continental condominiums


November 25, 2010

Why Investing In a Condominium Is A Good Decision

Filed under: Condominium Articles — Tags: , , , , — admin @ 10:17 pm

Most of us have heard of condominiums, and have a quite clear picture of how it looks.

However, we still ask ourselves sometimes, why is it called a condominium?. In a condominium (commonly called a condo), some parts of it, like your residence – are owned privately, while others – common areas – are owned collectively by all of the building’s residents.

A less technical way of describing a condo is an apartment that you own. In real-world terms, condos often take the form of an apartment or similar shared complex, but theoretically, a condo could physically look like anything. Condominium units are generally popular in areas with high property values, and vacation hotspots and urban settings are both locations where you can expect to find them on the market.

This is mainly because buying a single-family home can be quite expensive in cities where additional building space may be scarce. As such, condos can open home ownership to whole new groups of people If you think you’re all ready to own your own home, but can’t quite afford a larger house, a condominium could be a good option for you to get into the market.

Tips In Looking For A Good Condo Unit

Looking for an appropriate condominium unit involves the same process as shopping for a single-family home. If you have a general idea of what you’re interested in, going to a real estate broker can be a better move in finding out about properties that you might not be able to locate by yourself.

If you prefer to do it by yourself, you can also search on the Internet, where many real estate Web sites and listings for condos in the area you are interested in, are shown. If you have a specific building or complex in mind, many offer on-site sales offices where you can learn more about the condominium and perhaps even view a show suite.

Reading The Fine Print On A Condo Purchase Contract

There are many aspects that you need to put into consideration when buying a condo, and it’s not just the sales contract that you have to think about. Condos also have an agreement, or declaration, that dictates the way the condominium operates and is governed. Before purchasing your condo unit, you should request and read the documents that apply to the management of the complex. You need to learn what are the hot issues for this complex.

How big is the condominium’s reserve fund? How does management deal with owners’ requests and complaints? Does the condominium impose strict rules and guidelines on owners that you may be unhappy with? You also need to get sense of whether the condominium you are considering is well-maintained, and whether the property’s rules and restrictions would allow you live the lifestyle you’re seeking, and whether the building is experiencing any problems that may lessen the value of your share of ownership in the future.

Reasons For Getting A Condo

There are many good of reasons that a condo could be a better alternative to an apartment or single home, and money is surely one of them.

According to The Real Estate Journal, the prices of condominiums tend to appreciate at a slower rate than single-family dwellings, making them a more cost-effective choice in markets where prices are on the rise. And, compared to renting an apartment, since you actually own your condo, you can take advantage of tax deductions, such as the interest on your mortgage.

It’s also noteworthy to remember that the purchase price isn’t the only thing to consider when you’re buying a condo. Most co-ops and condos have monthly fees for maintenance of the common property, and these can be quite costly and, unlike renting an apartment, you’ll also have to pay property taxes.

Whenever you’re looking to buy a home, there are plenty of choices available. One of them is the condominium. As you may already know, a condominium is a large property complex that is divided and sold in individual units.

Compared to a single-family dwelling, ownership in a condominium includes partial ownership in shared “common property”. This presents unique challenges for condominium buyers. If you’re considering buying a condo, read on to learn a little more about this type of property and what ownership entails.

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November 17, 2010

Saving Money on Your Condominium Purchase

Filed under: Condominium Articles — Tags: , , — admin @ 5:00 am

There are many ways that buyers find to save money on their condominium purchases here in Center City Philadelphia. One can save by making offers of many properties, doing cosmetic work themselves, or being one of the first OR last people to purchase inside a condominium building. One technique used by some buyers here in town is what we here at Center City Condos term “shop a lot, and insult many.” What some buyers will do is that they’re flexible in their need for a specific condominium unit, and they will make many offers, one at a time, they’ll lowball, and if it’s not accepted, they’ll yank and lowball another condo unit, yank and lowball another condo unit. And they’ll continue to do that until they get a deal. These days we don’t come across many buyers who use this technique, but we have in the past. The advantage of this is that you may have the ability to get a very good price, but the disadvantage is you may not be able to get everything you want in the specific unit. Since you’re opening your needs, the one that you may end up getting may not be your first choice, but at least you may have gotten a good price.

The second way to save money on a condominium is to buy the ugliest condominium you can find; the one with the purple shag carpet and the pink and orange walls. Preferably, the unit will be exceptionally dirty and hasn’t been cleaned in fifteen years – and if you’re lucky, it’ll smell! Because those things are easily curable, but they’re also things that few buyers want. It would seem that very few people can remove the “emotion” out of their condominium purchase. If you have the ability to do that, it’s almost as if the world is your oyster. Generally speaking, these units have a tendency to sit on the market for a long time and as they sit on the market, the price drops, and the price drops, and the price drops. A fair number of buyers are NOT price motivated; if you ARE price motivated and can forego the emotion associated with a condominium purchase and buy the least attractive thing that you can find that needs possibly painting, and the floor sanded, and new appliances, and cosmetic help, you may be in for a very good purchase.

Lastly, one technique that can be used is timing -I have always said that the first buyer into a condo building, and the last buyer into a condo building are sometimes the luckiest buyers. Because at the onset of a release of condominiums, generally speaking, the developer needs sales to get his financing. So if you’re one of the first people into that deal, you may get the introductory construction pricing. Additionally, the developer is looking for buyers to confirm what they originally had thought when they bought the building, the fact that it’s going to be desirable – sellers love the first initial sales! Conversely, if you’re one of the last one or two people to get into the building, generally by the time this developer is all the way at the end of the project, they want OUT. So you may get a very good deal by buying the unit that hasn’t been purchased yet at a very good price with a lot of dealer incentives – a lot of upgrades, maybe the seller is providing a lower price or other financial incentives.

There are ways to save money on your new condominium purchase here in Center City Philadelphia. Some techniques are more popular and some are more successful than others. We suggest that you choose your strategy wisely and buy according to your preset goals.

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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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September 28, 2010

Condominium Management – Your Best Reserve Strategy

Filed under: Condominium Articles — Tags: , , , — admin @ 4:00 am

Whenever I’m asked the question, “How much should be in a reserve account?” I respond with something like, “It varies” but I quickly add that the better question to ask should be at what rate should reserve funds be accumulated – what should be our annual contribution to reserves? A capital reserve account is there to accumulate funds to be able to replace each common area component at the end of its anticipated service life. So the amount in reserve at any given time will vary with both short and long term anticipated expenses. On that there is common agreement.

Let’s see if we can gain some converts to belief in a fluctuating reserve account. First off, let’s discard the notion of any rule of thumb, like a percentage of operating funds. Not only is every association unique, but such a concept falsely implies a static situation. And that is just not the case. There is no lack of advocates for approaches to how to fund a reserve account. One position holds for “fully funding”. Not every one understands the technique the same way, but essentially it says that you should contribute to the reserve account in proportion to the rate at which you “use up” the component. If your roofs will cost $100,000 to replace and will last 20 years, then you should be setting aside $5,000 a year. But that can ignore the varying rates at which all your combined expenses accumulate. And fully funding can easily, in many cases, result in over funding at a time when there is no need for cash.

Over funding penalizes current homeowners. They have better places to put their money than adding value to value already in place. If a roof was just re-shingled, its value is in place. Under funding penalizes future homeowners who can be faced with a special assessment. We tell clients that one of the main purposes of their capital reserve fund study is to determine reasonable reserves and reasonable contributions that treat current and future homeowners as even handedly as possible.

We call that reasonable approach “threshold plus contingency funding”. It matches the rate at which expenses accumulate plus a contingency for the unexpected, which, as we know, should always be expected. This approach recognizes the principle of declining value with advancing depreciation. As roofing shingles age, the depreciation of their initial value increases. So, we reason, the rate of contribution to reserve should increase to match that depreciation. Homeowners, (and astute buyers) seeing an aging roof matched to accelerating contribution will sense that the inherent value of the property is in balance.

So it’s really a matter of maintaining value, isn’t it? Homeowners are not contributing to a roof. They are contributing to value. Contributions to capital reserve need to respond to depreciating holdings with increasing investments. How do you know what the comprehensive rate of accumulated expenses is and the aging level of components? You start by having a capital reserve fund study done, preferably by a professional engineer who is also a certified reserve specialist.. The study tells you what your cash flow needs to be to replace components on a schedule that responds accurately to field observed conditions. It will also tell you what the annual rate of contribution needs to be to pay for the replacements.

The bottom line is that reserve accounts are not static line items in a budget. Your level of contributions to reserve needs to accurately anticipate the accumulative rate of expenses for replacement of capital items. To do that, your reserve account needs to be shaking hands regularly with the changing reality of what’s on the ground, on the roof and in your blueprint for planned maintenance.

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September 24, 2010

How Consumer Confidence is Impacting Miami Luxury Condominium Sales

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

Between March and May of 2010 the number of luxury condominium sales in the Miami area jumped by roughly 12%. This is a substantial sign that consumer confidence has reached a turning point and that the real estate market in Miami is about to rebound.

This is great news for both buyers and sellers because pricing is still holding at a 30% to 40% below traditional pre-construction pricing. In fact, median prices for luxury condominiums have actually declined since only last year by an average of one hundred thousand dollars per home. This means that buyers are getting a lot more “bang for their buck” even as competition for the best sites increases.

It also means that sellers and real estate professionals are going to see some benefits too. For example, while national pricing remains low and sales seem to be somewhat stagnant, the entire Miami luxury condominium market is already into a serious phase of recovery.

Does this mean that real estate professionals can stop worrying about the markets? No, but it does indicate that trends are heading back to a more realistic and level position. Consider that in the Sunny Isles Beach area the number of sales in April of 2005 was around 200 units per month, and three years later that figure had declined sharply to around 50 units per month. Clearly, this was an accurate reflection of the national real estate problem, but unlike national averages, the Sunny Isles Beach statistics show that by April of 2010 the average number of sales for the city was above the 2005 point and closer to 300 to 400 per month.

This indicates that buyers are savvier than ever. How is that? Consider that many people are “pinching pennies” and this is seen in the frequency in which buyers of luxury condominiums are also renting their property for vacationers to the area as well. This is a further reflection of the general consumer trend to keep vacation costs low by selecting alternative accommodations. The fact that luxury condominiums are available in prime locations and with some of the most impressive amenities available is becoming a “win-win” situation for owners, realtors, and even for vacationers.

The return of some measure of overall consumer confidence is readily seen in the increase of monthly sales of luxury condominiums and the return of a large number of vacationers and travelers to the entire Miami area. It will soon also be seen in median prices heading back to more traditional levels too.

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September 19, 2010

Satellite TV in Your Condominium – Frequently Asked Questions

Filed under: Condominium Articles — Tags: , , , , , , , , — admin @ 2:32 am

For many years, Americans had one choice when it came to their pay television service – cable TV. That changed in the early 1990’s, when satellite TV became affordable and practical when the size of the satellite dish was greatly reduced. But today, those that live in condominiums are oftentimes restricted when it comes to this choice.

So what can the condo dweller do? Recent rulings by the FCC have made it a bit easier for these renters and homeowners to get away from high cable television prices. Let’s consider some of the frequently asked questions in this area.

I live in a condominium, and my HOA restricts satellite TV installation. What can I do?

This is a difficult situation to deal with. Homeowners associations have become extremely restrictive over the years when it comes to just about everything. The bottom line is that the FCC has ruled you have the right to satellite television, though the dish may have to be placed in an area considered “exclusive use.” This means no placement of the dish in common areas.

I rent a condominium unit. Can I get satellite television?

his oftentimes depends on the owner of the unit. Satellite TV companies generally require landlord permission, so check directly with Dish Network or DIRECTV before scheduling installation. Two year contracts are also the general requirement for new satellite customers, so be sure you can fulfill your end of the bargain.

I have heard about new shared satellite systems. How do these work?

Many high rise apartments and condominiums have begun to allow satellite TV companies access to their buildings. These large scale systems give the complete building access to a satellite provider, and give you a choice when comparing satellite TV vs. cable. Check with your building manager to see if they have installed a system like this.

21st century technology is beneficial to renters and homeowners alike. With expanded availability to satellite services, cable companies will have to hold the line on prices in order to remain competitive. More importantly, fully evaluate the options available in obtaining satellite TV in your condo.

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August 17, 2010

Condominium Sales Contract Form

Filed under: Condominium Articles — Tags: , — admin @ 8:01 pm

A condominium is often mistaken as a type of construction or development. It is actually a type of ownership in real estate property where all of the owners own the property, common areas and the building together. The interior of the unit is owned individually, and the owner has a title to it.

A sales contract is a contract of sale for the purchase and sale of real estate property. The contract stipulates the price to which the buyer agrees to pay and the seller agrees to convey the title to the property by way of deed or an assignment of lease. It is an enforceable document which binds both parties outlining the mechanics of the transaction. It is the blueprint of the entire transaction.

A condominium sales contract is much like any real estate property sales contract, only the property to be conveyed is a condominium.

A condominium sales contract covers the following legal topics:

Details regarding the property, description of the property and exact address.

Condition of the property, usually referred to as property disclosure which includes information on unit improvements

Provisions relating to earnest money, amount, initial payment, terms, rate of interest etc.

Contingency clauses including financing and inspection of the property

Provisions governing what happens if property is not delivered at closing and other kinds of default

Limitations and conditions of ownership also including covenants, encroachments, liens and encumbrances.

Whether the seller or buyer pays or receives a credit for property taxes, condominium special assessments and similar expenses.

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August 5, 2010

FHA Mortgage Condominium Spot Approval Process to Change by October 1, 2009

Filed under: Condominium Articles — Tags: , , , , , — admin @ 8:05 pm

If the purchase of an Orlando condo or town home is in your future, you need to be sure that the home you’re looking into is in an FHA approved development. If your desired condo or town home is not on the approved FHA condo list by October 1st, you’ll need to get a spot approval in order to close on your Orlando FHA mortgage.

If your Orlando condo is not on the FHA approved condo list, again – do not worry automatically. It is possible to get your condo spot approved for purchase with an Orlando FHA home loan. The bulk of the information needed for this comes from the condo’s Home Owner’s Association (HOA).

One of the main things to look out for in a condo community if you wish to use an FHA mortgage is the ownership ratio. In order to be approved for an FHA purchase, 51% or more of the units must be occupied by owners. Your condo association will also have to ample cash reserves, be a party to no litigation. All this is made more complicated by the fact that come October 1, 2009 the entire Orlando FHA mortgage spot approval process will change.

Under this new process, FHA lenders will be able to approve a Condominium project for HUD. This means that “spot approvals” will no longer be required. In fact, once a loan is done on a unit in a development, it will be added to the approved list and future loans in the project will be easier push through. Over time, this should really streamline the time it takes to do FHA loans on condos here in the Orlando, Florida area.

However, if yours is the first FHA mortgage loan in your chosen community, it may take longer and be far more difficult to get an FHA loan done, so keep that in mind when writing an Orlando FHA backed purchase offer on a condo that is not on HUD’s approved list.

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July 28, 2010

Condominium Owner Upset Over Legal Fees

Filed under: Condominium Articles — Tags: — admin @ 8:37 pm

“One of the prior board members sued the five people he blames for starting the recall against him. If that attorney asks the board who will pay for his or her legal fees, can the board meet and decide without notifying the owners? Is it legal to use condominium funds to pay these legal fees?”

Legal counsel to the condominium association is provided by the condominium attorney. That legal counsel does not represent the board or a single member of the board, nor any particular officer. Although the attorney usually communicates with one member of the board, the board president or other officer of the board, that person is not the client of the attorney. The condominium management company also is not the client of the attorney.

The condominium association as a whole is the client. The attorney does not represent the interest of one or more owners or any particular group of owners. The attorney must represent only the association. Owners frequently challenge this concept by suggesting that since the attorney advises the board, he or she represents the board.

Another misconception is that condominium owners think that legal counsel is available to answer their questions as well as the questions the board may have. Owners sometimes need to be reminded that the board and the attorney are on the same team and that the attorney provides advice to only those who govern the condominium association.

Check the Declaration and Bylaws for what they say about when the board is permitted to call a meeting without the owners present. If those two documents do not speak to this issue, then you can assume the board is permitted to do so at any time that is convenient for them. That being the case, a board may call an emergency, closed meeting at their discretion without notifying the owners for matters such as delinquencies, employee problems, and some legal issues.

The legal counsel is a contractor to the association the same as the landscaper, accountant, insurance agent, management company, etc. Therefore, he or she must be paid from the funds of the association just as all the other contractors. As described above, you must remember who the client of the attorney is. Association funds may not be used to pay the attorney for anything other than his or her representation of the condominium.

It is the board who determines which contractors are hired to provide services to the association. That decision also includes consideration of the costs. Owners are not involved in the matter of either selecting the contractors or how much they are paid. According to the condominium governing documents, there are usually only two powers the owners have, electing and recalling board members and voting on the addition and removal of capital assets of the association.

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July 16, 2010

Flamingo Condominium Mixes Elegant Living With Miami Beach Style

Filed under: Condominium Articles — Tags: , , , , , — admin @ 8:07 pm

The Flamingo is a beautiful high-rise condominium in the center of South Beach, FL. However, unlike other condominiums in Miami Beach, The Flamingo sets itself apart because it’s not only a place to live, it’s a lifestyle! I witnessed this ultra sexy lifestyle first hand when I visited the property for one of their famed pool parties a couple weeks back. There was so much beauty to behold that it was difficult to decide what to put your attention on!

The gorgeous infinity pool is set right on the bay overlooking the Downtown Miami skyline. It has a cascading water-fall feature that just adds to its magnificence. The lounge furniture that surrounds the pool was plentiful and filled with the sexiest bodies South Beach has to offer!

Next was the fun, casual, resort style atmosphere that only The Flamingo can create. There was a phenomenal DJ playing all of the latest hits. 944 Magazine was having a promotional event featuring their magazine and some of the latest fashions in swim wear. Stations of free ‘Mojitos’ and rum with mixers were available through out the entire deck overlooking the pool. What more could you ask for!?

As a guest, I felt like I had entered the Garden of Eden! It became clear that The Flamingo has the reputation of being and offering so much more than just a place to call home! I now understand The Flamingo’s famed saying, “South Beach revolves around us.”

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