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Issue #51June 29th, 2010
Your Bi-Weekly Newsflash from
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A quick dash of news you need to hear
 
In This Issue
BP pays real estate claims
FL condo associations have more clout
BP pays out $157,942 in claims for Florida real estate losses

As far as real estate goes, 1,019 claims in Florida were made for losses to rental properties, with 393 payments made so far totaling $145,744.

In real estate sales, 199 claims were made, with two being paid out totaling $9,698. Diminished value had 14 claims with none being paid out. As far as structural damage to homes, 3 claims were made with one being paid out at $2,500.

Who knows what kind of damage the oil could have done to swimming pools, and the BP spokesman said that kind of detail wasn't public information.

Overall, BP has paid out $7.7 million in claims in Florida, mostly relating to wage loss and the fishing industry.

But real estate claims could start piling up. Bloomberg reported last week that the oil spill could drive down Gulf Coast property values by 10 percent for at least three years, according to a forecast by CoStar Group, Inc.

Losses may total $4.3 billion along the 600-mile stretch from the Louisiana bayous to Clearwater, Fla., the property information service estimated.

Source
Florida Gives Condo Associations More Clout

Beginning July 1, if a Florida landlord fails to pay his condo fee, the condo association can collect it from renters who lease the unit and the bank.

Florida Gov. Charlie Crist signed the bill into law last week. Condo associations statewide saw it as a victory for condo owners hard hit by the real estate downturn.

The new law enables condo associations to collect condo fees directly from renters. It also holds banks responsible for a full year of condo association dues when the banks foreclose on a borrower.


Source
Mortgage Calculator
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Tampa housing is down, but recovery may be close:


The real estate market in the Tampa Bay area is among the worst in the nation, but recovery may be a little closer.

Fourteen other markets fared worse, and Tampa appears to be near the bottom of home price depreciation, according to a report from California-based data company Clear Capital.

The Tampa-St. Petersburg-Clearwater area ranked No. 15 in the lowest performing major markets in the second quarter, the company said.

Although prices haven fallen recently, the year-over-year picture was better.

Sales prices went down by 2.3 percent from the previous quarter but went up 1.6 percent from the same quarter last year. Twenty-three percent of the sales in the first quarter were bank-owned properties.

Read on...

I hope you enjoyed this newsletter.

Sincerely Yours

 

 
Michael C. Blickensderfer, Esq. 
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This newsletter is not meant to substitute for legal advice.  If you have a legal question, please contact our office and speak with an attorney. This newsletter is not an agreement for representation.  If you would like to hire an attorney, please contact our offices to learn more.
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