South Walton's Community Website
Beach Like A Local!
Create Account
New posts

fisher

Beach Fanatic
Sep 19, 2005
822
76
Yep that is there secret plan. :roll: In the state of Florida a developer must turn control of a development over to the HOA at the 5 year mark. It's not dumping it's following the law.

Are you certain about that? If that's the law, then the WS and WC HOA's should be turned over by now. Has that occurred?
 

Miss Kitty

Meow
Jun 10, 2005
47,015
1,123
67
Are you certain about that? If that's the law, then the WS and WC HOA's should be turned over by now. Has that occurred?

I was under the impression that St. Joey had to sell a certain % of lots/homes before it was turned over. :dunno:
 

SHELLY

SoWal Insider
Jun 13, 2005
5,775
802
I was under the impression that St. Joey had to sell a certain % of lots/homes before it was turned over. :dunno:

That's my understanding too. It's why you see developers unloading 20-30 condoze at auctions--they're looking to get out from under subsidizing landscaping, pool servicing and maintenance.


.
 

Miss Critter

Beach Fanatic
Mar 8, 2008
3,419
2,116
My perfect beach
That's my understanding too. It's why you see developers unloading 20-30 condoze at auctions--they're looking to get out from under subsidizing landscaping, pool servicing and maintenance.


.

Excellent point. Financing issues aside, it certainly explains why they would sell so many at a loss.
 

Matt J

SWGB
May 9, 2007
22,687
2,830
Florida statute 718.301 covers the transfer of association control for condominiums.

I was wrong, if it's less that 50% sold then it's 7 years.

Florida chapter 718 does not cover homeowner's associations, chapter 720 does and does not cover HOA's.

In addition WC and WS are mixed developments. All of the condominiums (attached units with common elements) fall under the COA act and then the homes portion falls under the HOA act. To further complicate this each Phase is it's own umbrella association over that phase. Ultimately there is a master association and that follows the COA due to COA's within the structure.

Hope that helps. :D
 
JOE sold what?

Yesterday JOE increased their quarterly revenues by $512,000.00 they sold another developer owned lot in Watersound Beach. Maybe it'll be an iproved quarter.

The family who bought the lot next door from JOE for $971,000.00 3 years ago probably isn't quite as happy, but caveat empor. No?
 
New posts