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Condo Owners Wanting To Make Some Quick Cash Could Be Fined Thousands

Updated: Saturday, August 3 2013, 05:06 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.Condo Owners Wanting To Make Some Quick Cash Could Be Fined Thousands

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