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The above chart is updated from the Jan-Feb 2008 newsletter. Two sales for December 2007 were recorded in February 2008. When I added them, the decline in average sale per quarter increased to $114, The 4 sales in the 1st quarter of 2008 averaged $278,750, the mean is $285,000. |
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INTRODUCING: |
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THIS MONTH · Pg 1 CDD Editorial—The Recall · Pg 1 Statement of Grounds For Recall · Pg 2 Coral Bay HOA Average Lot Sizes · Pg 2 FIRST Qtr 2008 Statistics · Pg 2 Coral Bay Foreclosure Statistics · Pg 2 Here’s The Links! · Pg 3 Home Maintenance Tips · Pg 3 Opposite Perspectives · Pg 3 FICO Facts from MyFICO.com |
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GET THE LINKS! Read “At Home In Coral Bay” On-line! This newsletter is supported by many PDF documents! ONLY AT: http://VelieRealEstate.com
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Consultant, Realtor, Mortgage Broker, CAM (954) 263-6287
Copyright: Velie Real Estate Services, LLC |
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Articles and opinions here in do not necessarily reflect the opinions of EXIT Realty or any of my business, social, or voluntary affiliations or associations. |
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No One Knows Coral Bay Like Eddie Velie Consultant, Realtor, Mortgage Broker, CAM |
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At Home In Coral Bay — March-April, 2008 |
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A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Services, LLC |
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Updated from the Jan-Feb 2008 newsletter! Two sales for December 2007 were recorded in February 2008. When added in, the 2007 decline in average sale price per quarter is $114,715. |
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Ml# Address List Price F918976 8183 Thames Blvd #B (Rental) $1,550 F917404 4324 NW 9th Av # 2A-6 $165,000 F853592 2302 SW 82nd Te # 2302 $185,000 F915809 6631 Fern St $224,000 F883573 6643 Skipper Ter $249,000 F855737 3226 W Buena Vista Dr $285,000 F913413 3397 Blue Runner Ln $335,000 F913427 6692 Schooner Ter $345,900 F912495 6596 Schooner Ter $360,000 F918258 6304 Ocean Dr $389,000 F881060 731 NW 65th Ave $299,900 F919297 6339 SW 2nd St $299,000 F908706 10306 Gentlewood Forest Dr $452,000 |
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“Hi, my name is ___________. We are looking for “registered voters” to sign this petition (lead by Eddie Velie, the newsletter guy (optional)) to recall the entire Coral Bay CDD board for “neglect of duty.” More specifically, for failure to file required financial audit reports on time to the State Auditor General’s Office 3 years in a row and failure to maintain our Coral Bay amenities as required in the Coral Bay master covenants. Some examples of this negligence are, the basketball & tennis courts, peninsula park pool, docks, playground, fencing, etc.) If you have any questions, you can call Eddie at (954) 263-6287.” By my best guess, and having possession of the 153 witnessed signatures for all 5 board members, about 80% of the electorate are in favor of a full recall to get a new board of directors. We will be circulating the petitions again. What’s the best case scenario? That Governor Crist would grant our recall request and sign an executive order making the hundreds of CDDs across Florida subject to FS 100.361, putting an end to the speculation. This would probably get all of the boards to work for their constituency instead of the developers, engineers, attorneys, contractors, etc. Copyright: Velie Real Estate Services, LLC
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No One Knows Coral Bay Like Eddie Velie Consultant, Realtor, Mortgage Broker, CAM |
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Page 2 |
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CDD Editorial – The Recall “The Florida recall process doesn’t apply to CDD boards.” This claim is being made by our CDD board members and the limited number of others in the State of Florida that benefit from the CDD. I disagree with this claim. So far, no one has been able to cite the source. By no one, I mean the entire chain of government representatives between you and I up to Governor Crist’s office. Florida municipal recall elections statutes 100.361 outlines the procedures for conducting a recall for cities, municipalities, and districts. The very first paragraph says, “Where used in this section, the term “district” shall be construed to mean the area or region of a municipality from which a member of the governing body is elected by the electors from such area or region.” (Paragraph 100.361 (1) starting with the second to last sentence) The discussion first came up in my conversations when the current appointed lame duck Chairman was chosen by the other four elected board members. Since he got his own HOA into a lawsuit (with a former elected CDD and HOA board member) that has to date cost all the homeowners in Islamorada at Coral Bay about $5000 in assessments, why would the other four members appoint him at all, much less make him chairman? While investigating the options for Coral Bay residents, it was decided to proceed with the recall, in spite of the above claims that Florida doesn’t have a recall process for CDDs. If you ask yourself, “What is the worst case scenario of conducting a recall?”, the answer is usually, “the board may at least get motivated.” Since the board did such a poor job of |
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At Home In Coral Bay — March-April, 2008 |
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A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Services, LLC |
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appointing a board member in first place (and subsequently making him chairman), why give them the opportunity to do it again by recalling only one member? Do we want every home in Coral Bay paying a $5000 special assessment? That, among other reasons, is why myself and several others who participated in gathering signatures, decided to recall all five members of the CDD board of directors. As required, we gathered 10% of the electorate’s signatures in 30 days during March 2008. That is 153 witnessed signatures of the approximately 1500 registered voters in Coral Bay. However, we did not file it with Broward County due to certain legal questions that arose. We have made the necessary modifications to the petitions. For example, we added the “Statement of Grounds For a Recall” to the petition about half way through gathering the signatures. We came up with a script. |
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Statement of Grounds For Recall (Florida Statutes 100.361(1)(a) & (b)) Neglect of duty: Failure to file the Annual Financial Audit Report with the Auditor General’s Office “no later than 12 months after the end of the special districts fiscal year” for 2003/2004, 2004/2005, & 2005/2006 (per FL Statutes 218.39) Neglect of duty: Failure to maintain the Coral Bay CDD amenities as stated repeatedly in the Coral Bay Planned Unit Development (PUD) documents recorded with the City of Margate. “A district shall take no action which is inconsistent with applicable comprehensive plans, ordinances, or regulations of the applicable local general-purpose government.” (Section 190.004(3), F.S.) Neglect of duty: Failure to enforce the master Declaration of Covenants, Conditions, and Restrictions for Coral Bay. A “Community Development District established pursuant to Section 190 of the FL Statutes and which will be responsible for (i) enforcing the Declaration of Covenants, Conditions, and Restrictions for Coral Bay imposed by the developer and (ii) acquiring and maintaining the common areas within Coral Bay which benefit all of its property owners.” (Coral Bay PUD, pg. 31, 11/1/89)) |
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Hi Mr. Gaskins, Question: “Who decided that FS 100.361 on recalls, does not apply to special districts? The definition of district is clearly in there. It is obviously an interpretation of the kind rendered by lawyers and judges.” “If the board is getting that statement from you, then you are single handedly encouraging the boards bad management and defiant behavior and simultaneously discouraging anyone else from attempting a recall. Please cite the source of, “only the governor can remove special district officials.” Answer: Mr. Gaskins could not or would not answer this question. (Excerpt from an email from Eddie Velie to Jack Gaskins Jr., of the Florida Department of Community Affairs, Division of Housing and Community Development, discussing my letter to the Governor & State legislature.) |
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No One Knows Coral Bay Like Eddie Velie Consultant, Realtor, Mortgage Broker, CAM |
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At Home In Coral Bay — March-April, 2008 |
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A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Services, LLC |
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We take the risk — You rest easy! Eddie’s “Easy EXIT Listing Guarantee!” Inquire today. |
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No One Knows Coral Bay Like Eddie Velie Consultant, Realtor, Mortgage Broker, CAM |
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At Home In Coral Bay — March-April, 2008 |
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A Mortgage & Real Estate Newsletter By Eddie Velie Real Estate Services, LLC |
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HOME MAINTENANCE TIPS · WEED CONTROL 2 — What it says on the bag is true for Scott’s Weed N Feed. It will leave tiny spots on your concrete or other surfaces. After you spread it, hose it off and water it in. That way it will start working right away. · RUST STAINS — Another miracle product is Rust Aide. It’s in gallon rust colored jugs at Home Depot or Lowe’s. Nearly any rust stain will disappear when you spray this product on it. I have seen rust stains disappear from the paved roads (iron rust from ground well water), painted surfaces (after you left something metal on it), concrete, countertops, & pavers. Try it, it’s only about 3 or 4 dollars a gallon. (Copyright: Eddie Velie) |
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Warnings of Financial Abuse “While increasingly popular in Florida and California, and on the rise in Texas, this multipurpose independent special district model is not without its problems. Among the shortcomings to this approach, two stand out: 1) the potential for financial abuse and 2) the lack of oversight by general purpose governments.” (Source: Investigating the Community Development District (CDD) Model of Infrastructure Financing, Dr. Tim Chapin, Dept of Urban and Regional Planning, Florida State University & Dr. John Thomas, National Center for Environmental Assessment, Environmental Protection Agency) And COMFORTING REASSURANCES “With numerous Districts currently in existence in Florida, the CDD community management concept clearly provides a broad level of responsibility and commands a high level of accountability to the current and future residents of Coral Bay.” (Source: Letter to Coral Bay Home Buyers, RE: CDD Assessment Program, Icon Development Corp., May 4, 1990), introducing the first assessments to Homeowners.) And NAÏVE DECEPTION “When this concept was first introduced, the best information at the time suggested a range of district taxes between $40 and $60 which will remain fixed through December 31, 1993.” (Source: Letter to Coral Bay Home Buyers, RE: CDD Assessment Program, Icon Development Corp., May 4, 1990), introducing the first assessments to Homeowners.) |
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· Professionalism |
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· Honesty |
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· Fairness |
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· Accountability |
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· Skill |
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· Care |
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· Diligence |
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· Confidentiality! |