F1 in Austin
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- Things Run Smoothly At F1 Track
- 82,000 Attend Formula 1 U.S. Grand Prix Qualifying In Austin
- Business Down For Some Downtown Austin Stores Due To Fan Fest
- Fans Mellow So Far At Austin Fan Fest
- F1 Fan Fest Draws Big Crowds To Downtown Austin
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- Download F1 Road Closures Map
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- 24 Hours Emergency Operations Center Open For F1 Weekend
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- Officials Make Final Austin F1 Traffic Plans
- Fan Fest Chaos Poses Challenges For Downtown Austin Businesses
- Austin Fan Fest Street Closures Continue
- Law Enforcement Offers Austin F1 Risk Assessment
- Formula 1 Track Shows Off Race Day Emergency Plan
- Cap Metro Makes F1 Backup Plans As Union Threatens Strike
- South Austin Neighborhoods Not Happy With F1 Helipads
- Austin Council Eyes F1 Helipad Code Changes After Neighborhood Outcry
- Austin Council Annexes F1 Race Track Land
- Bike Route Planned From Downtown Austin To Formula 1 Track
- Austin Formula 1 Racetrack Opens Saturday For Running Event
- Capital Metro To Provide Free Bus Service Around Downtown For F1 Weekend
- F1 Marks First Lap, Leaders to Discuss Preparedness
- Helipads Approved In South Austin For F1
- F1 Announces More Bands For Race Weekend
- Police, Nonprofits Bracing For Human Trafficking Increase
- How To Avoid Buying Counterfeit Tickets
- Austin F1 Transportation Plan Announced
- Austin Race Track Gets Green Light As Deadline Nears
- Pflugerville Wants To Study Impact Of F1
- Nelly Joins Aerosmith As Top Acts At F1 Grand Prix Concerts
- Condo Owners Wanting To Make Some Quick Cash Could Be Fined Thousands
- Festivals Planned During Austin's F1 Race Weekend
- Tens Of Thousands To Flock To Downtown Austin For F1 Grand Prix Events
- F1 Bringing Aerosmith To Austin During Race Weekend
- Texas Gov. Perry Promotes Austin F1 Race During Italy Trip
- Workers Needed For F1 Race
Condo Owners Wanting To Make Some Quick Cash Could Be Fined Thousands
Updated: Friday, October 12 2012, 01:44 PM CDT
Owners who have properties in high rise communities in Downtown Austin could be fined if caught renting out their homes for special events like the upcoming Formula One race.
The event will kick off in November, but some condo owners have already received notice that they’ll be fined thousands of dollars if they’re caught leasing out their condos.
“A lot of the buildings downtown have a 25 percent lease ration, meaning no more than 25 percent of the building can be leased to individual tenants. The main reason is to maintain the integrity of the building,” says Krystal Copulos, co- owner of Platinum Realty
Keeping the Integrity of the building is not all the measure is focused on, Coupulos says it’s also about helping owners with their investment.
"A lot of the buildings in order to be warranted by Freddy and Fannie Mea have to not exceed that 25 percent mark. Owners made the long term investment in their property, whereas those leasing it out don’t care so much about the rules and respecting other home owners. Obviously not everyone is like that, it’s a very small number, but in order to maintain the integrity of the building they have that rule in place, “said Copulos.
Fines depend on the high rise community you live in but Coupulos says if you’re caught you could be out thousands of dollars.
"They will have a fine against them per their HOA, so you’re going to have to reimburse the money that you made, and one, two, or three thousand dollars per night if you are caught doing a short term lease," said Copulos.
Andres Traslavina has been a condominium owner at 360 Condominiums in Downtown Austin for the past two years and agrees with the measure.
"As a home owner it makes sense, I like to preserve the tranquility of my place. When we signed our paperwork we knew we had to play by everybody's rules -- sometimes you have to compromise. Sometimes I have to compromise with things I don't agree with but they’re over 400 units in the building so it's a give and take,” said Traslavina.
By Angel Covarrubias.
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