The Standard & Poor's/Case-Shiller index for Palm Beach, Broward and Miami-Dade counties rose 9.5 percent in October from a year ago, marking the third consecutive month that the annual increase outpaced 19 other metro areas.
South Florida tenants spent $10.5 billion in rent in 2014, up 7.7 percent from 2013, Zillow said. And the average renter household in Palm Beach, Broward and Miami-Dade counties paid $59 more a month ($708 a year) on rent in 2014 compared with 2013, the website said.
The New York Times
Richard Meier has been an architect for half a century, and yet, thePritzker Prize winner has never bought an apartment of his own design. Until now.
Mr. Meier, who is based in New York City, was one of the first to buy a condominium at the Surf Club Four Seasons, his latest project in Miami.
“I thought, well, you know, everyone is going to Miami. This place is jumping,” said the 80-year-old architect. “I probably should have done this before. But I designed the building and it is great, and I figured I might as well enjoy it myself.”
Pamela Liebman, the chief executive of the New York City-based brokerage the Corcoran Group, which is marketing the project, also purchased a unit there. In fact, two-thirds of the buyers are New Yorkers, said Nadim Ashi, the managing partner at Fort Capital, the developer.
Over the years, Miami has been referred to as the city’s sixth borough, and it would appear that in the exclusive world of luxury real estate, this has never been truer. A wave of New York City developers has washed onto the Florida shoreline in recent months, bringing with them New York buyers, and increasingly, New York City-type pricing.
Over the past 18 months, prices have risen by 11.5 percent along the beachfront in Miami, with new condominiums averaging $1,011 a square foot, up from $907 a square foot, according to a December market report by the Miami brokerage firm ISG.
At the same time, the number of units for sale has dropped by nearly 64 percent, to 623 units from 1,717 units, over the same period. There are also a number of high-priced penthouses for sale, including several that surpass $3,000 a square foot. The priciest is a $60 million home for sale at Faena, the development where the Goldman Sachs chief executive Lloyd Blankfein and the Apollo Global Management co-founder Leon Black, both New Yorkers, have reportedly bought residences.
Everything You Wanted to Know about Being a Board Member… But Were Afraid to Ask!
Board Certification Course for CONDOS ONLY
Provider #0000811, Course #9626099, 3 HR or ELE credit hours
Presented by Carlos Martin, Esq.
If you agreed to serve on your board, you will want to be sure you comply with the State’s certification requirements, have the tools and information you need to perform your job well and to avoid any potential liability associated with your new role.
Our Board certification class is designed to equip directors in all types of shared ownership communities with the information they need to make their communities function well. We will discuss statutory requirements, common documentary provisions as well as best practices in the community association industry.
Some of the topics we will cover include:
- Defining Fiduciary Duty
- Analyzing Association Operations
- Explaining how to properly maintain the association’s books and records
- Understanding the pros and cons of Alternative Dispute Resolution
- Avoiding Common Election pitfalls
- Preparing Budgets & Funding Reserves
- Understanding Financial Reporting Requirements
- Navigating the quagmire of insurance coverage
- Defusing conflict
Our class allows both newly-elected directors and board veterans to ask questions and get the answers they need in a comfortable environment.
Tuesday, December 16, 2014
5:30 PM - 8:30 PM
Registration starts at 5:00 PM
121 Alhambra Plaza
Coral Gables, FL 33134
Light refreshments will be served.
There is no charge to attend, but seating is limited.
Participants must be registered in advance to reserve a seat.
Contact Leydis Hernandez at email@example.com or (305) 262-4433 Ext. 11041 for more info.
By Eric Glazer, Esq.
Last week was interesting as far as politics goes. President Obama got tired of waiting for Congress to fix the immigration issues this country is facing, and decided to try to fix it on his own by signing an Executive Order. Needless to say, his opponents immediately yelled that the President has no such power to circumvent The Legislature and that President Obama has now caused a Constitutional crisis.
This historical event immediately reminded me of the constant questions I receive from Presidents, Board members and unit owners alike. That is: Does the President of my association have any extraordinary powers that other members of the Board or community don’t have?
Let’s first start by briefly explaining the set-up of your Board. Each year the unit owners vote to elect the Directors to the Board of Directors. They do not specifically vote for the Officers such as the President, the Vice President, Secretary and Treasurer. Once the Board of Directors is elected, those Board members themselves vote to decide who the Officers will be.
So let’s say your Board votes you in as the new President of the association. Can you rule with an iron fist? Need you consult with the other members of the Board before committing the association to contracts? The simple answer is…………you’re really just one of 3, 5, 7 or 9 votes of the Board of Directors. You have no more power than any other member of the Board except you get to chair the meetings and are typically the person who signs contracts for the Board, but only after the Board gave you permission to do so.
Many times over the years, Presidents have told me “But I’m the President ….of course I can do that!” To which I reply……”No you can’t Mr. or Mrs. President.” On the other hand, I have had Board members complain that the President votes on motions before the Board and that the President should never vote on an association matter unless there is a tie. To which I also have to reply: “Your’re wrong. The President always gets to vote on issues just like every other member of the Board.”
Sure, the President is often the face or voice of the Board outside the presence of a Board meeting. However, once that meeting starts, the President is simply another voice and another face on the dais.
So who still wants to be President?
“They're all coming here because they seem to think this is the next Singapore. This is the next London. This is the next great global city. “
Miami Real Estate Consultant Peter Zalewski
Few people track Miami development closer than Peter Zalewski. He runs Cranespotters.com, a business that keeps tabs on all the new construction proposed in downtown Miami.
In an area that covers less than 4 square miles, he notes, there's a lot going on. In "downtown Miami, we're looking at 69 towers, 18,400 units," all residential condominiums, Zalewski says.
Today's new boom is adding more condos, as well as commercial, retail and entertainment properties, at a dizzying pace.
The Standard & Poor's/Case-Shiller home price index for Palm Beach, Broward and Miami-Dade counties increased 10.3 percent in September from a year earlier. While the gains here are getting smaller, the tri-county region was the only metro area among the 20 measured nationwide to see a double-digit annual increase.
The West and Southwest, previously strong regions, are seeing price gains fade," David M. Blitzer, chairman of the index committee at Standard & Poor's, said in a statement Tuesday. The only region showing any sustained strength is the Southeast led by Florida; price gains are also evident in Atlanta and Charlotte.
“See Something, Say Something – Dial 911”
Ernesto Rodriguez, Police Officer
Neighborhood Resource Officer, Mid Beach
1100 Washington Avenue
Miami Beach, FL 33139
We are committed to providing excellent public service and safety to all who live, work and play in our vibrant, tropical, historic community.
By Eric Glazer, Esq.
After doing this for 22 years now, I don’t get surprised that often any longer by anything that takes place in the world of condos and HOAs. This week however, I was quite surprised.
Twice in the same week, community association managers brought it to my attention that companies that do business in
South Florida with community associations are offering community association managers “referral fees” for each association client the manager brings to the vendor. The offers are not discreet, they are blatant. One shows a picture of someone (presumed to be a licensed CAM ) holding a pile of hundred dollar bills. The second simply tells the manager “I will pay you……” These are not referral fees…they are kickbacks. Let’s not mince words. So now, the question becomes, is this legal and secondly, should we worry that community association managers won’t be recommending the best vendors to their associations, but only the ones that pay the manager a referral fee?
Both the condo, HOA and co-op statutes state:
An officer, director, or manager may not solicit, offer to accept, or accept any thing or service of value for which consideration has not been provided for his or her own benefit or that of his or her immediate family, from any person providing or proposing to provide goods or services to the association. Any such officer, director, or manager who knowingly so solicits, offers to accept, or accepts any thing or service of value is subject to a civil penalty pursuant to s. 718.501(1)(d).
So, Florida Statute 718, 719 and 720 are clear that a community association manager can’t get a kick back from a vendor who provides goods or services to the community. If that isn’t enough, Florida Statute 468 provides that a community association manager can face disciplinary proceedings if he or she :
Violates any provision of chapter 718, chapter 719, or chapter 720 during the course of performing community association management services pursuant to a contract with a community association.
And if that isn’t enough, remember that effective July 1st, 2014 community association managers were given the authority to perform many more tasks without being accused of practicing law without a license. In exchange for that increased responsibility, The Florida Legislature imposed new standards for community association managers and Chapter 468 now reads:
A community association manager and a community association management firm shall discharge duties performed on behalf of the association as authorized by this chapter loyally, skillfully, and diligently; dealing honestly and fairly; in good faith; with care and full disclosure to the community association; accounting for all funds; and not charging unreasonable or excessive fees.
If you’re a community association manager, and you receive kick backs from a vendor, good luck explaining at your disciplinary hearing that you were being loyal, were dealing honestly, fairly and in good faith and were providing full disclosure to the association you were working for.
Managers are wise to stay as far away as possible from any company dangling that carrot in the form of a kick back. Nothing is worth the loss of your license.