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Trust This.
By Joseph E. Seagle, Esq. ● Sep 27, 2024
Smart Brevity® count: 5 mins...1357 words
👋 Happy Friday! This Sunday is National ⭐ Gold Star Mother’s and Family Day. Since World War I, the observance has recognized and honored those who have lost a son or daughter who served our country in the United States Armed Forces.
Situation Awareness: We hope this week’s newsletter finds everyone safe and sound after Hurricane Helene. If a property we hold in trust was damaged by the storm, leading to an insurance claim, remember that the check may be payable to the trustee. If that happens, please contact us for information on handling payment’s endorsement, deposit, and disbursement. Also, if any permits need to be pulled for repairs, please send them to [email protected], and we’ll turn those around within one business day at most. Finally, our offices were closed on Thursday due to the storm, so we will now be open on Columbus Day—the “snow day” built into our calendar each year.
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🔎 1 big thing: Florida’s Impending Condo Crisis
With the Florida Condominium Safety Act set to take effect, many Florida condo owners could soon lose their homes.
Why it matters: Florida’s sluggish condo market could face further devastating setbacks if no legislative action is taken to mitigate the potential effects of the Act.
The Act’s primary requirement: Condo associations must have an engineer inspect their buildings for safety to determine how much money they need to set aside for repairs.
Behind the law: The June 2021 Champlain Towers collapse was one of the deadliest structural engineering failures in U.S. history.
The resulting law: Condo associations with buildings three stories or higher must review reserves to determine how much to set aside for maintenance.
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Buildings 30 years or older must also pass a structural inspection.
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If buildings haven’t been kept up to standard, associations can no longer waive or underfund reserves.
Potential effects on the current condo market: Additional financial constraints on owners could further impact a condo market that has seen rising condo fees and insurance costs, resulting in:
A reserve advisors survey results suggest that many of the 200 associations polled could be facing sharp increases.
A possible path to assistance: Miami Dade County’s program that offers loans to condo owners who need help paying for special assessments could serve as a statewide model.
The bottom line: With further action by the Florida legislature looking unlikely, condo owners should brace themselves for potentially steeper monthly fees and assessments on the horizon.
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2. The Dogged Fight for Pet-Friendly Equity
As breed restrictions proliferate and pet fees are on the rise, animal-loving renters have been begging for help. Some lawmakers are starting to listen.
Why it matters: Pet fees and breed restrictions for rental properties disproportionately affect low-income communities and communities of color, which is why the issue has ended up in legislatures across the country.
By the numbers: 59% of renters own pets.
Rich pet, poor pet: In Boston, for example, the difference in pet-friendly rentals is striking:
Breed restrictions aren’t playing around: The Michelson Found Animals Foundation determined that a whopping 94% of apartments nationwide have at least some breed or size restrictions.
The restrictions and fees are often discriminatory: A Texas study found that compared to white and wealthy communities, low-income communities and communities of color pay higher pet fees.
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The country’s renters are likelier to be young, Black, Hispanic, or low-income than homeowners.
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According to author Bronwen Dickey, who has written about pit bull restrictions, breed restrictions have historically been more about blocking prospective tenants than about the animals themselves.
Restrictions and fees are not against the law: Pets are not a protected class under the Fair Housing Act.
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Then again, neither were children until 1989.
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Colorado is an exception, having recently enacted legislation that prevents insurers from imposing breed restrictions and caps deposit fees.
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California and Florida have also pushed public housing authorities to drop breed restrictions.
Shelter overcrowding: Housing is the number-one reason dogs are surrendered to shelters, leading to many animal shelters operating over capacity. Many animals who aren’t adopted in time are euthanized.
Just landlords mitigating costs? Although landlords say financial risks are the reasons behind pet fees, rents, and other restrictions, the data doesn’t is contradictory.
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Pet owners have longer tenancies.
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Most pets cause little damage.
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A dog’s breed is not correlated with a tendency to aggression.
The bottom line: Housing and animal welfare advocates have been dogged in their fight for pet-friendly equity in housing — and their efforts just may be taking hold in a market near you.
If you're a landlord, do you accept pets?
Your response is anonymous
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This week, my functional medicine physician, Dr. Somji, and I sit down to discuss functional medicine — what it is and how it can help you live longer — and leveraging artificial intelligence to turbocharge your business’s marketing, sales, operations, and finances.
Listen in or watch on your favorite streaming platform.
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FinCEN releases a beneficial ownership reporting toolkit. The Legal Description
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The five most profitable Florida cities for short-term rentals. Bigger Pockets
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Half of all home listings have gone “extra stale.” Redfin
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A record 8.5% of all homes are now worth over $1 million. The Title Report
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Investor home purchases dropped in the second quarter. Is it a trend? CoreLogic
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4. Closing Thought: Mission, vision and core values matter
The sunset from the front yard in Asheville on Sunday evening. Photo: Philip Richardson
Successful entrepreneurs build businesses with a clear mission, vision, and core values. These three elements work together to provide direction, focus, and a sense of purpose to your business.
Mission:
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Your mission defines what your business does and why it exists.
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It’s your company’s purpose, outlining the products or services you provide and the impact you want to make on your customers and the market.
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Think of it as the “now” of your business—what you’re doing to meet the needs of today.
Example: “We provide high-quality, affordable web design services to help small businesses grow.”
Vision:
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Your vision is about the future—it’s the where you want your business to go.
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It reflects your aspirations, capturing the bigger picture of success.
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A compelling vision inspires your team and keeps everyone aligned toward long-term goals.
Example: “To help everyone use technology for a better life.”
Core Values:
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Core values represent the how of your business.
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They are the guiding principles that shape the way you operate and interact with customers, partners, and employees.
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Values define your culture and create the foundation for decision-making.
Example: Integrity, innovation, and customer-centricity.
Why It Matters:
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Together, your mission, vision, and core values form a cohesive framework that drives your business forward.
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The mission provides focus, the vision offers inspiration, and core values set the standard for behavior.
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Without these aligned elements, it’s easy to lose sight of your purpose and stray from your goals.
Bottom Line: Clarify your mission, articulate your vision, and live by your values to create a business that will endure.
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We hope you found this helpful — any feedback is appreciated and can be shared by hitting reply or using the feedback feature below.
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Our mailing address: PO Box 547945, Orlando, FL 32854-7945
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Our physical address: 1901 West Colonial Drive, First Floor, Orlando, FL 32804
Be on the lookout for our next issue! 👋
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