Thursday, October 20, 2011

Amendments Affect Ch 718 (Condo Act) and Ch 720 of the Florida Statutes

On 6/21/11, Gov. Scott signed into law House Bill 1195, which amends various provisions of the state laws relating to condominiums and homeowners' associations. These changes cover issues, including official records; board requirements and meetings; collection of rent by an association and suspension of use rights.

Free Condo Info Available   Request a CD - The DBPR will have a new CD next week. The Condominium Educational and Reference Materials" (rev 10/2011), it will contain this summers revisions.  To get a free copy use the click on link to email your request:

Here is Pull up this DBPR site for information on various condo matters and to obtain other documents put out by the State:

Monday, October 17, 2011

Developer Owned Condos at NCC:

Q. Which of the 168 condo units are still owned by the developer NAUTILUS DEVELOPMENT PARTNERS, L.L.L.P (AKA: Gulf Boulevard Partners, Ltd)?
A. They own all of the condos in buildings 12 and 13. In buildings 10, 11, 14 and 15, they own almost all of them with only 8 being sold and individually owned. The other 8 developer owned condos are in buildings 6, 8 and 9. 

The developer owned units are being rented out by Concord Management as low income housing and plugged as 'affordable housing' at: 

Sunday, October 16, 2011

Last October We had a new Management Agreement Signed:

Moved Up the Blog From its original posting date of 10/13/10
The New Concord Management Agreement of Oct 4, 2010

This 10 page document is posted further down this blog and it can be viewed by clicking on this link:

Here are a few items of interest, note we get only 20 hours a week and we are locked into a 3 year contract by the outgoing BOD. This is called getting ‘screwed’ by Norman Knight and Paul Missigman, unfortunately our own BOD Owner member also voted to approve this contract. On pages 7 and 8 there is considerable detail on ‘Termination’ of the contract, it can be done but it won’t be easy. Hopefully the ‘new’ BOD will get rid of them ASAP.

2. TERM. The term of this Agreement shall be for three (3) years. . .


(a) Manager’s Fee. As a fee for its service under this Agreement, Manager shall be paid $15 per unit per month payable in monthly installments of $2,520.00 ($15.00 per unit x 168 units) in advance on the first day of each month. . .

(b) Separate Cost Items. The Association will pay or reimburse Manager separately for the following services or costs:

(i) $25,000 plus 25% payroll burden for employee(s) who will be “on-site”, which shall include being in the clubhouse at least twenty (20) hours per week and will act as manager(s) for the Association. Any meeting starting after 5:00 p.m. shall have a charge of $75 per hour.

(ii) $15,000 plus 25% payroll burden for employee(s) who will be “on-site”, which shall include being in the clubhouse at least twenty (20) hours per week and who will act as maintenance/janitorial employee(s) for the Association.

15. MANAGEMENT STAFFING. Manager agrees to comply with Section 718.3025(d) of the Condominium Act which related to the minimum staffing required and agrees to have at least one person available a minimum of 20 hours per week for the purpose of management and/or maintenance.

Deed in lieu helps you stay away from foreclosure

A Deed in Lieu of Foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings.

The principal advantage to the borrower is that it immediately releases him/her from most or all of the personal indebtedness associated with the defaulted loan. The borrower also avoids the public notoriety of a foreclosure proceeding and may receive more generous terms than he/she would in a formal foreclosure. It hurts their credit less than a foreclosure does.

For further info take a look at:
Your credit score and foreclosures

FICO credit scores run from 300 to 850.  650 and below is considered to be 'bad credit'

Just how dinged will your score be if it started out as Excellent (above 780)?

Short Sale, deed in lieu of foreclosure, or settlement with balance
 wiped out  -115
Foreclosure or short sale with deficiency balance owed  -150

Saturday, October 15, 2011

Tenants in Foreclosed Units Have 'Rights' To Remain

Since we have more 'renters' in residence at NCC than actual owners in residence the below info might be of interest to a lot of blog readers.

The PROTECTING TENANTS AT FORECLOSURE ACT is a law passed by Congress and signed by the President in May of 2009 and provides protections for tenants whose landlords fall into foreclosure.  See Nolo Press article 'Renters in Foreclosure: What Are Their Rights?'  at:

Tenants have the right to stay in their homes after foreclosure for 90 days or through the term of their lease. The bill also provides similar protections to housing voucher holders. These protections are now  in effect but expire at the end of 2012.

So there should be no more instances of Sheriffs coming to the door to evict people after the judge gives title to a foreclosed condo to the mortgage company. Before this change renters in foreclosed units might well find their belongings being piled up at the curb with virtually no notice.
and also take a look at 'Learn About Being Evicted or Breaking a Lease' direct link:

Wednesday, October 12, 2011

"A house can mean security, but don't run through your retirement savings in a futile effort to hold on."

(Now and then I move things up the blog that I think are interesting
and relevant, here is one such post)

Original Posting date of:  5/26/11

In case you don't get the AARP monthly Bulletin here is a relevant quote from their May issue:  #6.  "Walk away.  If you can't afford the house and can't sell it for enough to pay the mortgage against it, walk away and rent.  Don't run through your retirement savings in a futile effort to hold on."  This per Jane Bryant Quinn a finance expert writing for AARP.

This is something I have been saying for quite some time and also FYI is another quote on the subject:
"If you own a home that is 50% underwater, 70% underwater, it will never ever, ever come back to where you purchased it." said Suze Orman, consumer advice columnist, who continues, “Do the calculations everybody. How much is it costing you to actually stay in that house? How many years will it take for you to pay more than that house is worth? If it’s 3 years, 4 years, 5 years; are you kidding me? That’s a house you really need to say bye bye. It’s not worth the money.”

If you are paying a $1,000 mortgage each month for a 3/2, you have to add in costs that do not apply to renters:
1)  Taxes,  2)  Condo dues, 3)  Condo insurance, so your real out of pocket expenses will not be the $1,000 but more like $1,350 a month.  You can rent the same unit for $850, so each month you are $500 in the hole.  If I hadn't paid cash for my own unit I would have been out of here a year ago.  The realities of the situation are becoming evident to those here at NCC who are upside down with their condo units and we can expect many more units going into foreclosure.  Pouring $ down a rat hole makes no sense, mailing in the keys or not paying until evicted is becoming more common all over the country.

These units won't remain empty, new Owners will pick them up at 50% discounts from banks and mortgage companies.

Friday, October 7, 2011

New Revised Condo Ref. Materials available "FREE" from State of Florida!

Free Condo Info Available:

The Florida Dept of Business and Professional Regulation has a new edition of their CD "Condominium Educational and Reference Materials" (rev 3/2011). You can obtain a free copy of this CD and/or other materials using the below information.  Those attending the Jan 2011 AGM/BOD meeting got the then current CD along with various other handout materials.  Now a newer edition of this CD is available 'free'.

Request a CD - Condominium Educational Publications in English and Spanish are now available in CD-Rom format. You may request a copy by selecting this link. Please include your full mailing address and whether you are requesting the English or Spanish version. Here is the click on line to email your request:"
Pull up this DBPR site for information on various condo matters and to obtain other documents put out by the State:

Florida Laws and that Affect Rentals and Landlords Legal Rights

Florida Landlord Tenant Law:


Florida Landlord Tenant Law from FL Consumer:

For an article on how Foreclosure works go to:

What are a renter's rights in Foreclosure:


If you are looking for interesting sites with condo information you might take a look at a site by south Florida lawyers Becker and Poliakoff.  They handle a lot of condo issues and if you click on their 'Publications' link you will find links to Newsletters, Articles and blogs where you can spend hours reading up on various interesting topics.