Florida Real Estate Advice

[GSCJR]

After Surfside condo collapse now many counties across Florida are cracking down on old condos with structural deficiencies. Some condo owners are now receiving assessments for $125,000 to fix all the problems.

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[alarmguy]

There’s a real estate agent from Punta Gorda, FL on YouTube and he said the other day there’s a ton of condos that investors and property owners are desperately trying to dump.

I know a woman that her HOA is $788 per month for a condo in a 50 year old building in Hollywood, FL near Ft Lauderdale. I told her to sell ASAP and move into an apartment.

I asked her what she will do when HOA is $1000 per month… ?

Not disagreeing with you but when I see this, I think of Long Island NY where we moved form 16 years ago and this price doesnt seem bad DEPENDING on what is included. Is it a really nice place in a good location, does it have nice amenities, im sure it includes the building property taxes, maintenance (roof etc) and property insurance.

I ask this because for a small home near where I used to live on Long Island, the property taxes alone are well over $1000 a month and that is a house, plus you pay everything else needed for a home, including insurance. So to a New Yorker might not look bad depending on the condition of the building and cost of other more new buildings.

Here is an example; (I do this for fun, it reminds me why I got out of the insane place)

This house doesnt even have a 1 car garage and is on a 60x100 foot lot and it VERY typical of the area though many people have expanded and improved, some of them so much the taxes are closer to $20,000 a year.

Total tax bill = $13,322.93

 

[alarmguy]

The above is an individual residence, this below is far worse and its a condo.

Modest 2 BR 1300 Sq Ft Condo on Long Island, no special features except a very small HOA pool. No real open space except parking lot. These are multi units not on condo, there is a wooded area in the back but that is the buffer zone for the high speed parkway (some might be known as an interstate but no large trucks) IN the same town as the home above.

HOA fees approx $350. X 12 = 4200

Total annual taxes and HOA = $16,707.55

 

[SC Maintenance]

There’s a real estate agent from Punta Gorda, FL on YouTube and he said the other day there’s a ton of condos that investors and property owners are desperately trying to dump.

I know a woman that her HOA is $788 per month for a condo in a 50 year old building in Hollywood, FL near Ft Lauderdale. I told her to sell ASAP and move into an apartment.

I asked her what she will do when HOA is $1000 per month… ?

$788 likely includes the insurance, and possibly there accumulating money for some sort of retrofit to bring something back into code. You would need to see what the money goes to.

If its for the pool boy and management company, then yes thats crazy.