Latest news with #condominium
Yahoo
14 hours ago
- Business
- Yahoo
Florida Condo Owners Hit With Skyrocketing HOA Fees Find Relief as Gov. DeSantis Signs New Bill Into Law
Florida condominium owners will see some relief after Gov. Ron DeSantis signed a sweeping condominium reform bill on Wednesday. HB 913 is aimed at helping condo owners battling skyrocketing HOA fees. With the governor's signature, it now becomes law and will take effect on July 1. Following the 2021 collapse of the Champlain Towers South condo in Surfside, which killed 98 people, condos over 30 years of age (and three stories tall) got hit with new safety laws requiring 'milestone' inspections and beefing up reserve funds for repairs and maintenance. HB 913 is meant to help owners with costs without sacrificing safety. 'This bill comes from a lot of listening to owners talk about how they know their building needs to be safe but pleading that the process be fair and workable,' state Sen. Jennifer Bradley (R-Fleming Island), who led the effort to address condo owners' concerns, said during bill debate. 'With each milestone inspection, our condos are becoming safer, but financial impacts are reverberating.' In April, both chambers of the Florida Legislature voted unanimously to pass House Bill 913, addressing endless complaints over the rising fees for condominium owners, despite pushback from DeSantis. Essentially, the bill would aid condominium associations in setting up credit lines and investing funds that would contribute to necessary building repairs instead of immediately looking to owners for the money. 'You had people that were going to be forced out of their condos potentially because of legislation that had come down the pipe,' DeSantis said during a May 20 appearance in Tampa, referencing recent safety laws, as reported by NBC Miami. The bill will help some condominium associations in certain situations use special assessments, lines of credit, or loans to fund their reserves, and to pool reserve accounts—hopefully, taking the pressure off of condo owners who were suddenly faced with exorbitant fees. The 191-page bill had additional provisions: Prohibits a person whose community association manager license is revoked from having an indirect or direct ownership interest in, or being an employee, a partner, an officer, a director, or a trustee of, a community association management firm for a specified time frame. Requires a licensee to create and maintain an online licensure account with the Department of Business and Professional Regulation. Requires a community association manager to identify on his or her online licensure account certain information. Requires a licensee to provide specific information on his or her online licensure account. Requires that such information be updated within a specified time frame. Requires a community association management firm to identify on its online licensure account the community association managers it employs to provide community association management services. The bill is aimed at providing transparency and accountability to avoid another Surfside condo collapse. Owners hope to see relief fast. The sharp rise in condo fees has had an effect on older condos for sale. Homeowners are finding themselves saddled with rising HOAs, in addition to being unable to sell their condo. 'Prospective buyers are more cautious now, often demanding structural inspection reports before making a purchase,' , director of new development sales at Compass Development Marketing Group, told 'This caution has led buyers to shift their interest into newer buildings since older buildings' costs are higher. Newer condo products are selling at higher prices.' New Homes Are Flying Off the Shelves in These 4 Metros—Defying the National Trend of Sluggish Sales Mapped: States Most at Risk for Hurricane Damage 7 Bedrooms Is the New 4 for Luxury Living in New England Suburbs
CTV News
18 hours ago
- Business
- CTV News
Condo sales, construction crater in Canada's two biggest markets, data show
A for sale sign is pictured outside a home in Vancouver in a June, 28, 2016. (THE CANADIAN PRESS/Jonathan Hayward) Condominium sales in Canada's two major markets continue to fall, leading to increasing supply and the cancellation of dozens of condo projects, despite a nationwide push to dramatically increase the construction of new homes. 'Both markets (Toronto and Vancouver) are significantly oversupplied, specifically in the condo segment,' says Adil Dinani, a sales representative with Royal LePage West in Vancouver. 'In Vancouver, we are sitting at listing inventory at the highest we've seen in 10 years.' From 2022 until the first quarter of 2025, condominium sales fell 75 per cent in Toronto and 37 per cent in Vancouver, according to the Canadian Mortgage and Housing Corporation (CMHC). In Toronto, condo sales are down 21.7 per cent year-over-year and inventory stands at more than 20,000 units. 'I believe this period in the condo market is going to be a challenge,' said Dinani. 'And I believe it will take a few years to clean up.' But sellers like Evelyn Contino don't have a few years to hang onto properties. The GTA-based real estate lawyer has been trying to sell her condo in downtown Toronto since November and has received no offers. 'My ex-partner and I have substantially reduced the price of this property and still nothing,' she said. 'It really is a tumultuous time in the real estate market.' Buyer's market That so many units are sitting on the market for months during a national housing crisis is a dichotomy experts chalk up to a variety of factors. While purchase prices in major markets like Toronto and Vancouver have softened, would-be buyers appear willing to wait to see if prices drop even further. Interest rates have also come down, but concerns about the global economy have gone up. 'You have a lot of would-be home buyers, people who have every intention of purchasing a home, but they've put that decision on hold because they want to see where the economy is headed,' said Jason Mercer, chief market analyst with the Toronto Region Real Estate Board (TRREB). Condo construction craters New condo construction is also sharply down, hitting its lowest level since 1996, according to Urbanation, which tracks the condo market in the GTA. With pre-construction sales cratering, developers are struggling to sell enough pre-construction units and cannot secure financing for new projects. Urbanation says at least 28 projects totalling nearly 6,000 units have been put on hold, cancelled, put into receivership or converted to rentals since 2024. But like every cycle, insiders predict this one will sort itself out. 'The market will get better and sentiment will improve,' said Dinani. 'What's going to happen is we will probably be in a period of an under-supplied market.' That's one of the reasons Mercer says the industry needs to find ways to keep building new homes. 'We can't take our foot off the gas,' he said. 'Right now, we are seeing a lot of supply in the resale market and that could potentially give people licence to say, 'hey, we don't have to worry so much about housing supply, at least in the short term.'' He warns that would be a mistake, especially given the CMHC says 3.5 million homes need to be built by 2030 to restore housing affordability. 'Five years down the road, we are going to be concerned about the lull in construction, because we haven't seen the housing start today,' Mercer warns.
Free Malaysia Today
a day ago
- Business
- Free Malaysia Today
Tanjung Bungah condo owners denied appeal over adjacent land's rezoning
The Federal Court refused Tang Heng Lut and 48 other condominium owners in Tanjung Bungah leave to appeal the rezoning of an adjacent land with costs of RM60,000. PUTRAJAYA : The Federal Court has denied 49 apartment owners in the One Tanjong condominium leave to appeal in their attempt to quash the rezoning of an adjacent parcel of land in Tanjung Bungah earmarked for commercial development. Justice Zabariah Yusof, leading a three-member bench, said none of the 10 questions of law framed by Tang Heng Lut and his co-applicants met the threshold for leave under Section 96 of the Courts of Judicature Act 1964. Leave is only granted if there are novel constitutional or legal questions of public importance, raised for the first time. The bench ordered the applicants to pay RM30,000 in costs to the Penang state planning committee and the director of its urban and country planning department. It also ordered them to pay costs in an equivalent sum to developer Lone Pine Residence Sdn Bhd (previously known as Tanjung Marina Resorts Sdn Bhd). Also on the panel hearing the application were Justices Ahmad Terrirudin Salleh and Lee Swee Seng. The judicial review application had named the state committee, the state director and Lone Pine as the first, second and third respondents. In the underlying judicial review application, the condominium owners had wanted the High Court in Penang to determine whether the first and second respondents could rezone the plot of land adjacent to theirs and change the expressed conditions of its use without public consultation. In 2023, the application was dismissed after the High Court found no procedural impropriety or illegality in the zoning or amendment processes. It also ruled that there was no provision under the Town and Country Planning Act 1976 (TCPA) which entitled the condominium owners to participate in the process. The decision was upheld by the Court of Appeal earlier this year. State legal adviser Wan Nor Sakina Saad, lawyers Charanjit Singh and Siti Zuhairah Zulkifli appeared for the committee and department, while counsel Ong Kheng Leong and Lee Jun Leong acted for Lone Pine. Counsel Azhar Azizan Harun represented the condominium owners. The facts of the case showed that the land was alienated to Purerich Realty Sdn Bhd in 2005 under a 60-year lease with an expressed condition that it would be used for a marina centre. The land was not subject to any zoning at the time. It was acquired by Lone Pine in 2015. In November 2021, Lone Pine submitted an application to rezone the land as a 'general business zone' to facilitate the development of serviced apartments and a wellness centre. Lone Pine's application was approved, subject to the condition that it was only to be used for retirement and health suites, which led to the present legal battle. In the Federal Court, the applicants argued that the failure of the state authorities to prepare a local plan as mandated by the TCPA had deprived the public of its statutory and legal right to participate in the development of the areas where they live. They also contended that the refusal of the authorities to engage the public in the rezoning process, which involved the exercise by the state of its discretionary powers, was an abuse of power. They said a Federal Court decision was necessary to resolve conflicting judicial decisions on whether the TCPA allows for public participation in the rezoning process.
Free Malaysia Today
07-06-2025
- Politics
- Free Malaysia Today
Residents protest condo project, demand safety guarantees
Residents of Empire Residence in Damansara Perdana are seeking safety assurances regarding a proposed 21-storey condominium set to be built in the area. PETALING JAYA : A residents group in Damansara Perdana have expressed concern over a proposed 21-storey condominium that is set to be built near their houses. The group said with the condominium being constructed on a hillside, it had triggered memories of the 1993 Highland Towers tragedy, in which one of three blocks of apartments had collapsed due to a landslide. 'We're not anti-development. However, building a condominium on a steep slope? Do our lives have no value?' Simon Ng, an Empire Residence joint management body (JMB) committee member told FMT. FMT was informed that residents had raised concerns about the condominium project with the Petaling Jaya City Council (MBPJ) during a briefing on another project on June 3. Simon Ng. Sinar Harian, which covered the meeting, reported that 'tensions flared' when more than 100 Empire Residence homeowners strongly objected to the proposed development of three apartment blocks planned for construction on a Class IV slope. Another JMB committee member, Joshua Tan, said residents want all parties involved to conduct a more thorough study and provide safety guarantees. He said he had observed landslides in the area during rainy weather and feared that the project could destabilise the ground's structure. Joshua Tan. 'Can the politicians, developers, and relevant authorities provide us any guarantees?' he asked. Meanwhile, Simon stated that the residents have sent over 130 protest letters to MBPJ opposing the condominium project. He questioned how the project could be approved, claiming that the town and country planning department has classified the area as high-risk, with 23% of the land being Class IV slopes and 64.8% Class III slopes. FMT is currently seeking responses from the area's state assemblyman and the developer listed on the project's signage. When contacted, MBPJ councillor Suriase Gengiah said the June 3 briefing was only for a road project and did not cover other aspects of the proposed development.
Free Malaysia Today
21-05-2025
- Free Malaysia Today
7-year-old dies after falling from 29th floor of Puchong condo
Preliminary findings showed that the seven-year-old girl climbed out of the window, which had no safety grills installed. PETALING JAYA : A seven-year-old girl died yesterday after falling from the 29th floor of a condominium in Puchong, Subang Jaya. Subang Jaya deputy police chief Fairus Jaafar said officers were dispatched promptly after receiving a distress call at around 12.30pm. 'Investigations found the victim lying face-up on the fifth floor of the building after falling from the babysitter's home,' he said in a statement today. Fairus said further investigations found no criminal elements involved. 'The victim's mother was taking care of another child who was under home quarantine, and the father was at work during the incident. 'Preliminary findings indicate that the victim climbed out of the window, which had no safety grills installed,' he said. A medical officer at the scene confirmed the girl's death. Police have also recorded a statement from the caregiver for further investigation. The case is being investigated under Section 31(1)(a) of the Child Act 2001, which carries a maximum penalty of a RM50,000 fine, up to 20 years' imprisonment, or both upon conviction.
