Are HOAs Required To Have A Replacement Cost Valuation Conducted At Least Every 36 Months?

Florida Statute 718.111(11)a

Compliance Requirements: 

ALL Residential Condominium Associations Are Required By Florida Law To Have A
Replacement Cost Valuation Conducted At Least Every 36 Months 

FS718.111(11)a:

“Adequate property insurance, regardless of any requirement in the declaration of condominium for coverage by the association for full insurable value, replacement cost, or similar coverage, must be based on the replacement cost of the property to be insured as determined by an independent insurance appraisal or update of a prior appraisal.
The replacement cost must be determined at least once every 36 months.” 

Failing to comply with Florida Statute can lead to fines by the State or penalties from
your insurance company if you have to file a claim:

“Failure to comply with the Florida Statutes and the Florida Administrative Code (FAC) can lead to action by the Department of Business and Professional Regulation (DBPR)
including fines of up to $5,000 per violation.”


Whats in a Name: Lease Construction

The lease, that we provide our owners, is the best lease I’ve ever seen in my 16 year career. It has been drafted by our attorney.

What does that mean for you, an owner, considering hiring Solutions Property Management? It protects YOU and is written by our attorneys. It is custom and contains verbiage which has been selected to protect YOUR rights and interests and we only charge a minimal fee for this. For a minimal fee, YOU get the highest protection and peace of mind. We also offer discounted rates for compliance forms and minimal fees for evictions, if you utilize this service.

Bottom line, If you opt-out of this service, you may be responsible for sizeable attorneys fees (possibly thousands of dollars). Please contact Rachel DeCamp for additional information.

Ten million Florida homeowners are watching vacation rental bills

Florida is home to the largest number of residents living in a community association. 

Some 10 million homeowners live in neighborhoods with community associations and are protected by time-honored, deed restrictions adopted by a majority and, in some cases, a super-majority vote of those who pay the bills and will be most impacted by them — homeowners. 

These homeowners voluntarily pay more than $2 billion every year to protect their quality of life, home values and property rights through enforcement and compliance through deed restrictions. 

Now, renting out one’s home or a bedroom on a short-term basis is nothing new. However, our laws have not kept up. In fact, Florida actually went the other way to benefit those who exploit home-sharing as for-profit, commercial businesses under the false pretense of “property rights.” 

And guess where those unregulated, commercial businesses with no offices are headquartered?

Right inside Florida’s neighborhoods. 

Mark Anderson

Mark Anderson (Photo: CONTRIBUTED PHOTO FROM MARK ANDERSON)

These unregulated businesses then went even further and convinced our Legislature to remove what little oversight that existed — with some exceptions for cities who had existing rules — leaving our neighborhoods exposed as a last line of defense against unregulated proliferation of these commercial businesses.

Our neighborhoods, in many cases, changed almost overnight. 

A buyer’s market is a good thing, but in neighborhoods, the opposite happened. 

While some associations already had protections in place, many did not. Those which did not amended their covenants to halt further proliferation of these commercial businesses inside their neighborhoods, and those efforts continue to this day. 

In the 2018 legislative session, some of these commercial operators tried to remove any local government or neighborhood oversight. The Florida Legislature thankfully sided with homeowners and rejected this idea.

However, this year, some lawmakers are backing bills to remove the last vestiges of the few remaining local rules in place to protect the public. These bills unequivocally state that constitutional  “property rights” apply to anyone who chooses to rent their home, or multiple homes or hundreds of homes by the night, with no regard for the rules they agreed to comply with. 

They say that because vacation rentals are “residential in nature,” they therefore are permitted to exist in our neighborhoods, again, with no acknowledgment of the rights of millions of our fellow Floridians who contractually agreed to play by the rules.

At best, these bills — House Bill 987 and Senate Bill 824 — create confusion and conflict with adopted or yet-to-be adopted protections for our neighborhoods, forcing our associations to increase costs by hiring pricey lawyers to defend the rights of their homeowners. 

At worst, these bills violate deed restrictions for an entire neighborhood by allowing anyone who owns a home — or hundreds of homes they don’t live in — to disregard the rules, which they, as a homeowner, legally agreed to comply with. 

This is wrong for our homeowners, our economy and our state. 

Ten million Florida homeowners who vote, who pay their taxes and pay even more to protect their way of life are depending on our Legislators to stand up, once again, for them and oppose these bills.

And they will be watching.

Mark Anderson is executive director of the Chief Executive Officers of Management Companies, representing management of more than 14,000 homeowners associations, more than 18,000 managers, and more than 6 million homeowners.

Source:
https://www.tcpalm.com/story/opinion/contributors/2019/04/15/ten-million-homeowners-watching-vacation-rental-bills/3448311002/

Furnished Vacation Rental: 2-Story Townhome on Sykes Creek 3BR/2½BA

Available nightly, weekly, monthly, or long-term.
Scroll for full feature list.

104 Parrotfish Ln 101, Merritt Island, FL 32953
$2,900.00 Monthly or $1,000.00 A Week.

Come enjoy this incredible vacation home available Nightly, Weekly, Monthly, or long-term! Brevard’s newest and Premier Waterfront Community located at Stunning Cape Crossings. Property sits just off SR528, west of the Barge Canal on Merritt Island. Kennedy Space Center, Port Canaveral, and beaches, are just minutes away. OIA is 40 minutes away. This Stunning corner unit is located water side and a few steps from the Boat Slips and Pier. This Key West Style Two story Town Home is fully furnished and decorated with nautical flare. All utilities including wifi are included in stay. Resort Community offers pool, sauna, fitness center, and much more. Boat Slips are available for rent through the marina, Rates may vary.

Directions: SR 528 east to exit St Rd 3-Courtenay Blvd to North over Barge Canal. Make U turn to then right into Cape Crossings.

Brochure: CCR_brochureE

Property Features

Bedrooms

  • Bedrooms: 3
  • Split Bedroom: Yes
  • Master Bedroom/Bath: Shower, Walk-In Closet

Bathrooms

  • Baths – Full: 2
  • Baths – Half: 1

Exterior and Lot Features

  • Lot Description: Corner Unit
  • Patio
  • Porch
  • Dwelling View: Direct, Water View

Interior Features

  • Breakfast Bar
  • Built-In-Features
  • Ceiling Fan(s)
  • Kitchen – Island
  • Open Floor Plan
  • Security/Safety: Smoke Free

Building and Construction

  • Style: 2 Story
  • Style: 2
  • Construction: Combination
  • Roof: Shingle – Wood
  • Total Floors in Bldg: 2
  • Exterior Finish: Siding
  • Floor: Carpet, Tile

Waterfront and Water Access

  • Waterfront Type: Canal Navigation,Sykes Creek

Garage and Parking

  • 1 Car Garage
  • Number of Garage Spaces: 1

Heating and Cooling

  • Heat: Electric
  • Cooling: Electric
  • Water Heater: Electric

Utilities

  • Electric
  • Sewer
  • Telephone

Appliances

  • Dishwasher
  • Dryer
  • Range – Electric
  • Refrigerator
  • Washer

Amenities and Community Features

  • Water Amenities: Dock/Slip Community

Pool and Spa

  • Pool-Private or Community: Yes
  • Pool – Private: No
  • Pool – Community: Yes
  • Pool Features: Hot Tub/Spa, Inground

Other Property Info

  • City: Merritt Island
  • State/Province: FL
  • County: Brevard
  • Area: 250 – N Merritt Island
  • Subdivision/Condo Nm: CAPE CROSSINGS
  • Directions: SR 528 east to exit St Rd 3-Courtenay Blvd to North over Barge Canal. Make U turn to then right into Cape Crossings.
  • Tax ID: 24-36-11-00-00505.0-0000.00
  • Condo Unit #: 101
  • Front Door Faces: S
  • Property Subtype: townhouse

Rental Info

  • Rent Includes: Basic Lawn Maint, Cable, Electric, Pest Control, Pool Maintenance, Sewer, Trash P/U, Water
  • Furnishings: Full

Call Rachel DeCamp, 321-403-7155, or email