continental condominiums


October 28, 2010

Condo Questions You Haven’t Asked

Filed under: Condominium Articles — Tags: , — admin @ 10:01 pm

Are you sure that you want to buy a florida condo rather than a house?

Let’s talk about the advantages.

- You can lock the apartment’s door and travel to Paris or Disney. If you own a house, it becomes a small project. Who’s going to take care of the lawn? And the pool? And what if there is a leak while you am away? Or somebody tries to break in?

-You just pay the condo fees and that takes care of the insurance, the landscape, the pool, and the repairs. No more of these pesky bills.

-You will possibly meet more people in the elevator or just sitting at the pool. You can make more acquaintances and social life can be better in a condo building.

-There might be a nice gym and it’s so convenient to just go downstairs instead of taking the car!

-A problem? Just call the condo management or the maintenance man.

-They have this nice clubhouse, where you can just relax or watch TV while you talk to one of your neighbors.

-Security is not a big concern if your condominium has implemented some kind of 24-hour surveillance.

On the other hand…

-These condominium fees are really high! The pool service at your old house cost about seventy dollars, and if you didn’t want to do your own lawn work, the landscape wouldn’t be more than a hundred dollars a month. Repairs? You mean fixing the fence every ten years? Or the pool pump? That doesn’t even come close to all these payments the condo association is bleeding you every month.

- Parking is a hassle. Going through the entrance gate, park the car, take the elevator! If it was a house, you just park anywhere and you’re home.

- You have 2 grown-up kids and 3 cars. There is only one parking place per apartment. Guess who has a big problem?

- You would like to make some minor changes in your condo and the homeowners’ association doesn’t want to hear about it. There might be an old lady who is so intrusive and mean in the board of directors…

- When you moved in, you didn’t know that this building was falling apart. You just got an “assessment” for “elevator repairs” which will increase your monthly payment by more than 50% the next 18 months!

Evidently, you forgot to ask some questions. Let’s see:

- You had the right to go through the condo association documents. But you didn’t do your homework. You could read some of the board’s meetings minutes. You would have found out that some major repairs had been postponed for a few years.

-You would have found out that the Association’s reserves hadn’t been kept at a reasonable level. Remember that, the older the building, the larger the reserve. You were so happy that the monthly maintenance fee was low. Did you suspect that they weren’t putting aside enough funds to cover the unavoidable roof repair, or the air conditioning’s old age?

Or perhaps they were not maintaining the elevators adequately? Condo owners hate to see an increase in their monthly fee. A good measure of a well managed building is that a reserve fund is maintained for every item, taking into account its remaining life expectancy. And there are well established rules about how a reserve fund must be managed. So, if you had asked to see their budget, it would have made sense.

- Maybe you should have talked to some of your future neighbors and heard about their complaints. For example, you might have found out that a few owners haven’t paid their dues for a long time. And guess from which pockets the deficit is going to be covered. You would be surprised how often it happens. Any lack in the condo association funds will be covered by the rest of the homeowners.

- It wouldn’t hurt to have your lawyer examine the condominium papers and bylaws, to check about any inconsistency. At the same time let him check if there is or have been a lawsuit against the association; maybe by the condo owners themselves.

- Did you check if they allow pets? How many? What size?

-What about their policy about renting your apartment? Many communities restrict the rental of their units. They could have screening policies for prospective tenants. They could altogether limit or prohibit renting. If renting is allowed now, things could change next year. A condo association can change its rules at any time.

- In general, does this owners’ association behave in a rational and organized way? Ask around and make sure that they have usually been sound and balanced in their decisions, taken well care of the premises, and not tried to make life more difficult than it already is. There are more than a few cases when dictatorial boards became the condo owners’ nightmare.

- Don’t forget to check the building insurance. See if it covers adequately whatever your own homeowner’s insurance doesn’t. Usually it should include coverage of what is outside your apartment’s walls. Check their hurricane coverage if it’s the case. Check their coverage for unexpected code non-compliances that force the building into costly expenses.

I don’t mean to scare you. I have only mentioned the worse-case scenarios. Condo living is usually very pleasant and there are lots of advantages in making this choice.

You just have to choose the right place.

My name is Henry B. Nathan and I am a Realtor specialized in Florida Condo

I am multilingual and part of my cliente is composed by foreign nationals.

Immobilier Floride is how Florida Real Estate is called in France.

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October 21, 2010

Garden Without Soil In Your Own Condominium – No Magic Needed, Just Water

Filed under: Condominium Articles — Tags: , , , — admin @ 11:30 am

Is it really possible to have a garden inside a condominium unit? Is it even feasible to have a plant without soil? These are the common questions asked by people, especially those condominium unit owners. And the answer is a big YES to both of them. Growing plants without soil is a process known as Hydroponics.

Hydroponics is derived from two Greek words, hydro (water) and ponics (working). Traditionally, we plant the plants in the soil and the soil provides the water and nutrients they need. In hydroponics, the water contains the needed nutrients. This water is then absorbed by the roots of the plants. A steady supply of nutrient-rich water is important for this process to work. Other factors needed for this process to be successful are oxygen, temperature, light and mineral nutrients. Plants also need oxygen for respiration to extract energy from their food. They also need proper temperature, and ample light for photosynthesis. Mineral nutrients, like potassium, phosphorus and magnesium, are needed since there is no soil.

There are 6 basic types of hydroponic systems: wick, nutrient film technique, drip, ebb and flow, and aeroponic. Each has its own advantages depending on the type and amount of plants, and the environment. A number of variations of each type now exist. The simplest is the wick, which does not have any moving parts. This is one system which is suitable for a condominium with the least amount of expenditure.

Most condominiums have limited spaces. Depending on the type of plants you’re going to plant, you will need different garden sizes. For example, you’re planning on having two tomato plants. A small corner will suffice. But if you want to have your own garden salad plants, you will require a much bigger area, probably the size of a balcony. Regardless of the size, you can easily set up the wick system.

Let’s say you just bought a tomato plant from a nursery and wanted to grow it in your unit. To set up your wick system, you will need simple materials. You will need a water reservoir, like a small-sized sturdy pail. You will also need a growing tray and a growing medium. The size of the tray can be just big enough to cover the pail since we are just talking about one tomato plant. You can use any plastic tray for this. The growing tray will hold the medium. The medium can either be clay pebbles or coconut fibers. Such mediums are healthy for the plants and can hold them better. You will also require wicks, like cotton cloths, that will act as water conveyors. And, of course, you will need water.

Setting up is easy. Fill the pail with water up to a quarter full. Bore two holes in the tray then put it atop the pail. Put your growing medium on this tray. Use two wicks for the two holes. Make sure that they are long enough to touch the water and the roots of the plant which is on top of the medium. Then put your plant on top. Now you have your own simple garden in your unit. Be sure to put your wick system in an area with ample lighting and air. You can choose the area near the window.

So when someone asks you if it’s possible to plant inside condominium units, you can definitely tell them that it is possible, very easy to do, and even without soil.

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October 17, 2010

Miami Condo Market: Ownership Issues

Filed under: Condominium Articles — Tags: , , , , , , , , , — admin @ 6:17 pm

Condominium ownership is becoming quite popular throughout the United States, especially, in big cities like Miami. It seems as if developments in the Miami condo market might be a win-win situation for everyone. For homeowners in particular, condos can be a very efficient and sometimes luxurious way of enjoying an urban lifestyle. For condo builders, the Miami condo market can embody a strong return on investment, at least before prices started dropping a few months back. And in the case of high rise condominium construction, less property has to be purchased so the profit margin can be even heftier.

Condominiums come in all shapes and flavors. It seems that the newest breed is found in urban areas like Miami. In part, this is due to the trend towards urban renewal and redevelopment that is taking place in many regions around the country. When talking about condominiums, not only do I refer to those developments that follow a condominium form of ownership, but also similar kinds of legal entities such as homeowners associations (HOAs).

If unit owners are responsible for the finished walls in addition to owning the interior living space, the HOA is responsible for the areas beyond the finished walls–typically the structures, the plumbing, the common sewage lines, and anything else common that is for the benefit of the association including pathways, recreation facilities, swimming pools, and tennis courts. HOAs may have common areas and limited common areas. A common area might be something like what was described above: a park, an internal street, a pool. A limited common area might be a part of the lawn that’s fenced off for the use of a particular unit owner.

These are general observations in the Miami condo market scene. Before purchase a condo unit one must read the master deed, the by-laws and every other legal document in order to find out what is and what is not to own. This can make a substantial difference. For example, some coastal condominiums in Miami have docks for the unit owners. A unit owner needs to understand who will own the dock that he or she will be using. This issue is important for resale purposes, maintenance issues (which can be very costly in this example) and riparian ownership concerns.

The success of the HOA is directly correlated with the caliber of the members. If the HOA’s board of directors is functioning properly and has good legal counsel, then the entire community may be an exciting, desirable place to call home. On the other hand, if the entire HOA is falling apart because nobody wants to volunteer, or it isn’t properly collecting the monthly assessments from the unit owners, then the community probably would not be a desirable place to live, and people would most likely not continue on living there. Another concern is the extent to which the condominium is owner occupied. If most owners rent the units out, they may be collectively less concerned about day to day issues than if it is largely or entirely owner occupied.

Hence, when purchasing a condo, you can’t just look at the overall quality of the construction but also look at the condominium records and documents. In reviewing the HOA documents, one must find out if they permit special assessments for one-time large expenditures. The HOA should be able to render special assessments if problems arise, such as hurricane damages, and the like. Watch for association documents that unreasonably restrict the right to special assessment. While this restriction might seem desirable, in reality an inability to special assessment can ruin a condominium development.

In addition to a thorough document review, talk to people who own units. Probe the things that they have to say about living in the condominium complex. Look around the development as well to see if it appears properly maintained.

There is no getting around the fact that due diligence in the case of a condominium purchase requires an examination of the HOA records and legal documents. Examine them and ask questions before purchasing.

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October 13, 2010

Condominiums – Disadvantages of Ownership

Filed under: Condominium Articles — Tags: , , , , — admin @ 1:31 am

Purchasing a new residence involves many issues and condos may be on your radar. Before you buy, keep in mind there are disadvantages to condominium ownership.

Condominiums – Disadvantages

Condominiums are simply a collection of units in a structure or structures. All property on the interior of the unit is yours with few limitations. Everything outside of the unit, however, is considered to be in the common areas and subject to administration by the homeowners association for condominium communities. As with any bureaucracy, this can lead to problems.

1. Parking – One of the biggest pet peeves with condominiums is parking. While this may sound petty, it becomes a big issue over time if a particular situation occurs. One would think a condominium comes with assigned parking. In many developments, however, this simply isn’t the case. Instead, parking is on a first come, first serve basis. Over time, this situation can become extremely aggravating. With guests in the neighborhood, you may eventually find it difficult to getting parking!

2. Restriction – Condominiums are all about uniformity. If you prefer to express your individuality, the rules of a condominium may drive you insane. Since people live close to each other in condos, there has to be a number of rules to keep the peace. Many condominium associations, however, seem to go overboard with rules and one can often feel like a prisoner. You may be restricted from having pets, particular types of material in your units, renting to others, making noise outside during certain times and so on. Before taking the plunge on a condominium unit, you absolutely must read the rules and regulations for the association.

3. Association Fees – Homeowners’ associations need money to keep the gardening up and so on. As a unit owner, you are responsible for paying monthly homeowners’ association fees. Before taking the plunge, you need to make sure you understand the current fees. You should also look back in time to see how much the fee has risen over time. Paying an extra hundred bucks or so a month probably will not kill you, but what if the monthly fee is five hundred dollars?

The decision to purchase a condominium can be a complex one. While there are distinct advantages, the devil is in the details. Make sure you understand what you are getting into before taking the plunge.

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October 9, 2010

Trends in the Condo Market

Filed under: Condominium Articles — Tags: , — admin @ 11:57 am

One of the very first places that most tourists visit when they are in Miami is, of course, the world famous Miami Beach. The place’s tropical weather is something that attracts more and more people each year since it makes it possible for them to enjoy the beaches more and any other activities they may think of when it comes to leisure and recreation.

As a matter of fact, the popularity of the city of Miami also made it a hot spot for the real estate property industry both in the commercial and residential market. However, the year 2006 marks the start of a mortgage crisis that showed the trend declining down from the market’s once profitable and promising markets.

Starting in that year, a lot of condo units faced foreclosures, a lot of homes have been considered unsold and, on top of that, a lot of borrowers in the area also failed to meet their financial commitments and lost their properties as well. Furthermore, the deflation of the country’s currency also made it mandatory for most real estate firms in the country, not just in the city of Miami, to decrease the prices of these condo units to still make it possible for the general public to afford it. Without regard to all of these challenges, it is still safe to say that Miami Beach condo units are still considered by many investors in different fields as a prime investment really.

As a matter of fact, business-minded people (both living inside and outside the city) are setting their sights on Miami Beach condo properties since they still consider it as a good opportunity to invest in. Slowly but steadily, the real market industry in the state is really rising out of the mortgage crisis that hit it several years ago.

The concept of long-term investments is indeed one of the main factors why a lot of investors are still investing in Miami Beach condo properties. As wise business-minded people do, some foreign investors only started investing when they saw the decline of the prices. For example, those living in Canada and Europe are mostly unaffected by the deflation of the currency that is why they still have enough funds for Miami Beach condo units – even the expensive ones.

In addition to that, condo units in the area continue to be in demand because of the comfortable and elegant lifestyle that Miami Beach condo offers. The units are really furnished well, from the kitchen to the bedroom, so they really look very attractive to those people who may have been considering a condo unit in the area. Most units even have most amenities and services that anyone would desire such as swimming pools, health spas, wireless internet connection, housekeeping personnel, and 24-hour security as well.

If you are really interested in acquiring a property in the Miami Beach condo, you should start checking your finances now. If you think you can already afford it, then make the purchase now. However, if you still don’t have enough funds, you can also apply for a mortgage loan in the area.

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October 5, 2010

Foreclosure Timeline – How Long Does it Take?

Filed under: Condominium Articles — Tags: , , — admin @ 5:57 pm

The most important issue in the entire foreclosure process is that of how long it will take from the first payment being missed to the eviction of the homeowners. It is also an issue that most foreclosure victims have no idea about, and spend more time worrying about than any other aspect. Without knowing if or when the process has started, when the sheriff sale will be conducted, and how long they have after the auction until they are removed from the property, homeowners feel they have little control over the situation. Having a firm idea of the time frame of the foreclosure process, though, will allow them to put together reasonable plans to stop it with the time they have available.

The timeline of the foreclosure process will depend almost entirely on the state laws, so homeowners in danger of missing more than one mortgage payment should look those up as soon as possible. Various time lines are determined by the state, including notices that must be posted or mailed, redemption periods after the sale, and the scheduling and confirmation of the sheriff sale. Even procedures for postponing a sheriff sale are determined by the state laws. All of these aspects will be taken into account for the actual time that foreclosure victims have available to save their homes.

However, in general, the mortgage company will start the foreclosure process about 3-6 months after the first missed mortgage payment. Even though they can start it after the loan is technically in default (after 30 days late), lenders understand that many homeowners face short-term financial hardships and will be able to get back on track quickly. If the homeowners are keeping in contact with the bank, working out a repayment plan or trying to sell, they may postpone the actual foreclosure filing for a number of months, depending on the success of the homeowners. The mortgage company will want to give their clients some extra time to pay the loan back if the lines of communication are open. Of course, if the homeowners do not call the bank and ignore the phone when the lender calls to find out why they are not making the payments, then the foreclosure will begin much earlier.

Generally, a few weeks to a few months after the foreclosure is filed, the sheriff sale will be conducted at the county courthouse. Again, homeowners can get this postponed for a while, if they are working on a solution to save the home. Keeping in contact with the bank, letting them know how the process is going, and asking for more time if it is needed are all actions that foreclosure victims can take to prevent losing the home at a hastily scheduled foreclosure auction. The homeowners will have to put something in writing to the bank to show what they are working on, but postponing a sheriff sale can be quite simple. All it takes is communicating with the bank and working on a solution to the problem.

Now, after the sheriff sale, there are two possibilities, depending on the state foreclosure laws. First, the eviction process may begin right away. If this is the case, it can be another 2 weeks to a month or so between the sale date and the eviction date. The bank will have to ask the court for possession, the court will have to confirm the sale and order the county sheriff to evict the former homeowners and change the locks. But this is not a one-day process, with the sheriff kicking out the homeowners a few hours after the auction. Homeowners will still have a small amount of time to plan their future, find a new place to live after foreclosure, and move items out of the house.

The second possibility is if the state law allows for a redemption period, which is extra time after the sale that homeowners can work to keep their homes. During the redemption, they can try refinancing, selling, or paying the loan in full some other way, and keep the home in their names. After the end of redemption, though, the eviction process will start and it will be a few weeks after that that the sheriff shows up to remove everyone. But, if homeowners are unaware of the extra time they are given by state law, they may move out of the house before they have to. Redemption periods can be used by homeowners to begin a savings plan, pay off other debts to improve their credit, or begin to recover financially in other ways.

Without having the relevant information to understand how long the foreclosure process will take, many homeowners make mistakes that could otherwise be avoided. They may believe they have to move out before it is necessary, crippling their ability to start repairing their financial lives. Or, they may think that they have a lot of time left because of faulty assumptions about when the bank will start the foreclosure process, which can leave them staring at a sheriff sale before they even know it has been scheduled. Knowing how long foreclosure takes, and understanding that it is conducted differently in each state, is some of the most important advice that homeowners can receive, and will allow them the greatest chances to save their homes.

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October 1, 2010

Retirement in Puerto Vallarta–Condominium or Villa?

Filed under: Condominium Articles — Tags: , , , , , , , , , , , , — admin @ 5:57 pm

Invariably, when North Americans visit Puerto Vallarta, Mexico, they have such a good time under absolutely ideal conditions, that they hate to leave. Upon returning home, many start planning their next trip to Vallarta and can only dream about retiring here someday. The fortunate ones, either currently retired or about to retire, often start thinking about how they can own a piece of Vallarta and spend at least a part of their retirement in Paradise.

Many visitors interested in pursuing the idea of retiring in Vallarta will rent a condominium during their first extended stay, and while doing so, will experience all the benefits Vallarta has to offer, and will explore the market for condos and/or villas. Once they have determined that Vallarta will be their full time or part time retirement destination, they are ready to start considering which is most appropriate for them, a condo or villa.

There are certain aspects of condo and villa ownership that are constant; for seven months from November through May, the climate will be ideal, there will be numerous activities to enjoy and an abundance of friends to enjoy them with, and every condo or villa will have a panoramic, breathtaking view of the Banderas Bay and the Sierra Madre mountains.

The following discussion is to address the differences between condo and villa ownership.

The first variable that most consider is the percentage of time expected to be spent in Vallarta each year. For those planning full retirement in Paradise, a villa with staff might be the best choice; association fees are minimal, there are no neighbors or renters upstairs, value appreciation is most favorable, furniture and personal items can be shipped into Mexico making living conditions more similar to back home, and most importantly, the old house in the US or Canada can be liquidated, thus freeing up the capital for retirement and travel.

Those planning part time residency in PV might favor condo ownership; they will be close to many of the restaurants, shopping areas, and activities, they will be able to turn the key and forget about it at the end of the “high season”, they will have an opportunity to generate rental income while away, their maintenance expenses will be minimal, and they will retain their permanent family residence back home.

The second variable to consider would be the number of friends & family that might be expected to visit each year. When you live in Paradise, you’ll be amazed at how many “dear friends” you had back home! Of course, the smaller the condo, the fewer “dear friends” you’ll have. Whereas, if you own a grand villa, you’ll have more “dear friends” than you ever knew you had.

The third variable has to do with the age and health of the retiree. A younger retiree might favor a villa where he can call it home, living there as he would in any permanent residence, without having that temporary or transient feeling. Also, since most of the villas are located on the mountainside, they are usually multi-story and involve stairs, thus presenting obstacles for those less fit. Maintenance of a villa requires much more time, effort, and money and therefore, to many of the older or less healthy retirees, it alone might rule out villa ownership. Typically, the older retirees find the advantages of condo life outnumber those of villa ownership, whereas the younger retirees with many healthy years ahead of them, prefer villa ownership.

Due to the ever increasing cost of land, as a “rule of thumb”, you can use an average cost per square foot for a villa of $250, whereas the average cost for a condo would be a little less, at $200 per square foot. Of course, there are many properties in Vallarta that sell for substantially less, however, we’re only considering those with magnificent views and all of the modern amenities. On the surface, these prices may seem high, however, similar properties with comparable views would be two to three times as much in the States. Furthermore, association fees are much less and property taxes are negligible in Mexico.

An additional consideration that every retiree must have relates to real estate future values. In Mexico in general, and in Puerto Vallarta specifically, there is no housing slump or fear of recession, as prices continue to escalate at a rate of 10% or more per year.

All properties, whether condos or villas, are purchased through 50 year trusts, held by a designated bank. These trusts give the holder exclusive right to property usage for 50 years and can be renewed after 50 years, can be given to a designated beneficiary upon death and then renewed for another 50 years, or can be sold, allowing the buyer to renew the trust for new 50 year term. These bank trusts are as safe as the title and deed used in the States or Canada; plus, since they are Mexican bank trusts, they are virtually untouchable by any outside entity.

Since all real estate legal transactions in Mexico are done in Spanish, it is imperative that the buyer is represented by a qualified attorney. Also, much of the Mexican coastal land is classified as ejido land, and as such, was designated by the Mexican government many years ago to be used by the natives as farm land. North Americans are unable to purchase some of this beautiful coastal land and therefore, any North American retiree considering real estate ownership in the Vallarta area, must have competent representation to assure them that the land is appropriate for foreign ownership.

Due to the differences in laws and language, an exclusive buyer’s agent is a prerequisite in order to avoid the potential pitfalls associated with real estate purchases in Mexico. Having a truly professional agent with 100% buyer dedication and loyalty will assure you a safe and pleasant real estate purchase, regardless of whether you’re buying a condo or villa in Paradise.

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