Posted on 08/18/2024 6:50:34 AM PDT by dennisw
The figure is an 143 percent leap from the 8,353 in the same period last year. Almost 90 percent of those for sale are in buildings more than 30 years old.
Under the new guidelines, condos older than 30 years or more than three stories will require increased inspections from December 31.
Read More REVEALED: The cities offering the most apartment space on a $1,500 budget article image The cost of insurance and Homeowners' Association fees to cover the special assessment requirements has also jumped.
'Condo costs are shocking,' said Juan Castro, a Redfin Premier agent in Orlando. 'Condos that used to have a $400 monthly maintenance fee may now have a $700 fee. It's causing buyers to rethink their plans.'
Arkadiy Kats, 71, already pays $340 a month for a special assessment and $897 a month for monthly condo HOA fees.
Starting next year, he is expected to contribute an additional $731 toward reserves.
Florida condo owners are slashing prices by up to 40 percent as they strive to dodge massive incoming repair costs.
Some units have had almost half a million wiped off their asking price as safety fears trigger a wave of sell offs in what realtors have described as the worst real estate crisis in decades.
One three-bedroom, two-bathroom condo in Saint Petersburg was listed at around $1.2million at the start of the year.
But still without a buyer, the owner slashed the asking price first to $898,000 and last week to $715,000.
State legislation brought in following the 2021 collapse of the Champlain Tower South in Surfside, Miame-Dade County, which killed 98 people, means hundreds of thousands of condo owners must now fork out hefty sums for previously neglected maintenance.
(Excerpt) Read more at dailymail.co.uk ...
this could be a result of the champagne towers collapse a few years ago...
In Florida, there are HOA laws and Condo laws that are separate laws, recognizing condo’s have their own unique set of circumstances.
You don’t want to buy one of those older condos in particular until after the full inspectors report so you know exactly how much your special assessment may be - and even then, the condo building (fellow residents) need to also be able to afford it. If they cannot maintain proper liquidity and finance repairs, it would be a mistake to buy in. So I imagine this will take some time for the market to short out.
Sage advice. In any place where structural inspections need to be made, get all that first; otherwise, that condo might not even be there f the repair costs are too high.
Well, in condos, it seems to come down to paying for the things you bought a condo for in the first place - convenience.
Don’t want to shovel snow? Don’t want to resurface the parking area or fix the roof? Don’t want to manage the vegetation?
Having that stuff done has to be paid for. Here they call it ‘condo fees’.
(And then, there are of course ‘special assessments’.)
One example: Arkadiy Kats, 71, will be paying $2000 in condo fees to cover the usual plus special assessment for repairs -
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