Are you certain about that? If that's the law, then the WS and WC HOA's should be turned over by now. Has that occurred?
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Nationally, nearly half of 2006 buyers are upside down
- Thread starter Miss Critter
- Start date
Are you certain about that? If that's the law, then the WS and WC HOA's should be turned over by now. Has that occurred?
Miss Kitty
Meow
I was under the impression that St. Joey had to sell a certain % of lots/homes before it was turned over.
AAbsolute
Banned
What's the Statute number on that law you are telling us about?
I was under the impression that St. Joey had to sell a certain % of lots/homes before it was turned over.
Yes, I thought that's the way it works in most developments with HOA's.
SHELLY
SoWal Insider
I was under the impression that St. Joey had to sell a certain % of lots/homes before it was turned over.
That's my understanding too. It's why you see developers unloading 20-30 condoze at auctions--they're looking to get out from under subsidizing landscaping, pool servicing and maintenance.
.
AAbsolute
Banned
That's a good, logical idea.
Miss Critter
Beach Fanatic
Excellent point. Financing issues aside, it certainly explains why they would sell so many at a loss.
Matt J
SWGB
Florida statute 718.301 covers the transfer of association control for condominiums.
I was wrong, if it's less that 50% sold then it's 7 years.
Florida chapter 718 does not cover homeowner's associations, chapter 720 does and does not cover HOA's.
In addition WC and WS are mixed developments. All of the condominiums (attached units with common elements) fall under the COA act and then the homes portion falls under the HOA act. To further complicate this each Phase is it's own umbrella association over that phase. Ultimately there is a master association and that follows the COA due to COA's within the structure.
Hope that helps.
I was wrong, if it's less that 50% sold then it's 7 years.
Florida chapter 718 does not cover homeowner's associations, chapter 720 does and does not cover HOA's.
In addition WC and WS are mixed developments. All of the condominiums (attached units with common elements) fall under the COA act and then the homes portion falls under the HOA act. To further complicate this each Phase is it's own umbrella association over that phase. Ultimately there is a master association and that follows the COA due to COA's within the structure.
Hope that helps.
AAbsolute
Banned
JOE sold what?
Yesterday JOE increased their quarterly revenues by $512,000.00 they sold another developer owned lot in Watersound Beach. Maybe it'll be an iproved quarter.
The family who bought the lot next door from JOE for $971,000.00 3 years ago probably isn't quite as happy, but caveat empor. No?
Yesterday JOE increased their quarterly revenues by $512,000.00 they sold another developer owned lot in Watersound Beach. Maybe it'll be an iproved quarter.
The family who bought the lot next door from JOE for $971,000.00 3 years ago probably isn't quite as happy, but caveat empor. No?