Articles By George Gombossy
FHA Easing Condo Lending Requirements To Help Boost Condo Sales
“The Federal Housing Administration is temporarily easing its lending requirements for condominiums, in a bid to help the battered housing market,” The Chicago Tribune is reporting. “It was determined that certain policy adjustments were needed to address current housing market conditions,” the FHA said in a letter to mortgage lenders Thursday. “The key changes, which
New London County Condo Market Keeps Sliding While Single Family Sales Improve
Condo sales in southeastern Connecticut are lagging single family homes, according to the latest data reported by Sound Investment Consultants. “Home sales in New London County rose 11.4 percent in August compared with the same month last year, but condos were off by about one-third. And while single-family median prices fell flat by $5,000, the
Theft Charges Against Three Shelton Condo Owners Investigating Management Company Delayed Until October
The arraignment for three Shelton condo owners accused of stealing financial documents from the property manager of their complex whom they are investigating for incompetence and double billing was again delayed this week in Superior Court. Defendant Kathy Benedetto told CtCondoNews that her case as well as those of Joseph Miller, 79, a former board
Victoria’s Secret Model Sues Condo Board Claiming Water and Mold Damage Makes Unit Uninhabitable
Water and mold damage don’t only happen to Connecticut, they can happen in luxury Manhattan apartments where boards and management companies can be just as derelict. Victoria’s Secret covergirl Michelle Buswell has filed a $300,000 suit claiming her $1.3 million Chelsea condominium has been uninhabitable because of water leaks gone uncorrected for almost two years.
Condo Markets Improving Across The Country
“According to the National Association of Home Builders (NAHB) Multifamily Production Index (MPI) released today, apartment and condo markets across the U.S. showed improvement for the eighth consecutive quarter with an index level of 54. It is the highest reading since the second quarter of 2005,” reports WorldPropertyChannel. “The MPI, which measures builder and developer
Chattanooga Condo Market Picking Up
According to the TimesFreePress in Chattanooga, the condo market is coming back following a downturn that included on developer going belly up others “flirting with disaster.” “I think the whole housing market has just gotten stronger, starting last fall,” developer George Bright told the newspaper. “Bright has sold $9.17 million worth of condos so far
Illinois Court Opening “Pandoras Box” By Allowing Condo Owners To Refuse To Pay Fees When Management Fails To Properly Manage
Lawyers for an Illinois condo association are asking their Appellate Court to reconsider the potentially precedent-setting decision allowing condo owners to refuse to pay their maintenance fees if the management fails to properly manage the association. “Making this breadth of duties available for defense… opens the quintessential Pandora’s box, perhaps allowing unit owners to claim
How To Have Accountability For Your Maintenance Fees, Best Practice Tips From Maryland
Thanks to the Maryland Homeowners Association – a volunteer group similar to the Connecticut Condo Owners Coalition, except they have been in operation for more than 10 years: To strengthen good governance in your community, MHA recommends that your board put in place a number of best practices designed to provide greater administrative transparency and
20 Cats In one-bedroom Condo Unit Results In Suit From Upstairs Condo Owner
In one of the more unusual legal actions, a couple in a Lakeview condo complex in Illinois sued their condo aossciation, board members, and property managers because they failed to stop the condo owner below them from having 20 cats that have caused urine and feces smells to permeate their home. In a story by
New Hampshire Condo Market Picking Up Along Coast
The Seacoast area of New Hampshire in the tony Portland area, reported a rebound in sales and prices in condos. July records kept by the Seacoast Board of Realtors shows that in July there were 72 condo sales totaling $20 million. “The $20 million in condo sales represents a 41 percent increase over June and
