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Port St. Lucie - Sebastian - Vero Beach St. Lucie, Martin, and Indian River counties (Treasure Coast)
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Old 04-29-2012, 11:40 AM
 
Location: Port St Lucie Florida
1,278 posts, read 3,267,215 times
Reputation: 395

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How to evaluate a condo's financial condition?

One advantage of a condo is not to have to have any large outlays of cash should something happen to the building as compared to a house. What ways can someone evaluate the financial strength of a development? A friend here had to put up a $20,000 because the elevators needed a total makeover. I want to prevent that kind of thing happening to me. termite and storm damage can be expensive.

Also another question: do condo fees pay for taxes and insurance or is that an added cost?? There are probably good condos and bad and i want to know the bad and how to avoid them.
Sid
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Old 04-29-2012, 02:14 PM
 
1,340 posts, read 1,943,299 times
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Some ideas Sid

- check to see how many owners are more than two months in arrears

- check to see the reserve accounts are fully funded or not ( accounts for things like roof replacement, painting , pool repairs ....

- check to see what percentage of units are rented vs lived in by owners

- how many units in foreclosure or are vacant

- ask to see the monthly balance sheets

That's all I can think of right now
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Old 04-30-2012, 09:12 AM
 
1,254 posts, read 1,579,531 times
Reputation: 666
Contact FLladyB. She will have some great advice for you.
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Old 04-30-2012, 10:30 AM
 
Location: Port St Lucie Florida
1,278 posts, read 3,267,215 times
Reputation: 395
Default condo or house

I would like to ask the list for advise as to what to do. I have always lived in a single family house but I am 67 now and thinking of the future. I like to garden but my knees are giving out. The disadvantages of a condo are no protection for my car, no place for tools or fishing poles etc. What am I overlooking assuming the condo is solid financially. In my mind I am equating a condo with an old folks home and that list members is just too stressful to contemplate.
Sid
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Old 04-30-2012, 12:59 PM
 
1,254 posts, read 1,579,531 times
Reputation: 666
Actually some condos have garages. You could put in a small garden on your patio but I would check with the "Rules comittee" before I put in a plant. I have heard of big fines for planting flowers in some places. One person got a fine because their lawn was too green in the winter. The condo association was in charge of the lawn but they got the fine.
Normally I would not suggest this but in some areas of PSL there are some very nice "Modular" homes that do not cost that much and some have carports and places where you can do a bit of small gardening. The big risk with those is storms. PSL is not a big storm town so you might consider one.
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Old 04-30-2012, 03:30 PM
 
Location: Port St Lucie Florida
1,278 posts, read 3,267,215 times
Reputation: 395
Default condo or house

My crack about "old folks home" was ONLY my feeling and in No way was it meant to offend anyone in condos. I actually admire condo life for the simplicity and hope someone can convince me. I was just being honest as to my hang ups and feelings- being Irish has its challenges. I secretly think a condo is best but since i am a gardner, fisherman, amateur beer and wine maker and all around Mr. Fixit and an outdoors kind of person I can't see my self as a condo dweller. On the other hand those pursuits were in my first 67 years and I may one day have to curtail them and settle for a more quiet life indoors.

Sid
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