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Posted by on in Condo Newz

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Numerous reasons for the rising ownership costs in condominium developments and planned communities have been given lately in the media.  These recently mentioned costs are being attributed to inflation, rising interest rates and increased property management operations expenses.  The fact is many property management companies who provide such services as HOA accounting, reserve study inspections and preparation, and HOA management services have increased their fees significantly over the past few years.  But besides these operational costs, the biggest increased cost stressor to HOA community homeowners and boards involves the physical aspects of building reinforcement, maintenance, inspections, replacement and repairs.  This is due to the recognition of aging buildings and amenities that make up the community that were not previously anticipated in HOA financial planning.

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Posted by on in Condo Newz

 

 

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Posted by on in Condo Newz

Deonn Cole, CCS® Dallas Chapter President and Realtor with Keller Williams DFW Preferred (left) shares a lunch and new PR ideas with Candy Peak Ross, longtime Broker-Realtor and national instructor of the Certified Condominium Specialist designation course.  Through diligently using her CCS®designation in her marketing and business plans, Deonn has greatly increased her real estate business and has reached remarkable condos sales success by marketing with her national CCS® designation.  Since Deonn got her Certified Condominium Specialist® Designation in 2015 from the Council of Condominium Specialists®, Deonn has been on fire selling and leasing condos, townhomes and homes in HOA communities.  Deonn has been so successful selling condos and HOA properties that she has become known amongst her clients and fellow agents as the "Condo Queen" of Dallas.

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Posted by on in Condo Newz

 

The real property, trust and probate sections of the Florida Bar joined forces to form a task-force of lawyers specializing in condominium and HOA law in order to attempt to prevent events like the collapse of the 12-story Champlain Towers South beachfront condominium from happening in the future.  The task force recommendations included assignment of responsibility and scheduling of maintenance, extensive professional inspections and assurance that adequate reserves are put in place to make major safety repairs and other issues in a timely manner to preserve and correct construction defects and problems prior to serious injury and damage occuring.
 
The task-force's 179-page final report concluded that “The lack of uniform maintenance standards or protocols, and the unguided discretion given to boards of directors to determine when, how, and if life safety inspections should be performed, requires legislative intervention.”
 
The age of the Champlain Towers, the development which collapsed on June 24th, was 40 years old and found to be in need of major repairs which caused the collapse. The castatrophe led to officials and experts recommendations for effective protocol to ensure other aging structures are properly inspected and maintained to provide a safe living environment for the residents. The task force also noted that 912,376 Florida condo units housing more than 2 million people are at least 30 years old, including more than 105,000 older than 50 years and nearly 328,000 units were built between 40 and 50 years ago, thus calling out a need for the State Legislature to become involved to put in hard guidelines to protect the residence of these buildings.
 
The report also noted, Florida has more than 1.5 million condo units operated by 27,599 condo associations, and advised more indepth and delineated guidelines for management of all aspects that would ensure building and residents' safety.
 
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Posted by on in Condo Newz

https://www.spokesman.com/stories/2019/apr/28/the-condominium-conundrum-washington-state-law-eff/

Sun., April 28, 2019

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