Thank you to our friend Denice Hertlein of Clark Schaefer Hackett for insightful comments relating to Ohio House Bill 371 which has the potential to place more requirements on condomninium associations and their officers and managers. Being volunter organizations, House Bill 371 has the potential
Back when this Blog was in its infancy our partner, Kristin Boose, reported on the then legislative environment relating to the Interstate Land Sales Full Disclosure Act of 1968. As many of you already know the Act is broad in its application and can be dangerous to a developer if not complied with to
YoChicago.com recently interviewed Alan Lev, CEO of Belgravia Group. Alan discusses his company’s recent performance and strategies in this challenging market and his thoughts on the future of the Chicago residential real estate market and its ability to absorb the current inventories. What struck me as insightful and telling are Alan’s insights (at the
Representatives Ken Yuko and Brian Williams recently introduced House Bill 408, which would create a condominium “super lien” in Ohio. Ohio condominium associations currently have the right to lien a condominium owner’s unit for unpaid assessments; however, that lien almost always sits behind the first mortgage lien. When the unit is foreclosed upon and sold at sheriff’s
The U.S. Court of Appeals for the District of Columbia recently upheld a 2007 Federal Communications Commission ("FCC") order prohibiting the owner’s of apartment buildings, condominiums and other multi-unit residential properties from entering into exclusive contracts for providing cable T.V. services. The FCC relied upon Section 628(b) of the Communications Act. The FCC’s position is
It was reported this week in Crain’s Cleveland Business that the Blue Heron Golf Club in Medina County is for sale. The golf course, only four years old and ranked in 2006 as one of the best new courses in the country, is surrounded by a residential development consisting of more than 400 home sites.
According to Crain’s, the broker for Blue Heron does not believe the fact that the course is on the market will negatively impact the sale of lots in the surrounding development. He is most likely correct. The general state of the economy is doing that job just fine on its own, thank you very much.
Residential developers and new home builders have been two players in the market hit hardest by the current credit crisis and rising unemployment.
Data just released today (April 16) by the U.S. Census Bureau and HUD estimates single family building permits issued nationally in March 2009 were down 7.4% from the revised February figures, and down 42% from one year ago. Estimates for February had been up slightly over those for January 2009.
While March housing starts are estimated to be unchanged from those in February 2009, they were down a whopping 49.6% from March 2008 national levels. Total single family units under construction, both nationally and in the Midwest, have declined each of the last 12 months.
While sale rumors – – now confirmed – – may not have hurt new home sales in the adjoining subdivisions, the sale of the Blue Heron course cannot help unless the sale is to another operator intent on maintaining the property as a golf facility. That issue can turn on what is or is not required by title covenants, documents which are often ignored by home buyers.
Park use is one alternative which could complement neighboring residential development. The 2007 sale of Orchard Hills Golf Course to the Geauga Park District is a prime example of a golf course being converted to a use that successfully preserves the green spaces and recreational aspects of the property.
According to the Community Associations Institute, nearly 60 million people across the country live in association-governed communities. Many of these communities have been severely affected by the current economic downturn and increase in foreclosure rates. In a condominium or homeowners’ association, delinquencies and foreclosures create a ripple effect that impacts all owners. Once an owner ceases
“Mixed-use” developments, which incorporate residential units with retail or other commercial uses, have steadily gained in popularity over recent years. This is due to the fact that mixed-use developments offer advantages to developers, owners, tenants and residents when compared to traditional single-purpose developments. Many of today’s home buyers are increasingly interested in living within walking distance