Condominium Issues Front and Center
I live in one of the nicest neighborhoods around Miami in an "old" condo conversion apartment complex that was built in 1950 as military housing I think. The neighborhood is changing. A couple of similar groups of buildings were knocked down and were replaced by $700,000 town homes. Just about all the "older" houses are being knocked down and replaced by larger houses with price tags north of $1,000,000. If you are in your 60's I guess this is what you have in your future. Getting knocked down and being replaced by something new. And so it goes.
In the interim neighbors come and go, some renters and owners and the expenses for maintaining property continue. The housing bubble did significant damage to the association finances. When 10% of the units go through foreclosure and the process takes a long time it can be difficult for those remaining. In Florida the situation the earlier investors bailed and now the new investors that have bought units cheaply don't seem to want to pay old maintenance fees that may be older than twelve months. The law allows associations to go after what they are owed but it may further delay and screw up deals that move the process forward.
Who represents the condo association at the closing these days. Usually nobody. I hope somebody knocks on my door with a deal to buy my unit at a fair price, the sooner the better. It isn't easy and not everybody cares about doing the right thing and is happy to kind of screw their neighbor while they are flipping a piece of real estate.
In the interim neighbors come and go, some renters and owners and the expenses for maintaining property continue. The housing bubble did significant damage to the association finances. When 10% of the units go through foreclosure and the process takes a long time it can be difficult for those remaining. In Florida the situation the earlier investors bailed and now the new investors that have bought units cheaply don't seem to want to pay old maintenance fees that may be older than twelve months. The law allows associations to go after what they are owed but it may further delay and screw up deals that move the process forward.
Who represents the condo association at the closing these days. Usually nobody. I hope somebody knocks on my door with a deal to buy my unit at a fair price, the sooner the better. It isn't easy and not everybody cares about doing the right thing and is happy to kind of screw their neighbor while they are flipping a piece of real estate.
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