Miami Beach Condo Assessments (Tequesta, Surfside: HOA fees, insurance, lofts)

[elchevere]

I got past the paywall by reading this article from another site, but assessments at Murano Portofino could cost as high as $320,000 per unit (two phases, no financing); Murano Grande will cost $36,000 per unit….some owners might be forced to sell. Yikes—not exactly chump change and Murano Portofino is not exactly ancient, +/- 20 years old.

https://therealdeal.com/miami/2022/0...sessments/amp/

[MiamiLIFE]

Originally Posted by elchevere

I got past the paywall by reading this article from another site, but assessments at Murano Portofino could cost as high as $320,000 per unit (two phases, no financing); Murano Grande will cost $36,000 per unit….some owners might be forced to sell. Yikes—not exactly chump change and Murano Portofino is not exactly ancient, +/- 20 years old.

https://therealdeal.com/miami/2022/0...sessments/amp/

I dropped a deal south of fifth for this reason. Boutique bldg. Talked to the condo manager during the investigation period and they told me $100k special assessment coming to the owners. I cancelled the contract immediately.

[Corrie22]

^ yep, and trying to sell them....knowing it can go even higher

[MiamiLIFE]

Originally Posted by Corrie22

^ yep, and trying to sell them....knowing it can go even higher

The amount of the SA was already a deal breaker, but as I talked further with the association manager it was clear the true cost of repairs was not known. That wild card just made it too risky.

[elchevere]

Originally Posted by MiamiLIFE

The amount of the SA was already a deal breaker, but as I talked further with the association manager it was clear the true cost of repairs was not known. That wild card just made it too risky.

And that was for a boutique, presumably 6 story or less—not a 30+ story high rise with extensive amenities (or huge pool like at a mega complex), correct ??

[MiamiLIFE]

Originally Posted by elchevere

And that was for a boutique, presumably 6 story or less—not a 30+ story high rise with extensive amenities (or huge pool like at a mega complex), correct ??

Correct. It did have a rooftop pool (small) that was being redone, but no gym and no grand lobby or other amenity space. Crazy amount of SA fees for a small bldg. Needed facade and balcony repairs, new roof, new pool and pool deck.

[elchevere]

It’s not just Miami Beach either and/or related to Surfside….Icon Brickell residents paid an assessment ($15K per unit??) for pool repairs. Jade had balcony repairs—not sure if that was an assessment or if the developer was forced to pay….Asia Brickell Key is having some work done now.

[MiamiLIFE]

Originally Posted by elchevere

It’s not just Miami Beach either and/or related to Surfside….Icon Brickell residents paid an assessment ($15K per unit??) for pool repairs. Jade had balcony repairs—not sure if that was an assessment or if the developer was forced to pay….Asia Brickell Key is having some work done now.

I moved down from a high-rise condo in NY. It was about 12 years old. I got hit with a $2,500 special assessment last year for repairs. It's not just Miami. But, I think if you delay repairs the SA in the future are much higher. I think that's part of the problem down here. A lot of unit owners/associations kicked the can down the road.

[logybogy]

Condos are money pits now. Between all the inspections for insurance after the Surfside collapse and new laws requiring additional reserves for condo associations and inspections at 25 years for coastal buildings...

Monthly maintenance fees and special assessments going up, up, up especially for older buildings. Residents on fixed incomes may end up being forced to sell. Older buildings with too much deferred maintenance on prime lots may have to liquidate and sell to developers.

Buy a single family home if you can.

[Marc Middleton]

Originally Posted by elchevere

It’s not just Miami Beach either and/or related to Surfside….Icon Brickell residents paid an assessment ($15K per unit??) for pool repairs. Jade had balcony repairs—not sure if that was an assessment or if the developer was forced to pay….Asia Brickell Key is having some work done now.

$10k-$15k assessments are nothing really if you consider what you're getting. Its easy to drop $10k on repairing a home throughout a year. Also, keep in mind HOA fees. If they don't budget for reserves, you save that money each month. If they do, then you pay more per month but don't get big bills thrown at you (think Tequesta in Brickell Key).

The $100k ones are the bad ones. That's years of deferring maintenance and poorly run HOAs. The Floridian has been undergoing repairs and upgrades for years but no big special assessments. Its well run and has some reserves each year.

What was the boutique building that had a big one coming? Don't keep it a secret, inform the rest of us so we can avoid it. (I'm thinking Absolut Lofts but just a guess).