Preserving the Residential Character of Boca Teeca

Tuesday, May 3, 2016

Beware of Condo Board Members Bearing Promises

Beware of condo board members that have spent your entrusted condo dues to support a private 3rd party corporation (BTUOA, Inc.) and ask you to sign away your legal rights that are completely separate from any condo association authority or responsibility.  Some condo association boards have given this unrelated corporation funds based upon promises that have no bearing on the responsibilities entrusted to condo boards.  These board members may attempt to justify the spending of condo funds in an effort to support this unrelated corporation's efforts to represent Boca Teeca residents in support of a proposed development.

Were these funds given to the BTUOA as an investment with a promise of negotiating a handsome return?  Is this an alternative to investing condo operating funds in bank CDs and money market accounts?

It could be anticipated that the BTUOA's secret committee may be attempting to negotiate a financial contribution (bribe?) from a developer in a similar fashion that this organization negotiated with MCZ Centrum.  In exchange for the condo association "cooperation" the MCZ Centrum LLC agreed to give approximately $226/unit to each condo association for deposit to their reserve funds.

Is the current negotiation going to follow a similar path?  Is this "investment" by condo associations going to payoff or will this be money down the drain as was the case with their past financial support of the BTUOA?  The track record has not been favorable for condo boards that have given funds to the BTUOA and where is the accountability of the funds spent by BTUOA?  There have not been any treasurer reports provided publicly to the many "members" of the BTUOA.

How much will your property values fall in exchange for even several hundred dollars promised by a developer to your condo association?  Is your condo association attempting to make a profit on their Investment  in the BTUOA at your expense?  Are you going to save a few hundred dollars in condo association dues and watch your property value decline by thousands of dollars?

Obviously these are not attractive alternatives, so do not be supportive of any effort to sign away your separate deed restriction rights if approached by a member of your condo board or some secret committee member of the BTUOA.  Note, the condo boards will not have the authority to "vote" away your deed restriction rights and the condo association has no authority to take any action on "your rights" as a unit owner concerning the legal deed restriction issue.

5 comments:

  1. So, after NW Second Ave is widened between Yamatto and Jeffrey St, how will condo owners get out of their driveways? The city calls this a "failed road" because of all the traffic that is funneled there over the past several years. This has nothing to do with past development in this area and everything to do with poor city management.

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  2. And if NW 2nd Ave is widened, how will the condo residents get out of their driveways? Right turn only?

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  3. And this is exactly why I bought a condo myself. I am now living in one of the Sabbia Beach condos (here), exactly because I know that the board members are correct. Before, I lived in New York and had the exact same problem that you described above. I think it is important to follow recommendations or to know the board members personally, otherwise it is easy to run into a trap.

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  4. Do NOT sign anything from Lennar or our condo leaders with regard to the deed restriction!! Condo leaders cannot be trusted & have no authority on the deed restriction issue.

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