More Special Assessments?

Replies to This Discussion

Permalink Reply by Mike P on October 31, 2007 at 6:33pm

I got hit, too. I don't think there's any way to control this.

I just hope the money is being used properly. I haven't had time to get involved in the association meetings.

Permalink Reply by MaryElenaMz on March 17, 2008 at 6:52pm

Hi guys, generally with Association dues the rules go that the assessments are divided amongst the occupied/owned condos. So if there are a lot of vacancies in your building then you are getting the burnt end my friend. And that’s money that you don't recoup until much later in the resale process of your condos and that’s not likely to happen until probably 2 to 3 years down the road-- maybe more.

With the whole housing boom that happened, the condo market got the worst backlash of all the markets. I'm a Realtor® and our condo inventory has never been higher, and worse of all, most to all new construction or conversion condo are for sale in foreclosure or short sale (when you negotiate with the bank to take less than is owned) and even with the basement bargain prices they are not moving fast enough for the amount of distress sellers that are on the market.

My advice would be to become active with the association and as a community, in whole, demand for lower payments. Request to see the budget in which they are basing their assements on and question everything. By law they have to detail everything they are paying out of your assessment and if you feel something out of the ordinary then say something.

Permalink Reply by Alex (MUL) on March 18, 2008 at 10:37am

I agree that being more active in the condo association will keep you informed of what's going on and possibly give you some say as to how things are handled. I've just heard it can become VERY time consuming.

I think the biggest problem for One Miami, even being one of the most populated condos in downtown, is the increased condo insurance cost. After the multiple hurricanes that hit South Florida, most of these insurance policies went up over 100%. That cost is covered by the condo association fees and passed on to unit owners by either special assessments or increased rates.