Give Me Just One Reason

To buy a condo in South Florida that is under water!

They are easy to find as most are under water, but with a little research and the right realtor in the South Florida area who really cares about your investment you can find some genuinely sweet deals in nice builidngs that are doing surprisingly well.  Brickell Ave. comes to mind first as the area seems to be booming with international business and a tremendous influx of foreign capital. 

However, there are some real duds too.  When looking to purchase, simply do a little investigating with the property management office or association.  And they all have one.  Check on their occupancy rate over the past five years first and then how many units are behind on payments, and finally, how much and how often maintenance has gone up.  And it always does. 

One thing about new construction condos that is as certain as death and taxes is the fact that maintenance is always low when buying, but goes up immediately and radically after the builder leaves.  Why you say?  Because the builder is covering some of the cost of maintaining the building for one, but more importantly, they want to attract customers with what they like to call "low maintenance."

But back to my original thought.  The Florida legislature is considering passing a new law for condo associations in which they can cut off use of amenities and services to those who are deadbeats, or delinquent in dues because it is not fair to those who are paying.  But what good does that do?  Does it put money in the association's pocket?  No, but it does punish the homeowner who is already miserable and in debt.  It certainly does not bring down the dues.  Surely there must be a better way.  So there you have it.  One more reason not to buy a condo that is in an under water building.  Keep on looking for South Florida condos that are in good shape and hire a caring realtor who knows the area.  I appreciate those of you who read this article to visit my website at www.myfloridarealty.net or contact Morris Massre at 954-214-6014 with any questions.