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My name is Jimmy Z and this is my blog. I appreciate you taking a minute to stop by and read my daily ramblings! Within you will find that I have some pretty interesting thoughts on a variety of subjects, especially real estate!

 

10 Questions to Ask the Condo Board

Before you buy, contact the condo board with the following questions. In the process, you’ll learn how responsive — and organized — its members are.

1. What percentage of units is owner-occupied? What percentage is tenant-occupied? Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place? You may find, for instance, that those who buy a property after a certain date can’t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve? How is that money being invested?

4. Are association assessments keeping pace with the annual rate of inflation? Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn’t the assessment cover—common area maintenance, recreational facilities, trash collection, snow removal?

6. What special assessments have been mandated in the past five years? How much was each owner responsible for? Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board’s fiscal policy.

7. How much turnover occurs in the building?

8. Is the project in litigation? If the builders or homeowners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable? Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer’s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren’t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property? In very large developments, umbrella associations, as well as the smaller association into which you’re buying, may require separate assessments

HOME SALES

Florida's housing sector continued to mirror the national trend in third quarter 2006, showing a higher inventory level of homes for sale in many areas and a slowdown in the market. Sales of single-family existing homes statewide totaled 43,395 during the three-month period, down 34 percent from the 2005 level; the statewide median price remained stable at $247,900.

Read the full story:

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-11202006

AP

Monday November 20, 8:00 pm ET
By Lauren Villagran, AP Business Writer
Third-Quarter Home Sales Plummet in 38 States During the Summer; Home Prices Also Tumble


NEW YORK (AP) -- The feeble U.S. housing market showed more frailty when third-quarter home sales plummeted in 38 states, hitting Nevada, Arizona, Florida and California particularly hard, government data showed on Monday.

The once-booming real estate market's persistent weakness over the past year has reined in expectations for economic growth but hasn't been severe enough to offset a rising stock market, lower gas prices and improved consumer expectations.

The National Association of Realtors reported Monday that sales of existing homes fell in 38 states during the summer. Sales retreated to a seasonally adjusted annual rate of 6.27 million units nationwide, down by 12.7 percent from the same period a year ago. Nevada, Arizona, Florida and California led the declines.


For full Story go to:
Home Sales Fall in 38 States, Data Shows: Financial News - Yahoo! Finance
http://biz.yahoo.com/ap/061120/economy.html?.v=11

State economists are expected to lower their forecast for how much money the state has coming in because of a slowdown in the housing boom. It's the first expected revenue drop in several years.

Read the full story:

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n1-11142006

INTERNET HOME VALUES

Zillow.com, an Internet site that provides online home value data,
has been sued by a group that claims the property estimates are inaccurate as much as 70 percent of the time, causing
“substantial injury to consumers nationwide when they consider selling their home."

Read the full story:

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n4-10302006

WORKFORCE HOUSING

Miami-Dade hopes to introduce a tax relief program to a small
segment of apartment-building owners who offer affordable
rentals. The program is only a small step, but county leaders
believe it's the only one allowed under current state law.

Read the full story:

http://www.planetrealtor.com/florida/news/daily/news.cfm?article=n3-10302006