Posted on 08/18/2024 6:50:34 AM PDT by dennisw
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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