POLL: New Condo Law: Will it Help You or Banks?

There is mixed reaction to legislation that promises to provide incentives to condominium buyers.


Article Courtesy of WIOD NewsRADIO 

HOME OF "Condo Craze & HOAs"

Published June 26, 2010



Governor Charlie Crist today signed Senate Bill 1196, regarding condominium community associations. Governor Crist praised the legislation for providing relief to communities facing financial strains in the current economy and incentives to buyers seeking to purchase condominiums. The Governor was joined by Pio Ieraci, president and chairman of Galt Mile Community Association.

"Condominium and neighborhood residents will now find relief from practices that have threatened the quality of life of communities throughout the Sunshine State," Governor Crist said. "Those seeking condominiums located on our beautiful beaches or in our vibrant cities will find great values and new reasons to buy."

However, "Condo Craze & HOAs" on WIOD host, attorney Eric Glazer says "at a time when our state is in the worst financial crisis in decades, and our condominiums are in a constant downward spiral, this new legislation does little or next to nothing to help protect the millions of residents who live in condominiums throughout our state. At a time when we truly needed innovation to help speed foreclosures through the court process, to protect our citizens against developers who renege on their responsibilities to their buyers, this bill does nothing to address these real concerns and instead pretends to offer help through "feel good" but absolutely meaningless proposals."

POLL AS OF June 25, 2010 -- 2:00 p.m.

Will this new law help or hurt condo residents?
Help. It provides incentives to potential condo buyers. 2.38 %
Helps. It jacks up bank liability, taking stress away from hurting associations. 2.38 %
Hurts. The banks will profit..as will the Gov's campaign. 15.48 %
Hurts. Instead of taking on developers, instead of taking on banks, the legislation beats up on residents. 79.76 %

If 95% of all the participants who voted in this poll say that the new bill will HURT -- what does it tell you?