Once thick weeds overtake a lush green lawn, its leafy tendons meander to the pool deck across the sidewalk. The pool itself evolved into an eerie and slimy ecosystem. Scatter and disperse in club houses and common areas.
The remaining owners are now almost undoubtedly dedicated to completeness and financial obligations, but as we move on daily, I feel helpless. What was it that the retirement that had been longing for in Paradise, was immediately imprisoned?
Parasites were invisible to them, but it was constant, and sincere regrets choked the lives of the community. Currently, nearly two thirds of the 400 plus unit is the default for condominium evaluation.
Apartment life in many Florida communities began to look like Edgar Allen Poe's story. However, recently, it has been given new weapons to collect unequal valuable struggles for the Condominium Association and to leave solvents.
Before discussing this weapon, let's take a look at one of the problems that plagues the condominium association and its unit owner. Investors use the bottom value of the condos in the Florida market and purchase large units as investment units. There are cases where it is reported that there is more than 100 units of investors in one project.
The combination of low purchase price and low interest rate makes it possible to lower mortgage payments and borrow units to achieve a nice return.
Condominiums were usually a tough market for landlords, as condominium maintenance costs are usually higher than the monthly maintenance costs of non-condominium properties, as well as mortgage costs, it is difficult to generate net income. Now, due to the market conditions I mentioned above, apartment investment is becoming more common.
However, it seems that there are cases where investors can not fulfill the obligation to raise funds. They ceased paying the mortgage and the loan defaulted. In most cases, banks have started foreclosure procedures. Because these investors default on mortgage, there is no reason to pay the maintenance fee of the condominium. For the moment, please note that investors will continue to rent unit and pay rent during this time. The lender and the condominium association have not got anything.
A classic example of this phenomenon is the 410 unit project at Village at Dadeland Condominium in Dade County. According to the records of the court, at some point last year, 267 of those units had a delinquent amount of 863,063.82 dollars, and the share of maintenance costs was overdue for more than 60 days. The association's budget monthly cost was $ 127,573, but the collected monthly income was about $ 70,000 on average. As a result of delinquencies, the Association was unable to maintain common property, the elevator was not functioning, the garden legal service was canceled, the roof was in a state of devastation, the apartment pool was closed. In addition, officials in Miami - Dade County have cited the association for 63 code violations such as failure of maintenance of portable fire extinguishers, failure of maintenance of smoke detectors, failure of inspection of fire alarms.
Banks are hesitant to mortgage units as they will bear the responsibility to pay for condom review. This imposes a kind of monetary restraint with the owner who neglected the legal obligation to raise the unit by cash and pay expenses.
What are the new weapons currently used by the association? It is called an empty administrator. The recipient is a person appointed from the court by foreclosure to collect rent and income from the property being seized. Income gathered by the recipient is used to maintain property and may apply to mortgage payments.
Typically, recipients are specified for individual characteristics. However, in the villages and villages of the village of Dadeland in Florida state, the courts are under full control. This gives the organization the option of renting abandoned units and renting tenants who pay the owner under foreclosure, or renting late payers of association fees. Empty receivers apply only to units occupied by tenants, not owners. In addition, the unit must already be seized from the association.
Does this resolve the relevance? Financial dilemma? It may serve as a short-term solution, but the only reliable answer will come from a significantly improved real estate market.
