THE ENEMY WITHIN

By Darlys Walker

Published May 21, 2014

  

Eric has warned you about the “Eager Beaver Developer” trying to buy up your property and terminate your Association. But don’t think for a minute, the enemy is always an outsider. During the market downturn a number of “Bulk Buyers” acquired large numbers of unsold units within a community. The majority of these bulk buyers have been a pleasure to work with and a financial blessing to the communities. However, there are a few who are attempting to destroy the Condominium Associations from the inside out.

  

Let’s say a Condominium Association has 200 units and a bulk buyer purchases 121 of the unsold units, he makes up a voting percentage of 61%. He only needs to get 39 other unit owners to agree to terminate the Condominium Association. It really wouldn’t be that difficult. You may ask why a bulk buyer would want to do such a thing.

The current rental market is seeing record high rental and occupancy rates. If the units outside the bulk buyer’s portfolio can be purchased at “fair” market value, then it potentially could make sense to dissolve the condominium and convert the entire community to rental multi-family apartment communities.

    

Again, there are many reputable “bulk buyers’ whom we are proud to be associated with. But beware when a bulk buyer sits on your Board and starts suggesting that reserves are waived, fees are lowered, using their attorney or changing to their Management Company as your Association could be headed for trouble.

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Darlys Walker, Founder and CEO of Condominium Concepts Management, Inc. (CCM), is recognized for her straight talk, subject matter expertise, and valued insights regarding real  

state management, leasing, and HOAs. Her company serves a diverse portfolio of properties, from 16-units up to 600 as well as large mixed-use developments.  

 

   From its beginnings in 2000, CCM has become a well-respected asset manager and now works with over 100 associations with 16,000 units served by over 300 employees. Darlys and her team deliver resources and responsiveness through six regional offices - in Orlando, Miami, Jacksonville, Charleston, Nashville and Atlanta.

  

   Darlys Walker is best known for her passion and precision, understanding that the only difference that matters in today's demanding marketplace is service delivery ... doing what is promised and what is right. She knows that every community serves two masters ... the property owner/developer and the resident/homeowner. "If we are not equally responsive to both, we are not doing our job," she states.  

 

   Her clients say it best: "Darlys really knows her stuff" ... "at the top of her profession and it shows in the caliber of her clients" ... "delivers quality resources that match up well with needs and expectations that are really rigorous."  

 

   She is a licensed Real Estate Broker in four states, holds an Associate's Degree in Marketing and has earned the Accredited Real Estate Manager designation from the Georgia Institute of Real Estate Management. Also she is one of few certified as a Lead-Based Paint Abatement & Removal Trainer in Georgia.

  

   Darlys Walker and her team have been selected to manage the condominium conversion process and day-to-day operations for many of the Southeast's most high-profile condominium communities including luxury high-rises, mid-rises and garden-style homes. Most recently she has been recognized as an expert in 're-versions' of communities from condominiums to leased homes, as well as repositioning projects. A visionary and a tireless perfectionist, Darlys demonstrates hands-on leadership, working individually with each client and staff associate to achieve defined business outcomes and satisfaction.  

  

  For more information about Darlys Walker and Condominium Concepts Management, Inc. please visit www.condominiumconcepts.com.

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