Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Florida > Miami
 [Register]
Miami Miami-Dade County
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 09-21-2023, 07:59 AM
 
1,947 posts, read 3,325,277 times
Reputation: 1194

Advertisements

Quote:
Originally Posted by 1insider View Post
Next year in the Florida condo market is going to be very interesting as the milestone inspections and new reserve studies get done and the increases to monthly fees become defined. A lot of buildings who already had to increase fees to cover higher master insurance policies are going to have to increase fees again when the structural reserve study is done. We ain't seen nothing yet.
I agree. I have been watching this closely. Buildings that have been proactive already increased their HOA fees dramatically to build reserves and took care of their 40 year recerts in advance. But, the HOA fees are so high now and another big insurance increase is coming so expect HOA fees to go up another 30%. You're well over a $1/sf for HOA. That's a lot of monthly carry before paying your property taxes and factor in mtg rates are very high too. I see prices already declining on older buildings. More pressure needs to build on those sellers. I believe for these buildings there will be some deals to be had in the coming months. However, you have to be comfortable with the special assessment risks if the building hasn't been recertified and the risk the building could go into some bankruptcy plan. Does anyone know what the consequences are if a building doesn't pass its recert? I imagine there will be many bldgs that don't have the money or can't complete the work timely.

I like buying distress so this is a very interesting period in Miami. I am curious to see how this unfolds over the next few years.
Reply With Quote Quick reply to this message

 
Old 09-23-2023, 07:45 AM
 
8,005 posts, read 7,226,396 times
Reputation: 18170
I'm wondering what's going to happen when milestone inspections start turning up major issues that need immediate, expensive attention and some mortgaged owner defaults. Will the manager or Board member who signed the condo questionnaire for that mortgage have any liability for answering "no" to the questions asking if they are "aware of" or "anticipate" structural issues? It could certainly be suspicious enough to pursue considering the vagueness of the questions. That's the very possibility that has some associations refusing to answer lenders' condo questionnaires.

We are entering a period of increasing friction for condo sales in Florida.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Florida > Miami
View detailed profiles of:

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top