Changes in Condo Prices at Cypress Bend VII

I just wanted to let you know about some simple calculations I made about condo prices at CB VII.

In 1991/1992, when condos in buildings 21 and 22 were initially sold, prices were about $65,000 for a condo in bldg 21 and $85,000 for a condo in bldg 22.

I checked various US Government sites to find out how much inflation there was between that time and the end of 2008. The answer is about 50% (or 49.5% to be precise). Considering that economists agree that, over a long period, real estate prices will follow inflation, even though that may not be the case over a short period of 3-4 years, we get the following:

If we increase the 1991/1992 prices by about 50% to take inflation into account, we get $97,500 for a unit in bldg 21 and $127,500 for a unit in bldg 22, or in rounded numbers $100,000 for bldg 21 and $130,00 for bldg 22.

Including furniture of approximately $15,000-$20,000 for condos sold furnished, we get a total selling price of $115,000-$120,000 for a 960 sq.foot unit in bldg 21, and $145,000-$150,000 for a 1400 sq.foot unit in bldg 22.

Please give me your comments.

Information about Condos For Sale and Condo Prices

If anyone is interested in keeping up to date about condos for sale or condo prices in Cypress Bend VII or in Pompano Beach in general, please go to the following sites:

http://southflorida.blockshopper.com/forsale/cities/pompano_beach?page=15

http://southflorida.blockshopper.com/condos/development/819

These sites have a wealth of information very useful to anyone interested in selling or buying a condo. Please let your friends know.

BOARD ELECTIONS 2009

Four candidates are running for three seats on the Board of Directors of the Cypress Bend VII Condo Association. Elections will be held on March 19th at the CB VII Clubhouse.

The candidates are:
David Annunziata
John C.Baxter, Jr
Jason Berger
Guy Fortin

Full resumes were provided in the mailing sent to CB VII Owners a few weeks ago.

Please take the time to vote. It's your money! Make sure it's spent wisely!

New Board, again!

At the Board meeting on Thursday, April 10, 2008, after some lively discussions (and some less than polite yelling and accusations) some changes were made to the Board which resulted from the elections on March 27.

The changes are:
1. Suzanne Trudel was asked to make her resignation effective as of the date of the meeting, even though her letter of resignation specified March 27. Why her resignation was delayed, we'll never know!!!!!
2. John Baxter was appointed to the Board even though he received the least number of votes (131 votes) at the last election compared to the next candidate (133 votes). It looks like the number of votes one gets is not the main factor for getting on the Board. Why did the Board do this? I'm sure many owners would like to know the answer.

So, the new Board is composed as follows:

Perry Martin, President
Vincent Ruffino, Vice president
John Baxter, Treasurer
Marsha Masters, Secretary
Yvon Guerin, Director
Gerry Wells, Director
Patricia Venito-Christensen, Director

Let's hope this Board can work harmoniously for the good of the community and without interference from external influences.

House/Condo Sales in Pompano Beach

Anyone interested in finding out house/condo sales by month and year in Pompano Beach can click on:

http://southflorida.blockshopper.com/months/2008/2/27

Access to Official Records

Access to Official Records is governed by formal rules described in Florida Statutes Chap 718.111(12)(b) and (c). However, it is hoped that strict adherence to these rules would not be necessary and that a spirit of cooperation would generally prevail.
The formal rules are:
-the records of the association shall be made available to a unit owner within 5 working days after receipt of a written request by the board or its designee
-the association may adopt reasonable rules regarding the frequency, time, location, notice, and manner of record inspections and copying
-the failure of an association to provide the records within 10 working days after receipt of a written request shall create a rebuttable presumption that the association willfully failed to comply with this paragraph
-a unit owner who is denied access to official records is entitled to the actual damages or minimum damages for the association's willful failure to comply with this paragraph
-the minimum damages shall be $50 per calendard day up to 10 days, the calculation to begin on the 11th working day after receipt of the written request
-the failure to permit inspection of the association records as provided herein entitles any person prevailing in an enforcement action to recover reasonable attorney's fees from the person in control of the records who, directly or indirectly, knowingly denied access to the records for inspection.

Official Records of a Condo Association

According to Florida Statutes Chap. 718.111(12)(a), the following records must be available for inspection by any association member, at all reasonable times. The right to inspect includes the right to make or obtain copies, at the reasonable expense, if any, of the association member. Here is the list:

1. A copy of the plans, permits, warranties, and other items provided by the developer.
2. A photocopy of the recorded declaration of condominium and of each amendment
3. A photocopy of the recorded bylaws and of each amendment.
4. A certified copy of the articles of incorporation of the association, or other documents creating the association and each amendment therof.
5. A copy of the current rules of the association.
6. The minutes of all meetings of the association, of the board of directors, and of unit owners, which minutes shall be retained for a period of not less than 7 years.
7. A current roster of all unit owners and their mailing addresses, unit identifications, voting certifications, and, if known, telephone numbers.
8. All current insurance policies of the association and condominiums operated by the association.
9. A current copy of any management agreement, lease, or other contract to which the association is a party or under which the association or unit owners have an obligation or responsibility.
10.Bills of sale or transfer for all property owned by the association.
11. Accounting records for the association.
12. All contracts for work to be performed. Bids for work to be performed shall also be considered official records and shall be maintained for a period of 1 year.
13. Ballots, sign-in sheets and voting proxies.
14. All rental records, when the association is acting as agent for the rental of condominium units.
15. A copy of the current question and answer sheet, as described by s. 718.504.