Florida’s Condominium Ombudsman Coming to South Florida!

If you are a condo owner or other interested party, you’re invited to attend South Florida’s Inaugural Annual Condominium Association Members’ Round Up.  Florida’s Condo Ombudsman, Danille R. Carroll, will be present at the event. 

“The condominium ombudsman is corralling the key players involved in the regulation of condominium association living.  This is your opportunity to be heard, ask questions and get answers.  You will have the opportunity to meet with and ask questions of the condominium ombudsman, the director of the Division of Florida Land Sales, Condominiums and Mobile Homes, and your local state legislators.  Information on laws and rules regulating condominium associations in Florida will also be provided.”

The event is scheduled to take place on Saturday, December 8th from 10 am to 1 pm at Broward Community College’s South Campus (7200 Pines Blvd., Building 68, Pembroke Pines, FL).  Admission is free.

“Created by an act of the Legislature in 2004, the Office of the Condominium Ombudsman was established to be a resource for unit owners, board members, condominium associations and others.”  Learn more about the Florida Condominium Ombudsman’s duties.

Florida Real Estate News

Florida Real Estate News Headlines:

Florida faces $4.4 million in budge cuts. (Read Article)

FL legislators oppose allowing Vegas-style gambling at Seminole casinos. (Read Article)

South Florida Real Estate News Headlines:

Hundreds of employees laid off by South Florida mortgage companies. (Read Article)

Broward County and Palm Beach County foreclosures doubled since same time last year. (Read Article)

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Proposed 2007 Broward County Property Taxes

Over the past few days Broward County property owners have been opening their mailboxes only to find the dreaded “Notice of Proposed 2007 Property Taxes”.  More than a few owners of non-homesteaded properties are angry, to say the least.  I had one out-of-state client whom I sold a house to a few years ago call me yesterday to ask me what they can do to fight their fourth consecutive increase in property taxes… this time of approximately $500 due to a supposed $40,000 gain in assessed value. 

As many of you are aware, it was around late 2005 that the South Florida real estate market stalled and then started becoming a buyer’s market.  Over the past 18-22 months, inventory has drastically increased and market values have fluctuated somewhat during that time period.  To be clear, market value is what a buyer is willing to pay in today’s market, regardless of what similar properties sold for a few months ago. 

According to the Florida Association of Realtors, the median* sales price in the greater Fort Lauderdale area in year-end 2005 was $361,100.  A year later, in year-end 2006 it was $367,800 (only a 2% increase).  So, you can imagine why the out-of-state client called in amazement that his assessed value increased considerably more than 2%.  Obviously, they plan on challenging their property assessment.  Anyone wanting to do the same should read the flyer and newsletter that were included in the envelope containing your 2007 notice of proposed property taxes. 

According to the “News for Broward Taxpayers” Summer-Fall 2007 newsletter, “For non-homesteaded property, the assessed value is always identical to the property’s market value as of January 1, 2007. […] In most instances, our market values are determined using a mass-appraisal process based upon multiple sales of comparable properties in the same or similar subdivisions.  BOTTOM LINE: If our market value of your property […] is higher than you believe a buyer would reasonably pay for your property on the open market, either call or email our office or file a value petition by the September 18, 2007 deadline.”  Learn more about how to challenge your 2007 property value assessment and the Value Adjustment Board (VAB) appeals process.

The Broward County Property Appraiser’s main office is located at 115 S. Andrews Ave., Room 111, in downtown Fort Lauderdale (just south of Broward Blvd.).  Here are three phone numbers you may find useful:

• 954-357-6830 for Exemptions and General Info
• 954-357-6831 for Residential Property Values
• 954-357-6832 for Condo and Co-Op Values

*Median is the price at which half of the homes sold for more and half sold for less.

:: Read all posts tagged with South Florida Real Estate Market Conditions – 2007. ::

Condo Termination Law – Condos at Risk of Redevelopment

A new law that can impact the private property rights of every condominium owner in Florida took effect on July 1, 2007.  The “condo termination law” could make it easier for developers to purchase existing, older condo buildings that currently sit on land that is very valuable so that they can redevelop it for a sizeable profit. 

The condo termination law requires only 80% of unit owners to consent to the takeover.  Before the new law, all owners in a condo building had to consent before the sale could occur (allowing for a few resistant to selling out to prevent a sale).  Under the new law, the takeover plan can only be stopped if a minimum of 10% of the unit owners of the complex object in writing within 90 days after the date the plan is recorded (the “effective date”). However, according to Senate Bill 314, they have “the burden of pleading and proving that the apportionment of the proceeds from the sale among the unit owners was not fair and reasonable.”

The condo communities most ripe for redevelopment and, therefore, “at risk” of being takeover targets as a result of the new condo termination law are the older condo buildings that are oceanfront or on the Intracoastal. Perhaps the easiest targets will be the smaller complexes where a larger, luxury building can take its place.  Only time will tell whether the condo termination law will cause the type of controversy that eminent domain issues did in recent years.

Florida Real Estate News

Florida Real Estate News Headlines:

Will the proposed overhaul of property tax breaks save homeowners money? (Read Article)

Sales tax exemptions possibly on the reform list. (Read Article)

South Florida Real Estate News Headlines:

The developer of Boca Raton’s Mizner Park will share his plan for a new downtown project. (Read Article)

If the new “super exemption” wins approval, some cities in Palm Beach County face a loss in tax revenues. (Read Article)

Sale of South Florida homes could be hurt by tax cuts. (Read Article)

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Florida Real Estate News

Local Real Estate Headlines:

Broward County

Broward population projected to increase another 400,000 by the year 2020. (Read Article)

Developer files lawsuit against activists who fought against 42-story condo. (Read Article)

Affordability becomes a real estate reality. (Read Article)

Miami-Dade County

Local leaders ask court to prevent takeover of the Miami-Dade Housing Agency. (Read Article)

Palm Beach County and the Treasure Coast

Commissioners review Callery-Judge Grove’s request to build 10,000 homes west of The Acreage. (Read Article)

Wal-Mart considers leasing empty store space in Wellington for one of their Neighborhood Markets. (Read Article).

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Florida Real Estate News

Local and Statewide Real Estate Headlines:

Broward County

Despite the hurricanes and less affordable housing, South Florida is still in the top 10 nationally for drawing new residents. (Read Article)

Coconut Creek opposes Seminole plan to build casino. (Read Article)

Dania Beach OKs redevelopment plans. (Read Article)

Miami-Dade County

Owners find tax breaks through appeals process. (Read Article)

Palm Beach County and the Treasure Coast

Boca Raton may offer incentives to eco-friendly developers. (Read Article)

Florida’s Indian River and Brevard Counties prepare for a housing boom. (Read Article)

Florida

Legislators are running out of time for property tax reform. (Read Article)

Criteria used for insurance rates is being questioned. (Read Article)

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Florida Real Estate News

Local and Statewide Real Estate Headlines:

Broward County

Some South Floridians are trading homes. (Read Article)

Is a $300,000 townhouse “affordable”? (Read Article)

Miami-Dade County

Clinton has a pal in this Miami entrepreneur. (Read Article)

Palm Beach County and the Treasure Coast

Home foreclosures in South Florida on the rise. (Read Article)

Counties protest tax cut. (Read Article)

Florida

Proposal would raise homestead exemption. (Read Article)

Push to cut property tax falters. (Read Article)

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Florida Real Estate News

Local and Statewide Real Estate Headlines:

Broward County

Hollywood to borrow millions for beach improvement. (Read Article)

Davie votes to protect mobile home communities
from developers. (Read Article)

Broward parks soon to feature advertising signs. (Read Article)

Miami-Dade County

Miami affordable housing funds misused. (Read Article)

Palm Beach County and the Treasure Coast

WPB to sell land to highest online bidder. (Read Article)

Delray Beach to move with $200M development. (Read Article)

Florida

Higher sales tax headed for debate. (Read Article)

Property tax plan promises 19% tax cut. (Read Article)

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Florida Real Estate News

Local and Statewide Real Estate Headlines: 

Broward County

• Property taxes create hardship. (Read Article)
• Angry property owners demand tax relief. (Read Article)
• Tempers mount over property tax bills. (Read Article)

Miami-Dade County

• One Grove project; two views. (Read Article)
• Insurers challenge new rules. (Read Article)
• Housing woes to continue. (Read Article)

Palm Beach and the Treasure Coast

• Foreclosures in county down. (Read Article)
• Taxes impacting PBC middle class. (Read Article)
• Martin County challenges development rules. (Read Article)

Florida

• Crist approves Citizens’ plan. (Read Article)
• Regulators turn to watchdog. (Read Article)
• Insurance consumer advocate named. (Read Article)

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Florida Real Estate News

Local and Statewide Real Estate Headlines:

Broward County

• Davie shopping complex approved. (Read Article)
• New Coral Springs downtown on way. (Read Article)
• Lauderdale’s Riverfront businesses on short leashes. (Read Article)
• Davie’s western theme soon gone? (Read Article)

Miami-Dade County

• New plans for Coral Gables. (Read Article)

Palm Beach County and the Treasure Coast

• Condos give way to rentals. (Read Article)

Florida

• How growth drives taxes. (Read Article)
• Emergency insurance to be retroactive. (Read Article)
• Some insurers to halt biz in Florida. (Read Article)

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Florida Economy and Real Estate

Did you know that if Florida were an independent country, it would rank as the world’s 15th largest economy?  The gross state product reached an unprecedented $594 billion in 2005 and real estate activity accounted for 44% of that total ($263 billion).  Real property… building it and buying it… directly provides jobs for 769,000 Floridians.  That impact outpaces the contributions of other Florida industries — including tourism, which contributed an estimated $62 billion to Florida’s economy in 2005.

Source: ©Florida Association of Realtors®