Greg Boan | Associate Broker
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greg@seasideluxhomes.com

The Real Estate Sale Contract and Communication: The Real Estate Sale Contract and Communication:

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14 Articles Found

Tags:  Greg Boan Associate Broker, Seaside Luxury Homes, South Florida

Welcome to the Seaside Luxury Homes blog. The best place on the web for comprehensive information about South Florida real estate! Now in my 15th year at Coldwell Banker's flagship, "Global Luxury" office at the Waldorf Astoria Boca Raton Resort & Club. Whether your wish is to reside in a stunning waterfront getaway in Delray Beach, Boca Raton, Highland Beach, Lighthouse Point, Hillsboro Beach, Ocean Ridge, Manalapan, Palm Beach, Jupiter, Palm Beach Gardens or reside in a gated Country Club community, I know them all and I am excited to assist you in one of the most important decisions you’ll ever make!.

South Florida has so much to offer that it’s no surprise it is one of the most desirable real estate markets in the country. Who would not want to wake up every day to sunshine, endless stretches of pristine beaches, and numerous opportunities for great dining, entertainment and fun? As a resident of the Boca Raton and the south Florida area since 1980, I consider myself an expert on market trends from Jupiter south to North Broward County, including Boca Raton, Delray Beach, Highland Beach, Boynton Beach, Palm Beach, Ocean Ridge, Manalapan, Lighthouse Point, Deerfield Beach and surrounding cities. I pride myself on being able to guild a variety of clients to find their perfect residense from high-rise condos, beachfront single-family homes, and even the best boating communities for those who love water sports or just a tranquil water view. I have earned the title of “Global Luxury Specialist”, a designation awarded to agents with extensive experience marketing and selling some of the most luxurious properties on the market. I credit much of my success to a passion for the business and an unwavering dedication to my clients, many of whom have become lifelong friends. I will use all of my local market knowledge, energy and technical expertise to make sure that regardless of whether you wish to sell you present house or purchase the next home of your dreams I am commited to helping you achieve those objectives. Simply said, my goal is to exceed your expectations!.

While I am proud of receiving prestigious honors such as the Coldwell Banker “International President’s Circle” award for sales excellence, or the company’s “Florida’s Top 100” recognition given to Florida’s top 100 producers of 4,500 agents statewide, that is not the greatest joy I get from my work in real estate. The ultimate reward is seeing my client’s find the perfect home where they will create wonderful memories with family and friends. Please utilize the various features on my website to get you started on your real estate journey, such as the concierge services, free market analysis option, new construction listings, and the informative real estate news section. And make sure to follow this blog to stay on top of the hottest real estate trends and topics. I look forward to helping you on this exciting new journey!

www.SeasideLuxHomes.com

 

Tags:  Greg Boan Associate Broker, Seaside Luxury Homes, South Florida

The Real Estate Sale Contract and Communication:

Nothing could be more important than an agent’s communication with their Buyers or Sellers throughout a real estate transaction process. I always remind buyers and sellers, “The devil is in the details” and it’s true. The moment important deadlines or other contractual obligations are missed, misunderstood or overlooked consequences can occur. Often not good ones. Florida real estate law and Florida “Contract for Sale and Purchase” agreements (contracts) are much different than what many folks from other states may be accustomed to, especially in some northeast states where closing dates and other time lines can automatically be pushed out or otherwise modified over and over without breeching the sale contract. Not so in Florida. It is incumbent upon the real estate professional to clearly communicate to their clients the specific contractual obligations contained within the purchase and sale contract then manage the contract deadlines throughout the entire process assuring these responsibilities are met on time. It is also important parties to the contract read and understand all the important elements within the contract and be aware of the “gotcha’s”. I highlight and review these items with my customers right up front.

The primary difference between Florida’s contracts and those of some other states is Florida’s contracts are “Time of the Essences” with mandatory time fence obligations that must be met when due otherwise the non-compliant party to the contract may be in default. This is where people can encounter difficulties such as breeching the contract, losing a property under contract, even forfeiting deposits or law suits.

“Time of the Essences” simply means, just that. Any time period milestone spelled out within the contract MUST be fulfilled on time by the responsible party before that time period lapses. No exceptions *unless the parties mutually agree via a written addendum to extend the compliance time before the expiration of the time period. This should not be done with a nod or a handshake as contracts are not enforceable if not in writing.

Some examples of contract time periods:

  1. Offer response period: If not met on time, the offer is considered withdraw or expired.
  2. Deposit submission period: If not met on time, contract in default. Applies to 1st, 2nd or other deposits.
  3. Inspection Period: If not completed within specified days the inspection is waived and by default the buyer accepts the property AS IS and right to cancel contract or request repairs/compensation, waived.
  4. Apply for financing within usually 5 days of Effective Date: Failure to do so results in default but more importantly may delay closing, another default.
  5. Loan Approval period: Usually 30 days. Failure to do so results in default but more importantly may delay closing, another default. Or the contract cancelled by the seller. Extensions requires an addendum mutually agreed by the parties. *A clear of conditions Loan Approval is required to close the transaction.
  6. In Florida a contract for purchase of a condominium can be cancelled within 3 days of the effective date without cause. If missed, the contract goes forward and cancellation rights are negated.
  7. Title Commitment period: Usually due no later than 5 days before closing but negotiable. Failure to obtain may result in a default but more importantly may delay closing and if title is not clear it will impair closing completely.
  8. Closing date: This is the big one. Buyers and Sellers must be willing and able to close the transaction as per the closing date. Failure to do so results in a default with ugly consequences for the party in breach of contract.

In practice, and I should qualify that with “from my experience”, only a small percentage of buyers or sellers actually read the entire residential sale contract. That is why it is incumbent upon their real estate professional to guild them through the entire process with acute attention to their client’s responsibilities.

 

Tags:  Greg Boan Associate Broker, Seaside Luxury Homes, South Florida

Little Big Town Boca

Associate Broker, Coldwell Banker Real Estate LLC

Little Boca Raton has come of age and is almost unrecognizable from the small, sleepy town of my teenage years in the late 1960’s. Here are a few nostalgic tidbits for perspective. I-95 did not reach Boca until the mid-1980’s, the main residential roads north and south were US1, A1A and Dixie Highway. Jog Road (Powerline) and Military Trail were primarily farm access roads, however the original Polo Grounds and Polo golf course were located at the corner of Glades Road and Military Trail (both just two lane cinder asphalt roads) where the Boca Bath and Tennis community are located today. Lyons Road was nonexistent in Boca Raton back then and 441 (State Road 7) was a hazardous north, south rural trucking route bordered on both sides by ditches, farm lands and migrant worker camps. Otherwise much of the land west of Military Trail in Boca Raton was wilderness.

What was to be the future FAU campus and Boca Raton Regional Airport was an abandoned WWII Army Air Base where modern radar was jointly developed in partnership with the British RAF. A few remnants of the old runway sections still exist on the FAU campus consisting of huge weed lined slabs of concrete. The airbase then had many personnel bunk houses and workshop buildings encircling the runways and some to the east on NW 20th Street and as far south as Palmetto Park Road. Three of note were opposite the present city hall on Palmetto Park Road and in the sixties housed migrant farm workers during the winter months but a handful of these former military buildings are still in use commercially and on the FAU campus.

We’ve come a long way in 50 years. The population of Boca Raton today is roughly 91,600 compared to approximately 7,500 in 1965. A 12 X increase in population. Of course the city’s annexation of dozens of nearby previously unincorporated Palm Beach County communities have geographically contributed to the explosive size and population of the town. I.E., Boca West, Boca Del Mar and basically everything west of Military Trail was unincorporated prior to the late 1980’s.

Many residents arriving after 1970 may be surprised to learn before there was a Mizner Park, Boca Center or Town Center Mall there was a Boca Mall in the mid 1960’s. It started out with just one department store in the early 1960’s, a Jefferson’s Super Store and later evolved into an open air mall including co-anchor Britt’s Department Store, a movie theater, food court and complimented by boutique retail stores not unlike the modern mall configuration of today but miniature by comparison. It was located on the current site of Mizner Park but was a commercial failure in the wake of the opening of the Pompano Fashion Square which had multiple national and giant anchors such as Sears, JC Penny’s, Lord & Taylor, Burdines, (now Macy’s) etc. The Boca Mall was eventually demolished by the end of the 70’s and there sat an empty field until the early 1980’s when Boca’s visionary downtown development plan was formalized that included Mizner Park which opened in 1991. Fast forward to December 2017 where only 17% of the downtown district remains available for redevelopment. The following projects and others have recently come on line or are pending.

Recently Built Downtown:

The Mark at City Place -9 Plaza Real South, 208 rental apartments, 23,299 SqFt retail/restaurant space

Palmetto Promenade - 349-425 East Palmetto Park Road, 353 rental apartments

Boca City Walk - SE 8th Street, 229 rental apartments

Via Mizner Phase 1 -101 East Camino Real, 366 rental apartments, 19,092 SqFt retail/office/mix use space

Hyatt Place - 120 East Palmetto Park Road, 200 hotel rooms, 8000 SqFt retail/restaurant space

Camden Boca Raton - 131 South Federal Highway, 261 rental apartments

Under Construction Downtown: (as of December 2017)

327 Royal Palm - 327 Royal Palm Road, 24 condo units

Tower 155 - 199 East Boca Raton Road, 170 condo units

Approved - To Be Built:

Via Mizner Phases 2 & 3 - 700-998 South Federal Highway, Mandarin Oriental Hotel, 164 hotel rooms, 85 condo units, 41,706 SqFt retail/restaurant/retail space

Mizner 200 - 200 South East Mizner Boulevard, 384 condo units

375 Royal Palm - 375 East Royal Palm Road, 193 assisted living units

Proposed Downtown:

Royal Palm Place - 101 Plaza Real South 289 rental apartments- 15,716 SqFt retail/restaurant/office space

Camino Square - 171 West Camino Real, 350 rental apartments

Concierge - 22 South East 6th Street, 110 assisted living units

475 Royal Palm - 475 East Royal Palm Road, 48 condo units

The downtown growth has been and continues to be exploding. My parking space calculations, not accounting for transient hotel and restaurant requirements will be 6,270 downtown parking spaces. *A stock tip! Buy “Uber” & “Lift”, their profits will be picking up in downtown Boca.

 

Tags:  Greg Boan Associate Broker, Seaside Luxury Homes, South Florida

Deferred Maintenance

The meaning of Deferred Maintenance is exactly what it implies. Something breaks and repairs are put off for future date. There are several axioms that apply and Benjamin Franklin was the authored the best ones I can recall, “Don’t put off until tomorrow what you can do today” and “An ounce of prevention is worth a pound of cure”. Old Ben was brilliant!

Unlike a fine red wine, property deterioration only gets worse over time. The longer issues are ignored, the more serious and expensive they will be to cure down the road. I recently listed a luxury condominium in a small boutique association. As a prelude to the MLS posting I routinely gather pertinent information on both the home and the association. I.E. monthly maintenance fees, pending assessments, contingent reserves, what’s covered in the HOA/condo fees, etc. These are also the most frequently asked questions by potential buyers. At the time of listing this particular property there were no pending assessments and monthly fees were reasonable.

Two weeks later the condo association conducted its annual meeting. Several heretofore deferred maintenance projects were discussed, most of which only received “as needed” Band Aid fixes over the years. The Board decided it was time to address these major repair issues that had been deferred for so long. These include roof replacement, new dock, new landscaping, pool upgrades and more. Monthly fees were increased by over 40% and eventually all the residents will be faced with a special assessment costing tens of thousands of dollars each.

Rewind 20 years. Over these decades the association members chose to keep their monthly maintenance fees low, probably too low and not accrue sufficient contingent reserve funds to properly maintain its common elements or improve it along the way. As a consequence the quality of the property has declined and now owners are confronted with several major projects all at once. While some members may afford it, others may not have it in their budgets.

My advice is listen to old Ben. “An ounce of prevention is worth a pound of cure”.

 

Tags:  Greg Boan Associate Broker, Seaside Luxury Homes, South Florida

Integrity, Commitment, Excellence

These three words define My Mission & Guiding Principals

Integrity -

What could be more important than Integrity in the business of securing a home for a buyer or selling a person's homestead? Many people outside the real estate profession are probably unaware that real estate agents not affiliated with the National Association of Realtors, or NAR are not Realtors at all and may not profess to be. And if they are not NAR members in good standing they may not be members of a local board of Realtors or members of FAR, the Florida Association of Realtors. Every two years members of the Realtor Association of the Palm Beaches, or RAPB are required to attend an Ethics Training course and commit themselves to the Realtor Code of Ethics and guiding principles.

I have been a member in good standing of NAR, also FAR the Florida Association of Realtors and RAPB for over 14 years. *Non- members are not required to adhere to the RAPB Code of Ethics.

Commitment -

This means "I am all in" for you 100% and will deliver on my promises. If I tell you I will do something, you can take that to the bank, it will be done.

  • No interruptions. You have my full attention. If I am with you showing property or discussing your listing I do not answer the cell phone or text messages unless they pertain to business with you or an emergency. I always want you to feel like you are my only customer when we are together.
  • No low hanging fruit sales. With few exceptions, I accompany every showing of your property because it is not just your home I am marketing. It is also the lifestyle your home presents, your unique location, all the attributes of your community or the building or city. Even the school district. All these factors contribute to value and the desirability of your property. This is a personal service business and I take that reality seriously. How would an unfamiliar agent accessing your property on a lock box otherwise be knowledgeable and have the ability to share of the entire value proposition your home offers to a potential Buyer? In my view the common use of lock boxes except in rare circumstances is laziness and short changes the customer.
  • No underpricing or over pricing. When I present a marketing plan to List your property I conduct a complete in depth market analysis of your home and suggest a realistic list price based on that detailed assessment. There are on occasion mitigating circumstances when a seller may need to sell a property quickly, but when I hear a boost, "we sold the house in 2 days" I have to wonder how much money was left on the table. Neighbors of mine recently did just that and short-changed themselves out of about $70,000. A costly consequence of someone's mistake pricing the home under market value. Conversely, if a property is listed too high the home may languish on the market excessively too long and could even miss a market window should market dynamics suddenly change. *A word of caution. Do not rely on consumer websites like Zillow, Trulia, etc. to draw property value assumptions. These websites are basically software programs that mine and net data from public and subscription sources such as the Tax Appraiser and MLS data bases. Their value conclusions are merely mathmatical sums dirived from sold properies and software programs that have to way of discerning what the unique attributes of your home are.

Excellence -

A noble word, often over used but also a potentially empty word if the principals of the meaning are not practiced always. I am compelled to set the bar high in all I do. This encompasses verbose customer communication, depth of local market knowledge, depth of contract and real estate law knowledge, transaction management expertise, professionalism, high moral ethics and commitment to complete customer satisfaction.

www.SeasideLuxHomes.com

 

Tags:  Greg Boan Associate Broker, Seaside Luxury Homes, South Florida

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office

I've been asked this question a thousand times. Really, I have. The answer is taught in "Real Estate 101". Property evaluation is established based on what a buyer will pay for a like property in a similar location. An over simplification perhaps but it's not sellers, appraisers, banks, real estate brokers or the tax man that set property values, it is the buyer. That said, professional appraisers are called upon by lending institutions and consumers to evaluate real estate worth. This task would seem easy in a cookie cutter community environment where all units are identical but in the large scheme of things cookie cutter properties are not the dominant model. Generally, there are no two homes exactly alike or two locations precisely the same. Professional property appraisal is considered an *art, not a science and the only segment of the real estate profession considered as such. It is the appraiser's personal opinion of value based on many subjective nuances of value such as location, view, condition, finishes, interior square footage, number of rooms, age, level of upgrades, other attributes such as waterfront, club affiliations, floor height in the building, size of lot, amenities and on and on.

Many buyers and even some real estate agents are under the impression that "dollars per square foot" are the last word in property evaluation. This is a misnomer. While it is one of multiple relative factors it is not number one. It would be equivalent of stating "meat is (X) dollars per pound" as a blanket conclusion of the cost of meat. Obviously Prime grade filet mignon is priced differently than Choice grade ground chuck and the same holds true of real estate. Many other factors contribute to value besides square footage. Similarly, value estimates published on consumer websites such as Zillow®, Trulia® and others are not appraisals and can be misleading. These platforms are basically statistical software programs that extract data from public sources such as the Tax Appraiser's records and subscription sources like the Multiple Listing Service (MLS). These programs just sum and net data, compiling averages with nearby properties, like or otherwise and sometimes not so near properties.

Rarely would three different licensed appraisers come to the exact same appraisal conclusion of a property. In the end an appraisal provides a guideline or opinion of value but the ultimate price paid comes down to the value perceived of the buyer and what he or she will pay.

© Copyright, Greg Boan, Oct. 6, 2017

www.SeasideLuxHomes.com

 

Tags:  Waterfront Real Estate, Greg Boan, Seaside Luxury Homes

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office

South Florida is blessed with an abundance of waterfront real estate. Fabulous oceanfront, Intracoastal, lakes, canals, even riverfront properties are all desirable but the paradox is, supply is limited relative to demand. In my experience waterfront has always been a solid investment. Real estate markets are cyclical like anything else and waterfront values are not immune to price fluctuations, however properties on the water are generally the first to rise in an up market trend and the last to decline in a downward cycle. Why? It is a lifestyle not obtainable from other type properties. It may be the spectacular views or close proximity to the ocean, or boating and water sports activities, or a tranquil water setting on the 15th fairway that draws people to the water but others may just need it for their soul.

I often see terms on a Listing or verbally hear it stated, "this home has deeded beach access” or a “deeded dock”. If you encounter this pay attention then ask, let me see the deed or the tax bill. These terms are loosely bantered about and yes a single family home would have a deed to the land including the dock but not necessarily a deed to beach access down the street. Beach access will usually be afforded by a dedicated easement to a community or via a common element of an association with exclusive or common rights of use. Almost any dock with few exceptions in a condominium development will be a common element of the association, however docks can be exclusively assigned to a specific unit in perpetuity or assignments of a dock may be traded (sold) amongst owners within that community but not to outsiders. The good news is the condo association usually must maintain the dock and seawall and the dock is referred to as an “Exclusive Right of Use Limited Common Element”. An HOA (Home Homeowner’s Association) is a different type ownership than a condominium and dock rights can be a mixed bag. Many HOA parcels are “Fee Simple Ownership” just like a single family home and you own the dock. This would be deeded as part of the parcel deed but some docks and seawalls in an HOA environment can also be common elements of The HOA with assigned docks under the control of the association on a (first-come basis) or an “Exclusive Right of Use Limited Common Element” dock specifically assigned to the unit that no one else has a right to use. Make sure you get an accurate disclosure of the usage and ownership rights you’re entitled to before purchasing in any type of Association.

What is Deepwater dockage? It simply means no fixed bridges to the ocean. Fixed bridges are those that do not open to allow higher superstructure vessels to gain access to the ocean. This can be a sailboat for sure or any larger power boat with a high superstructure, fly bridge, etc. It is important to note a non-Deepwater home (behind a fixed bridge) will generally be valued less than its Deepwater counterpart for obvious reasons. Property evaluation is based on “best use”, hence the larger the yacht potential, the higher and more desirable the land value.

© Copyright, Greg Boan, Feb. 25, 2016

www.SeasideLuxHomes.com

 

Tags:  Greg Boan, Selecting a Real Estate Professional, Seaside Luxury Homes

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office

Not a solicitation, just informative selection tips. For many sellers and buyers a real estate sale or purchase will be one of or the largest financial transactions of a life time. The agent they choose to entrust with the awesome responsibility of navigating this process will have a direct bearing on the optimum success of the transaction. By success I mean both financially and the avoidance of the many pitfalls which can occur before closing day. This applies to either a buyer or seller.

As with other occupations real estate agents aren't necessarily born agents and sales associates are not necessarily sales and marketing experts. In fact most come from disparate backgrounds, educations and experiences which is not a negative so long as they bring along skills and knowledge that will transition to the real estate business complimenting their other talents. The most important of which (in my opinion) are:

  • Professionalism
  • High ethical principles
  • Strong business acumen
  • Real estate related educational credentials
  • Marketing skills
  • Extensive sales expertise
  • Expert understanding of the real estate contract
  • Web based technical savvy
  • Broad local market knowledge
  • Track record of success

It is a unique package of personal skills.

So often I'll be searching for properties in the MLS (Multiple Listing Service) and to my amazement encounter multi-million listings with hand full of dank cell phone photos representing that quality property for sale. It is baffling to comprehend how a seller would tolerate such a disservice. And no surprise to see these type listings remain on the market for many months, even years incurring substantial carrying costs for the seller, (taxes, maintenance fees, repairs). "Selfie" (meaning by agent) photos do not sell homes. On the contrary, the initial priority for a new listing is "professional photography". It is the genesis for everything that comes after and the seller's virtual show case to the world starting with the MLS listing itself that will proliferate globally to thousands of websites. Followed by advertising media, I.E. brochures, flyers, magazines, news print, direct mail, email campaigns, videos, etc. They all require hi-resolution photographs. Ask the agent candidates for a sample of their marketing materials or to see their listings online. Other important priorities include the vivid articulation within the marketing media describing the attributes of the property that a buyer may visualize the many benefits of ownership in concert with an aggressive full service marketing campaign. All of this requires talent and the necessity your agent spends resources including money, energy and time on your behalf.

Do's and Don'ts in the agent selection process.

  • Select a brokerage firm offering a robust suite of services, one with broad and far reaching Internet and global marketing coverage.
  • Don't short-changed yourself with a discount brokerage. It may limit your showings and market exposure. You get what you pay for. Broker compensation should be built into the anticipated sale price.
  • Avoid rookies, part-timers and agents with out-of-state phone numbers. On the job training will be at your expense.
  • Do your "Due Diligence". Select a first class brokerage firm and an agent based on his or her expertise, reputation and track record.

© Copyright, Greg Boan, March 18, 2016

www.SeasideLuxHomes.com

 

Tags:  Equity Communities, Seaside Luxury Homes, Greg Boan

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office


With few exceptions “Equity Communities” are affiliated with Country Clubs. Some exceptions may be Equestrian or Aero communities but the vast majority are country clubs. What is Equity? Basically, it is a capital contribution to a homeowners association paid upon purchase of a residence in that community that is applied toward the association’s cost of providing a bundle of amenities usually including, golf, tennis, pro shops, SPAs, restaurants, bars, social activities, valet services, fitness centers, pools, playgrounds, 24/ security, management fees, etc. Equity fees may or may not be partially refundable upon sale of the property in the equity community and the trend today is a non-refundable or fractional refundable policy.

Why are equity fees necessary? Simply said, these things cost money. Especially in country clubs with world-class golf courses, tennis centers, upscale restaurants, SPAs and amazing arrays of club amenities. Initial fees can range from $25,000 to $125,000 to join depending upon the club’s level of services with annual membership fees of $6,000 to $15,000 and many require *minimum in-house spending each year. (If you don’t spend it you owe it.) Additionally, there may be extra golf or tennis adders, SPA fees, etc. Equity fees are over and above the cost of the home purchase and cannot be included within a mortgage loan.


When purchasing in a country club buyers should first consult with their real estate professional and understand the benefits and costs associated with membership in the community. Fees are sometimes promulgated on an ala carte scale and can be confusing therefore it is also recommended buyers meet with an in-house club services representative to obtain orientation and a comprehensive fee schedule. It is important to understand what your money will buy and what amenities are important to you. Also check to see if there are any pending or existing assessments for members that can be substantial and may have long term payment schedules. A new buyer might insist the seller pay off any pending or current special assessments prior to closing or negotiate a fair split settlement, especially if the seller will have no future benefit of the improvement the assessment was levied for.

© Copyright, Greg Boan, March 5, 2016

 

Tags:  Condominiums, Greg Boan, Seaside Luxury Homes

Greg Boan, RCC, Associate Broker

Licensed Real Estate Broker, Coldwell Banker, LLC Waldorf Astoria Boca Raton Resort & Club Office

This post will serve as a simplistic overview of what a condominium is and why it has become an attractive lifestyle for millions of homeowners. A condominium association in Florida is initially formed as a corporation by filing a Declaration of Condominium with the "Division of Florida Condominiums". Filings include the Declaration of Condominium, Articles of Incorporation, By-Laws of the Association and Rule & Regulations. Generally a condo will consist of three or more units up to hundreds or even several thousand units. It differs from a single family home or units within a homeowner's association (HOA) where ownership in those dwellings are owned in "fee simple" meaning the owner has a deed not only to the structure (in and out) but also the land upon which the structure is built and the responsibility for maintenance is solely upon the owner. *An HOA may additionally own common elements such as a community pool, tennis courts, docks, gym, a security gate, etc. that are collectively paid for by the members of the association but these are "common element" amenities of the association not owned individually.

In a condominium setting the association collectively owns the building structure, all the land and the amenities. These are considered common elements of the association owned and maintained proportionately by the combined membership via maintenance fees and/or special assessments. An apartment or unit owner only receives a deed to the interior of the unit and the best way to envision this is ownership from the "dry wall in". This includes all the appliances, air conditioner, plumbing fixtures, light fixtures, unit electric panel, *usually windows, flooring, etc. which the owner may design, alter and maintain at their personal expense but must also adhere to such promulgated rules governing work within the unit/building as set forth in the association's documents as well as full compliance with all municipal code requirements.

So what is the attraction to condominium living? In a nutshell, a more carefree lifestyle. The convenience of not having to deal with the logistics of maintaining a single family home. Many condominiums offer a package of amenities such as fabulous locations, golfing, tennis, boating, beach access, fitness centers, pools, social & entertainment activities and other quality of life enhancing benefits like property management services, 24/7 security, even concierge services, all of which are not easily managed by an individual in a single family home environment.

Without question South Florida ranks high in the top tier of the nation's most popular condominium home destinations. The sunshine and moderate climate attracts people from all over the United States and world seeking a year-round residency as well as vacation homes. It just affords a more relaxing way of living for those folks who finally made the decision to abandon the cold and enjoy the myriad of amazing outdoor activities our paradise offers 365 days a year. There are also financial benefits to residing in the Sunshine State. Generally lower property taxes than the Northeast and no State Income Tax. Wow, that's huge!

© Copyright, Greg Boan, Feb. 26, 2016

www.SeasideLuxHomes.com

 

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Welcome to the Seaside Luxury Homes Blog!
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Little Big Town Boca
Little Big Town Boca Associate Broker, Coldwell Banker Real Estate LLC Little...

The Real Estate Sale Contract and Communication:
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Deferred Maintenance
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Integrity, Commitment, Excellence
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What is my property (or the property) worth?
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

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Selecting a Real Estate Professional
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Equity Communities, what are they?
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

Condominium Lifestyle, What is it?
Greg Boan, RCC, Associate Broker Licensed Real Estate Broker, Coldwell Banker, LLC...

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