Tenants Now Paying Association Dues

The story is common all over Key West in the down turn of our economy. An investor owns a condo or townhouse, they owe more on the property then it is worth so they stop making payments. In the following years that it takes to foreclose the property is rented and the owner continues to collect the rent, but not pay the mortgage company or the association. At this point the association falls short of money and has to postpone needed repairs and maintenance or collect more money from the owners who are current. This puts a burden on the association and their members. It also has a negative effect on property values by making it harder for a new buyer to get financing. When their mortgage company sees a high number of owners not paying the association it makes no difference how good their credit is the property won’t qualify.

A new law passed by the Florida legislature makes it easier for condo and homeowner associations to collect back dues owned to them. They now have the right to collect the rent directly from the tenants until the dues are current. If the tenant is ordered to make a payment to the association, it counts as rent credit. The tenant pays the remaining balance to the landlord. For example, if a lease agreement calls for the renter to pay $600 a month including $100 association fees, traditionally they would have paid the whole amount to the landlord. Now, under the law, the tenant would pay the landlord $500 and the association $100.

When a renter is required to pay the association directly, they should keep a copy of the notice from the association seeking payment, as well as cancelled checks and/or receipts. If the landlord demands the entire $600, the tenant should send them copies of the documents and receipts showing their payments to the association.

“If the landlord files an eviction, it’s very important that the tenant doesn’t sit back and assume the payment to the association will protect them; they need to answer the eviction lawsuit,” In this situation the Landlord will not be able to evict the tenant for nonpayment only the condo association can. The law helps the tenant if they are doing what they’re supposed to do while the landlord isn’t.

FOR IMMEDIATE RELEASE

JOANNE TARANTINO Earns NAR Short Sales and Foreclosure Certification Buyers and Sellers Benefit from REALTOR® Expertise in Distressed Sales

JOANNE TARANTINO with PRUDENTIAL KNIGHT GARDNER REALTY has earned the nationally recognized Short Sales and Foreclosure Resource certification. The National Association of REALTORS® offers the SFR certification to REALTORS® who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.

According to a recent NAR survey, nearly one-third of all existing homes sold recently were either short sales or foreclosures. For many real estate professionals, short sales and foreclosures are the new “traditional” transaction. REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities.

“As leading advocates for homeownership, REALTORS® believe that any family that loses its home to foreclosure is one family too many, but unfortunately, there are situations in which people just cannot afford to keep their homes, and a foreclosure or a short sale results,” said 2009 NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “Foreclosures and short sales can offer opportunities for home buyers and benefit the larger community, as well, but it’s extremely important to have the help of a real estate professional like a REALTOR® who has earned the SFR certification for these kinds of purchases.”

The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk, and provides resources to help REALTORS® stay current on national and state-specific information as the market for these distressed properties evolves. To earn the SFR certification, REALTORSÒ are required to take one core course and three Webinars. For more information about the SFR certification, visit www.REALTORSFR.org or call 1-877-510-7855.

Gulfview Townhouse Just Reduced!

Just Reduced...$499,900

3 Bedroom, 2.5 Bath Townhouse

Beautiful open water Gulf views in gated community. Out door deck area w/private pool & fountains. 2 upstairs balconies. Hurricane shutters for all windows. Carport with storage. One owner is a real estate licensee. Total annual insurance costs are $3,370. Bank is local and a decission would be made quickley.

MLS Link: http://keywestmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Keywest&PRGNAME=MLSLogin&ARGUMENT=8Aaav9tRjeIvgJEhSou08sKFOwQm9%2Bn%2BuJYQHXtJPOI%3D&KeyRid=1

Joanne Tarantino - CRS

Prudential Knight & Gardner Realty

(305) 294-5155 x244 ~ (305) 304-2012

(305) 295-0946 Fax

Joanne1kw@gmail.com

http://www.kwhomes.net

http://joannetarantino.blogspot.com/

"TALL on Real Estate Service"

REDUCED...Las Salinas Condo W210...$214,900

Just Reduced to $214,900
2 Bedroom, 2 Bath Condo @ Las Salinas, Unit W210
Good condition with ceramic tile throughout. New central A/C. Individual storage area. Beautiful pool.NOT A SHORT SALE. Owners are licensed real estate agents in the State of Florida.

MLS Link: http://keywestmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Keywest&PRGNAME=MLSLogin&ARGUMENT=NzmSemIBeFaKPHiL6Z0GkmZErtccBEFzKIYRIizIhJQ%3D&KeyRid=1

Joanne Tarantino - CRS
Prudential Knight & Gardner Realty
(305) 294-5155 x244 ~ (305) 304-2012
(305) 295-0946 Fax
Joanne1kw@gmail.com
http://www.kwhomes.net
http://joannetarantino.blogspot.com/
"TALL on Real Estate Service"

Steam Plant Blows the Prices

It was recently announced that one of the premier real estate developments in Key West has just done a dramatic price reduction on their units. These beautiful luxury town houses are truly unique, in the heart of Old Town and with wonderful water views.

The former City Electric Plant had been closed down for many years when purchased by Ed Swift, doing business as Steam Plant Condominiums LLC. In late 2003 the only marketing that was done was a grand by “invitation only” reception for only fifteen local real estate agents. All but one, which was retained by the developer, were reserved with deposits in the first two weeks. In this explosive real estate market everyone was buying, many were locals buying two or three some with plans to flip.

A large company out of Tampa named Dooley Mack became the contractor in the large renovation and reconstruction project. It was soon realized that the completion date could not be made. The environmental clean up was huge. All the massive electric producing machinery had to be transported to the main land, to be treated and disposed of as hazardous waste. Other delays were encountered. With other large projects also going up at the same time like the Santa Maria and Beachside workmen and materials were in short supply. Then came the years of hurricanes in 2004/ 2005, one after another, work had to be stopped and the town evacuated. Finally in 2009 when the condos received their certificates of occupancy the real estate market was nothing what it had been. Only two of the original 18 buyers honored their agreements and closed.

All this has ended in some drastically reduced prices and a great opportunity on a wonderful upper end project whose timing missed its target. Last month drastic reductions were announced, on some units over 30%. If you have not seen these units it is definitely worth you while, just to see the very unique art deco/industrial design. Some of the original machinery creatively decorates the interior common areas. The units are spacious and dramatic. The quality cannot be better, solid concrete fortress like walls and individual elevators to each unit. Massive impact resistant doors slide like butter then close with the quiet finality of a bank vault. There is a common area roof top pool and individual private pools. If you would like to see these yourself give me a call and I will be happy arrange a tour.

A Developers Nightmare! “The Nail House”

This former house located in Chongqing Municipality in southern China has been dubbed the "nail house" because it refused to be hammered down. The owners had been fighting off bulldozers there since 2004, when developers pleaded with them and another 280 households to make way for a shopping mall. But the compensation proposed by the developer was just not enough.

The other residents left one after another, leaving the building standing alone. The house, was handed down through several generations. It was used as a variety store and then leased to become a restaurant.

As the owner held out flying the national flag, he received food and supplies via a green rope pulled up from the ground.

The structure was finally demolished in March of this year. As compensation, they accepted an apartment in the Shapingba district of downtown Chongqing, similar in size to their old one.

Florida Bill Helps Condo Associations

Good news Charlie Crist just signed a condominium reform bill(SB 1196) that will help many Florida Condo Associations that have been struggling to stay a float in the wake of numbers of pre-foreclosure owners discontinuing payments on their monthly dues.http://tiny.cc/8142w If they are renting the association now may demand the tenants rental payments go straight to the association to cover the dues owed. Previously the associations had to sue to collect rent (a timely and expensive process). A second change, up until now once the bank foreclosed they were only required to make up past dues up to 6 months or 1% of the loan amount. That has now increased to 12 months or 1%. This will really help so many associations who were having to turn to the paying owners to pick up the deficit of the nonpaying ones. A well funded association will also attract more resales and make it easier for those resale buyers to obtain a new mortgage.