing community associations, FHFA is trying to protect Fannie and Freddie at the expense of association homeowners. That's unfair, unconscionable and unacceptable."

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Posted by on in Condo Newz
By: Joey Lewis - Director, Member & Community Relations Southland Regional Association of REALTORS®
 
Since 2010, HUD has started enforcing their long-standing and strict regulations on condominium approvals, including the rule of being re-certified every two years. Prior to 2010, the HUD's strict guidelines were not heavily enforced.
 
Today, all condominium projects are held to the same level of restrictions and the entire project must be certified as a whole, as opposed to the once allowed, "spot approvals", whereby an individual unit in a non-FHA project could be approved if it met certain qualifications. And all condo communities must go through the rigorous process of re-certification, which is the same (paperwork and all) as the initial approval process, every two years. Because of this, many condo communities have allowed their FHA approval status to expire without re-certifying.
 
The downside to this not only affects those who wish to purchase using an FHA loan, but it also adversely affects the condo community since the pool of potential buyers becomes limited; therefore, the selling prices are often lowered in order to move the property. In addition to the rigorous paperwork involved with becoming FHA approved, many condo HOA's and boards have a false impression that buyers using FHA financing are often of a "lower class" and feel that having non-FHA buyers is better.
 
First of all, this is not an accurate assumption. Many first-time buyers use FHA because of the low down-payment option and condos typically attract first-time buyers because they are usually more affordable than a standalone single-family dwelling. But it's not just first-time buyers that utilize FHA lending. Many seniors utilize FHA lending in reverse mortgages, which is a crucial resource for those on a very fixed income to tap into their equity for assistance in retirement years. According to Ken Harney, an award-winning columnist and author on the housing industry, FHA lending accounts for an estimated 90 to 95 percent of all reverse mortgages. Without this resource, many seniors lack the financial resources to keep up their property or livelihood.
 
For a few years, NAR was strongly urging HUD to bring back it's "spot approval" process, but HUD has made it clear that there were too many risks involved and they will only approve FHA lending if the entire community is approved. NAR has also been pressuring HUD to streamline the FHA approval process and possibly making it an electronic filing system. HUD has stated that they are in the process of streamlining the process, but has yet to shift it to an all-electronic system. 
 
In the meantime, the urge is to get non-FHA approved condo projects to bite the bullet, get their ducks in a row, and become approved. Despite any misconceptions, this will help move properties for sale by opening them up to a whole new pool of buyers, therefore increasing the demand and driving up prices. HOA Boards of Directors, with the help of their community managers, can do the work themselves and become approved, or they can hire an independent FHA Approval Facilitator to do the job for them.
 
VA Condo Approvals
VA approval for condo projects is a very similar issue to FHA condo approvals; however, there are even fewer condominium projects that are approved for VA lending. Many eligible and highly-qualified buyers wish to move into these condo projects and utilize their well-earned VA benefits, but cannot because of the projects' lack of approval.
 
While the issue of approval is very similar to FHA lending, VA loans differ from FHA in a couple of ways: First, the approval process is different, but once the project is VA approved it is certified for a lifetime. FHA requires the project to be re-approved every two years. And often times VA approval can be obtained at the same time as FHA approval for a low, additional cost.
History has shown that there are less defaults on VA loans than traditional lending. So urge condo projects to show their support for our troops by becoming VA approved today.
 
For more information on actions being taken by the National Association of REALTORS® on streamlining the FHA approval process, visit: http://www.realtor.org/topics/condominiums
For a complete list of condos already approved for FHA lending, visit: https://entp.hud.gov/idapp/html/condlook.cfm
 
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Posted by on in Press Releases

October 23, 2013 - BHGLAAR hosted another one day CAL BRE-accredited Certified Condominium Specialist® course for Realtors®, consisting of an information-packed educational and marketing program relating to Realtors® and their condo and planned development sales success.

Attendees ranged from investors and new agents to long-time successful luxury condominium sales agents who were interested in expanding their careers and reputations through the advanced knowledge and promotional ideas the course offers.

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Posted by on in Press Releases

October 22, 2013 - Kimberly Heinrich, Educational Chairperson of the San Diego Association of Realtors®, announced this week that SDAR will feature the Certified Condominum Specialist® Course (CCS) as part of SDAR's elite association designation program.

The San Diego Association of Realtors® has sponsored the Certified Condominum Specialist® Course for a number of years, presenting it to Association members and non-members several times a year in SDAR's regular educational line up.  The popular one-day course has resulted in Realtor-attendees' enthusiastic testimonials and increased educational and career success. 

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