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Old 07-06-2008, 05:31 AM
 
19 posts, read 110,468 times
Reputation: 15

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Hello please read first:

http://www.ccfj.net/condounpaidfeesforecl.html

Now is was shocked, i want to buy a Condo in Fort Lauderdale (Las Olas Boulevard downton) in the Price Rang 250 - 300 K, there are many nice Luxury Building now on the market that matches my price Range, with High HOA between 400 - 600 $ monthly + Property Tax

Now i has Fear to buy:

I can´t afford to pay for 10 or 15 non HOA Payers. I will buy and hold my condo, but must know the risk, really.

Did you know Condos in Fort Lauderdale / Fort Lauderdale Beach with that Problem ?
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Old 07-06-2008, 09:08 AM
 
10,599 posts, read 16,646,344 times
Reputation: 17327
I didn't look at your link but this is a new problem everywhere down here. Delinquent HOA fees.

The risk is that your HOA will not be able to do the maintenance that's required let alone the amenities. And if your roof is blown off in a hurricane and you have to move out you can face years of that property being unsellable and unlivable while the roof isn't getting fixed.

This happened right over in Tamarac on Southgate and if I'm not mistaken it's happened in Sunrise.

Here in Vero a 55+ property had so much hurricane damage that they were living in war zone type conditions and it took a VERY long time to get the insurance money and/loans they needed to fix things. They're still fixing some of it and it's about 4 years now. (not structural things). We are not talking about minor roof leaks with hurricanes, this place needed 3 million for a restoration and stabilization loan and finally received 6.5 million distribution from insurance.

That poor little condo group went from selling in mid 100'00s to now, $30,000.

Your HOA did not move for foreclosure in order to beat out the mortgage company in time so they won't get paid now. (unless the residents didn't default on the HOA first).

I've been saying this repeatedly and you are not the first condo assoc in this serious problem. I would not be buying that unless I understood that the building may change. And even if YOU'RE willing to pay assessments to make up for the gap, the other homeowners may not be willing.

I would actually ask to attend an HOA and resident meeting at least, (which they should be having) before I'd ever move forward at the very minimum so you can see the type of people living there and their stated commitment to the building. But I'm not the type of person to buy under those conditions. And even if the residents say they're going to stay there etc, you really can't believe anything anyone tells you.

Get the documents and review with an experienced condo attorney. Nobody should be buying real estate without an attorney especially now and More especially in Florida, and Most especially in an condo or even an HOA imho.

What's the rush? There are a zillion properties in Florida and the prices are going down anyway.
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Old 07-07-2008, 05:55 AM
 
19 posts, read 110,468 times
Reputation: 15
Default no

no i mean the HOA Problem in High Rise Condos (where the prices dropped down now) example:

- Water Garden
- Las Olas Place
- Symphony

In Fort Lauderdale Downtown near Beach

there are 1 & 2 Bedrooms for sale for 250.000 / 300.000 $

The Hoa is between 400 - 600 $ Monthly

My fear is, to pay the hoa fees for other owner (when she going short sale or foreclousre),...i cant afford HOA over 600 $
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Old 07-07-2008, 12:24 PM
 
10,599 posts, read 16,646,344 times
Reputation: 17327
Quote:
Originally Posted by WarmVanillaSugar View Post
no i mean the HOA Problem in High Rise Condos (where the prices dropped down now) example:

- Water Garden
- Las Olas Place
- Symphony

In Fort Lauderdale Downtown near Beach

there are 1 & 2 Bedrooms for sale for 250.000 / 300.000 $

The Hoa is between 400 - 600 $ Monthly

My fear is, to pay the hoa fees for other owner (when she going short sale or foreclousre),...i cant afford HOA over 600 $
I know. That's why you shouldn't buy it. And if you still want to , you need to see a condo lawyer before signing anything.
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Old 07-07-2008, 04:12 PM
 
19 posts, read 110,468 times
Reputation: 15
Ok when its secure to buy ?

what did you buy if you need a condo or a house ????????

i want to move there
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Old 07-07-2008, 04:35 PM
 
Location: Broward County
2,517 posts, read 10,590,042 times
Reputation: 1383
Wait till summer of next year....that is when we will hit bottom. Prices are still falling !!!!
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Old 07-07-2008, 04:41 PM
 
10,599 posts, read 16,646,344 times
Reputation: 17327
yes I am waiting to buy too, rentals are very reasonable now. You can rent the same type of condo or start looking at Port Royale aparatments which is the north part of Ft Lauderdale. At Federal at 65th. (a little further up from the city center but decent) They have SHORT leases if you want so you only have to sign for 3 or 6 months if you're scared.

I'm renting a house right now until the lease is up in March, then we'll see.
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