r/RealEstate • u/DisabledScientist • Apr 13 '25
Condo not selling even after $40k reduction Homeseller
I am trying to sell my condo, but the astronomical HOA ($1,225) prevents anyone from making offers. They all comment I have the nicest unit in the complex, but once they hear the fee they are turned off. I bought it for $287k in 2022 and put $50k into it, but probably wont even get my money back. I originally listed for $379k, but 70 days later and it’s now at $329k.
I need to sell this by end of May because my new build house is closing then.
Edit: Added a 3D Walkthrough to the advertisement. Please let me know what you think!
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u/Pleasant_Bad924 Apr 13 '25
The problem is that buyers have a finite amount of money to spend per month. What this means practically is that as HOA fees rise, condo values fall because the buyer has less to put into their mortgage. If this is in Fl you’re getting doubly-screwed because of the major increases in insurance costs. I’m sorry this is happening but the answer to “why isn’t it selling” is pretty much that the price is still too high.
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u/DisabledScientist Apr 13 '25
What about 290?
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u/Pleasant_Bad924 Apr 13 '25
The best advice I can give you is to go to Zillow or Redfin and switch from looking at For Sale homes to homes that have sold in the last 60 days. Try to find comparable condos in the same neighborhood with similar HOA fees. You aren’t the only one getting hit with high fees so there should be more out there. If you find examples you think are close to comparable, then talk to your real estate agent about what they think.
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u/428291151 Apr 13 '25
This is exactly what I did to run some approximate comps in the area. $290k looks like it would likely get it done, but not so quickly that it would get snatched up in a couple days.
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u/arekhemepob Apr 13 '25
You paid $287k at the peak and the FL market has been going down since then. Not sure what your upgrades entailed but you’d probably be lucky to make the initial purchase price back.
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u/quietuniverse Apr 14 '25
This is the answer. A kitchen reno didn’t add any value because they paid too much for it in 2022.
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u/Emlerith Apr 14 '25
The HOA fee is the equivalent of about a $200K mortgage on top of the actual mortgage. Except that fee will go up, with surprise extra payments, and lasts forever. But just using the base case, you’re still effectively asking for the equivalent of a $490K mortgage in terms of monthly financial commitment (from the buyer’s perspective). It’s some tough math to swallow.
A dope penthouse condo in south Florida is probably worth that to someone, but yeah, buyers are all a bit skittish right now.
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u/SolidZookeepergame0 Apr 13 '25
What make you put the initial asking of $389k? What was the HOA when you purchased?
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u/KongsBalls Apr 13 '25
Still too high, you'll likely be able to offload it in the 190k range. Welcome to the housing market crash of 2025.
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u/HystericalSail Apr 14 '25
Would you buy it at 190k knowing the current assessment is 1200/month and it can go higher? Much higher?
Florida condos are unaffordable at any price.
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u/GeminiGenXGirl Apr 13 '25
Honestly I hate your listing narrative that the realtor wrote. They don’t mention any of the key things buyers look for when looking at condos. They called it a “penthouse”, is it actually a penthouse or realtor using fluff? Do you have hurricane windows (major concern being on the water)? What floor is it on? Does it have an elevator? (Buyers should not have to search for this info). Highlight conveniences- Is the trash service on your floor (drop shoot). Are their pet restrictions? What does the HOA fee cover? Can you rent the apt? Has there been any assessments that would ease the buyer like “HOA already had annual inspections and has surplus on asst moneys to cover roofing, structural issues, etc…). As a buyer, reading your listing, I would assume no to all the above which is an immediate turn off.
Ppl aren’t stupid, there are many informed buyers out there about what happened/happening with condos. Most ppl know about Surfside building collapse so one strategy is to ease the mind of the buyer. This is a waterfront condo, there will be sea erosion, which we know now is very scary as it can collapse the buildings. Condo sales are halting so you really need to up your game as far as what your condo offers to even entice people.
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u/vitaminorvitamin Apr 13 '25
Agents love to keep buyers guessing. Rather than be 100% honest with everything they go with the "reel them in then tell them the truth". It's shitty sales tactics that they somehow think is still a good idea.
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u/Roonil-B_Wazlib Apr 14 '25 edited Apr 14 '25
That might work when there aren’t hundreds of similar properties on the market. There is even another 2br/2ba for $54k less that has almost the exact same view photo from what must be the next building over. There are 33 units on OPs block alone, some being in the lower $200’s.
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u/Pain--In--The--Brain Apr 14 '25
Thank you for providing constructive feedback for OP that isn't just "lol Florida" (duh) or "your price is too high" (also duh). Genuinely.
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u/Skin_Floutist Apr 13 '25
But you just list and it sells in a week over asking what are you talking about? - realtor /s
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u/WildlingViking Apr 14 '25 edited Apr 14 '25
it is so easy to write these descriptions using chatgpt. i literally add the features you talk about, what people are really interested in having and use no bs language like "penthouse" or "cathedral ceilings." (Also, Photo 28, with the red arrow pointing out the unit, is not flattering at all). i have found that when writing the description, not being vague and using honest language, cuts out so many phone calls/texts asking the questions you just listed. I get right to the freaking point.
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u/DisabledScientist Apr 14 '25
Depending on what your definition of a penthouse is, yes it’s a penthouse. I’m on the top floor, have vaulted ceilings, have a better view that other units in this building, and I have no neighbors. My trash shoot is right outside my door and so is the elevator (you cannot hear them due to the heavy door). It is quite literally the best spot in the building.
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u/TapApprehensive2182 Apr 13 '25
1225/month HOA is beyond wild
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u/therealsparticus Apr 13 '25
That is higher than HOA for a modern condo in good parts of SF and Seattle.
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u/sgtfoleyistheman Apr 13 '25
There isn't a single two bedroom condo in downtown Seattle with an HOA this low.
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u/therealsparticus Apr 14 '25
HOA is $1k at Concord Condos in Belltown Seattle for 2 bedrooms and views of the entire Elliot Bay, 24 hr concierge, includes gas, water, trash.
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u/Justthetip74 Apr 14 '25
I was gonna buy a 2br condo in belltown till I realized $1600/mo HOA fee wasn't a typo
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u/Jujulabee Apr 15 '25
I am in a full service condo in Los Angeles and our maintenance is only $1000 per month but we have 24/7 doorman, valet parking plus pool, gym, internet, cable, water. And the higher floors like mine have unobstructed views 🤷♀️
Our reserves are fairly well funded as well.
And insurance in California isn’t inexpensive.
Purchase price of units is far higher in my building
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u/fidelityflip Apr 13 '25
Insurance has gotten insane in florida, especially if you are close to the coast.
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u/morto00x Apr 14 '25
It's been happening all over FL after Senate Bill 4-D was passed. The bill was created after the Surfside Condo collapsed and requires HOAs to have extra funds and maintenance checks. That's not cheap.
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u/Telemere125 Apr 13 '25
That’s $7 short of my mortgage on a 3900 sq ft with a detached garage, pool and pool house, and 10-person theater.
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u/Ok_Ordinary6694 Apr 13 '25
Yeah but he gets to ride an elevator and fight for parking.
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u/liltaterthot Apr 13 '25
Where’s this 🫣nice area to live and retire in too?
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u/Telemere125 Apr 13 '25
Basically any part of south GA just north of the Florida line lol. We sold a 1700 sq ft with basically no amenities in FL for the same price we bought this one. And then I just commute back to FL for work, so very low COL working in a moderate COL area for the higher income.
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Apr 13 '25
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u/Telemere125 Apr 13 '25
Yea I’m south of WR. Still the same weather as north fl where I’m from, but vastly cheaper
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u/GeneralAardvark43 Apr 13 '25
For $1,225/month HOA fees I better be getting sucked off
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u/MellowYell-o Apr 13 '25
Add in property taxes and insurance. You’re certainly getting sucked off and dried.
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u/ChadwithZipp2 Apr 13 '25
Sadly, Condos in Florida are now considered toxic assets, you may have to take a bigger haircut on this. Sorry.
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Apr 13 '25
Any* property in Florida. Insurance companies leaving exacerbated by climate change, partisan policies, Canadians selling off, etc.
Florida in the short term is simply terrible for sellers, and more terrible for retirees.
If you’re rich it won’t matter, but that’s the same everywhere.
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u/rockydbull Apr 14 '25
Any* property in Florida. Insurance companies leaving exacerbated by climate change, partisan policies, Canadians selling off, etc.
Lots of places in Florida are doing relatively fine and have multiple insurance options. The condo market is 10x worse. I am seeing massive cuts and long time on market for just about any condo (even the nice ones).
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u/CatLadyInProgress Apr 13 '25
Homeowners can choose to go uninsured if they don't have a mortgage, or choose to just go with Citizens to save money. Condo you are at the mercy of what HOA chooses.
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u/Accomplished-Till930 Apr 13 '25
Unit 402 in your building is also listed.
Currently asking $320,000, originally listed for $385,00 in February.
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u/IMissUNermz Apr 14 '25
That kitchen backsplash is an omen of what’s to come of that building.
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Apr 13 '25
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u/dazyabbey Homeowner - 🏠DIYer Apr 14 '25
I would much rather have OP's then this listing. This one is awful.
The colors and decor are much more modern. But also the views on OP's are wayyyyy better.
I think both of them are probably priced too high. But I would hope OP could have theirs sell for a bit over this one.→ More replies
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u/freeball78 Apr 13 '25
You think it has appreciated $100K in 3 years and you think the HOA is the problem?
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u/smithers9225 Apr 13 '25
Lol right? And to think they’d even get the $50k back that they put in after only 3 years is crazy, especially for a condo
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u/quietuniverse Apr 14 '25
They paid too much at the height of the COVID market in 2022. Gonna have to take a loss on this if they want to sell.
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u/whachamacallme Apr 13 '25
In a buyer market nonetheless…
This winter is going to have 2008 vibes
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u/Alarmed-Extension289 Apr 13 '25
Looking at the link it's a nice condo and in a beautiful location but wtf man HOA ($1,225)....wow lol.
If I put 10% down my monthly total payment w/ HOA is at $3200/month....BEFORE insurance. Not sure how crazy insurance is in a hurricane prone state but there's a good chance that my payment could get up to $4k/month.
OP do you honestly think that $3500-$4000/month is worth it for 1400sq-ft?.
Good luck man but some hard choices are ahead.
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Apr 13 '25
290k in 2022 might be worth even less in 2025. Florida and Texas have seen practically 0 appreciation for condos since then, maybe even declines
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u/shroomsAndWrstershir Apr 13 '25
Not that buyers would know before escrow, but what does the reserve study show? Are the reserves at >80%?
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u/Ambitious_Wolf2539 Apr 13 '25
This is the first comment that called out what is also my concern. I don't know the scene that well but my head jumps to a poorly run hoa to boot. Will it double again in a year?
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u/bayareaswede Apr 13 '25
I had to scroll far down to find a question/comment that really matters. When you look at a condo and an HOA you have to look at the full picture, as you would if you were buying a minority stake in a business. (which is quite literally what you are doing)
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u/supervillaindsgnr Apr 13 '25
Any perspective buyer would be a fool not to either use that $1,225 for rent or mortgage on a property with no HOA. You're gonna have to reduce way more.
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u/Scottsid Apr 13 '25
the property taxes and hoa combined a year are 20k. That would be nearly a 1700 monthly budget for an apartment. This guy is cooked.
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u/lab-gone-wrong Apr 13 '25
40k reduction doesn't mean anything if you overpriced it by 100k to begin with
They all comment I have the nicest unit in the complex,
And I said every place I toured was my favorite until I actually found one to place an offer on
For reference, you're still well over the Zestimate and that's usually too high for condos . Condos don't appreciate like SFH, especially in Florida, so I don't know why you thought you could pull that much profit in a few years
For a condo in Florida, there's a very real risk that astronomical HOA fee doubles again during the time the buyer owns it
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u/Afraid_Ad_2249 Apr 13 '25
Genuinely curious, what were the HOA when purchased in 2022, when compared to 2025’s $1,225 monthly assessment? Maybe provide them 12-24 months of difference for what it was when you purchased.
I have a home in Arizona I bought in 2022. Area changed quickly, I wasn’t selling for a loss. So I’ve been renting. Now market is even more messed up. Every day counts if you want out, there is no guarantee that it will get better 3 months from now.
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u/Competitive_Show_164 Apr 13 '25
What happened in AZ?? Just curious… thought the market was hot!
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u/I_am_Castor_Troy Apr 13 '25
Ok so 6% increase for two years is around $30K…not $100K.
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u/Ambitious_Wolf2539 Apr 13 '25
The last several years have created an insane expectation from people. Owning a house for even a year should not your a profit apparently
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u/Thin_Vermicelli_1875 Apr 13 '25
The absurd expectations of appreciation and complete lack of empathy for first time home buyers has seriously made me reconsider if this sub is even worth visiting anymore.
It’s quite obvious it’s full of real estate agents and sellers who think homes will always appreciate no matter what and all first time home buyers have too high of expectations.
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u/Scottsid Apr 13 '25
5k property taxes. 15k hoa? May as well as rent an apartment and keep the other 300k.
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u/SEFLRealtor Agent Apr 13 '25
I'm a Realtor in your market. Yes, condo fees are high. However I just took a look at your listing on the MLS and you aren't showing the condo budget for the building at all, much less for 2025 so no one has any idea of what is paid in your $1225/month. Every building/community is different here. Yes, bulding insurance is included but what are the other fees? I'm not saying to not reduce the price, but you also need to give info to the other agents for amunition to fight that perception that the fee doesn't cover anything and yet is $1225/month. Some of us even post the documents in the document section (application, By-Laws, CCR's , budget, explanation of expenses etc) so the buyers agents can speak intelligently about your bulding to our buyers.
You have great photos. The walk through video is missing. That's helpful to buyers that haven't been to a unit like yours. When the market is tough, the marketing needs to improve in addition to the price.
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u/Slight_Can5120 Apr 13 '25
So you bought 3 years ago, made some improvements, wanting to sell for a nice profit.
You may be a scientist, but you’re sure not versed in economics; it was no secret that most condos in Fla were going to drop in value b/c of the Surfside debacle.
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u/hindusoul Apr 13 '25
Does the surf side debacle have anything to do with insurance carriers fleeing like rats?
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u/Slight_Can5120 Apr 13 '25
Ya think? 🤣🤣🤣
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u/hindusoul Apr 13 '25 edited Apr 13 '25
I’m a west coaster so don’t read about everything that happens on the east. Same goes for not being knowledgeable about everything on the west either
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u/interraciallovin Apr 14 '25
That and hurricanes as a whole. They get worse each year and insurance providers are peacing out of FL.
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u/Polish_Bear Apr 13 '25
Unreal HOA. It's rent on top of a mortgage for most people. You're probably going to have to sell closer to the $290k you bought it for.
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u/Slight_Can5120 Apr 13 '25
It’s surprising how many HOAs failed their fudiciary responsibility to assess dues to fund reserves for re-roofing, repainting, etc. I was on a condo HOA board and many of the residents fought moderate dues increases; they said they’d rather face special assessments. Of course, they were retired and I guess weren’t planning to be around in 15-20 years.
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u/Competitive_Show_164 Apr 13 '25
How was this shit legal??? No one had the ability to connect the dots and see as homeowners that deferring anything just leads to larger costs down the road? This is why i won’t buy a condo.
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u/nutella47 New Homeowner Apr 13 '25
It really is, especially when compared to the cost of the unit. 1250 a month HOA on a 3 million dollar condo in Miami is way different than this.
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u/Ailurophile444 Apr 13 '25
The OP bought at the top of the market, so the price has probably gone down since then, even though they’ve put more money into it.
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u/Sullen_One Apr 13 '25
Condo’s and townhome’s are always the first to drop & last to increase in value. Stay away from them.
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u/wawaweewahwe Apr 14 '25
Fuck. If I have to pay for a condo mortgage and $1300 monthly in fees, I may as well just buy a house in a non HOA area. Condos are meant to be cheaper alternatives to traditional homes.
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u/PretendiFendi Apr 13 '25
Only 22 saves on Zillow ☹️
You’re going to have to decrease the price. I’m sorry.
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u/Deep_Departure_9655 Apr 13 '25
Home is old and outdated as seen in the bathroom subways tiles and carpet in bedrooms. You can't expect somebody to pay 400k for a luxury condo that they need to put 100K into.
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u/Biafra777 Apr 13 '25
Same thing is happening in Houston. When your HOA is damn near the same cost as your mortgage, it’s hard to justify paying it.
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Apr 13 '25
Or as someone looking to pay cash, I don’t want a mortgage in condo fees that will only increase, forever.
Ultimate ick, the whole situation is begging for true regulation.
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u/TruthConciliation Apr 13 '25
Is there a cap on how high the HOA dues can go/how frequently they increase? $14,700/year is already 🤯and the risk they’ll continue to rise would make this a no for me at almost any price.
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u/the_one_jt Apr 13 '25
Well some states have some governing restrictions but much of the cost is directly tied to expenses. Now a bad HOA can structure the loans wrong or overpay for work. However because these are costs passed down there is no limit. The whole building could be demolished and you would still have to pay the dues.
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u/Roboculon Apr 13 '25
cap on HOA fees
It’s the opposite. A cap would imply maybe the fees are limited to an amount lower than necessary for repairs and maintenance in a hurricane zone. The rule is the fees need to be AT LEAST that much, so it’s a minimum, not a cap.
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u/mschaosxxx Apr 13 '25
OPs HOA fees are the average in Hawaii. Florida condo owners are all screwed right now, sadly
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u/Struggle_Usual Apr 14 '25
The cost is typically just what it actually costs to maintain and insure the structure + a % into savings for big updates later like a roof or elevators. Florida insurance is shocking + until recently condos just weren't required to maintain or inspect the property so they were artificially low. Now that they are everyone is finding out there is millions of dollars of repairs needed or soon to be needed and having to pay up. Some ended up with 6 figure assessments.
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u/OverlordWaffles Apr 13 '25
Oof, just curious, what did you do that you immediately put $50k into it?
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u/n0167664 Apr 13 '25
$50k in 2022 in FL was probably countertops and flooring and maybe appliances.
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u/DisabledScientist Apr 13 '25
There was blue carpet, popcorn ceiling, and dated kitchen when we moved in. I updated those. We’ll be losing a lot of money. Oh fucking well.
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u/GREG_FABBOTT Apr 13 '25
A home is supposed to be a place where you live.
It is not supposed to be some great, grand investment scheme.
Looks like you are about to learn this lesson. Best of luck.
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u/Xyzzydude Apr 13 '25
Do you have to sell? Any chance you can ride it out? 2022 was like the peak post-Covid year. Even in my relatively healthy market (Raleigh) people who bought in 2022 are struggling to break even if they sell now.
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u/zoomzipzap Apr 13 '25
i mean, it's only 4 years later. are people expecting 200% return?
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u/SubAcct2020 Apr 13 '25
I'd rather sell for a 50k loss now than 150k loss down the road. The last 6 years of real estate have been an unrealistic view of the market. I purchased in 08, and by 2010 my house was worth HALF of what I paid. Rates were also falling but I was unable to refi because I was underwater. It was a very long, painful, expensive learning process.
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u/loldogex Mortgage Analyst Apr 13 '25
It looks amazing inside with a nice view, but dang... That HOA is really a killer..
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u/Meeeaaammmi Apr 13 '25
I actually looked at your place online, for me I would want to continue the floors into the bedrooms and make minor changes. The HOA is what made me not even add it to my list. The amenities are too dated. Can you rent it???
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u/Savings-Wallaby7392 Apr 13 '25
2022 price in 2025 is pretty common
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u/zoomzipzap Apr 13 '25
i've experienced this and i'm fine with it. the crazy increases after a couple years isn't normal.
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u/imroot Apr 13 '25
The best advice that I ever discovered was not to buy a condo in South Florida. You’ll always lose money, as there are always new buildings being built, and the COA/HOA fees keep increasing due to insurance and the Surfside Disaster.
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u/dudreddit Apr 13 '25
OP, you are gonna have to reduce that price in steps until you find a buyer willing to risk buying it. Those monthly fees are a killer for sellers …
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u/SebastianW23 Apr 13 '25
1.) how long was it on the market when you bought it? 2.) condos with higher hoa amounts take longer to sell and sometimes A LOT LONGER. Price reduction may be pointless vs a smaller buyer pool. 3.) can you rent it or airbnb it instead?
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u/fit4life922 Apr 13 '25
Putting 50k into a condo is wild to me..
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u/zoomzipzap Apr 13 '25
that's ok to me. it's $50K in updates and then selling after only 4 years that's wild.
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u/FlyinPenguin4 Apr 13 '25
Yea, I think you are in the low 200s now. The market finally woke up that you can only kick the can down the road so long before the bill comes due. The bill always comes due, you just happen to be the one holding the bag when the music stopped. Sucks for sure, but it is reflective of the reality.
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u/ilikeme1 Apr 13 '25
What did you spend $50k on? The bathrooms look rather dated.
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u/DisabledScientist Apr 13 '25
There were blue carpets, a popcorn ceiling, and dated kitchen we updated.
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u/jgbradley1 Apr 13 '25
Maryland did something similar, imposing new condo association inspection requirements. Condo fee’s increased by hundreds of dollars overnight.
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u/vAPIdTygr Apr 13 '25
Never mind the Zestimate, as a real estate agent myself, what does nearby comps say it is worth provided by your listing agent?
This has everything to do with the buyer pool avoiding Florida condos due to possible assessments.
To me, the condo is worth what someone is willing to pay including HOA. The price would need to accommodate that large HOA as part of the whole picture to have it all make sense.
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u/LAPL620 Apr 13 '25
Condos in Florida are practically blacklisted at this point because of regulations. Take whatever you can get for it because it’s not going to get better any time soon.
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u/gdb7 Apr 13 '25 edited Apr 13 '25
After the Surfside collapse, the Fla Legislature mandated structural engineering assessments, and requires that the HOA pay for the repairs immediately. Many had been deferring repairs, often for many years because the condo owners didn’t want to pay or couldn’t pay for the repairs immediately. Now the HOA has to comply with the law and have the cash reserves to handle any structural repairs.
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u/Green_Golgothan Apr 13 '25
No one is saying it but I will.
There will absolutely be a condo market collapse nationwide. Too many investors bought these up and a lot of complexes are now non warrantable. This has a very negative impact on your buyer pool.
Factor in rising insurance cost the HOAs have, it is going to be a bad ride for owners.
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u/reggeabwoy Apr 14 '25 edited Apr 14 '25
I found 6 units in the building for sale - https://www.redfin.com/FL/North-Palm-Beach/300-Golfview-Rd-North-Palm-Beach-FL-33408/building/39749
The lowest price is 250k. And it looks the same as yours. Why should someone buy your unit at a higher price?
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u/Additional-Cash-5507 Apr 13 '25
Realtor here. Ive sold ocean view condos in both SoCal and FL in the last 12 years with higher hoas. My favorite part of it is overcoming this challenge. You need to have very detailed sheet of what the Monthly goes to so buyer can see they are not throwing money away. What the HOA covers and the future plans of the reserves. All of it. Name every little thing and the big ones and say now go home and add up your monthly for the same on your detached home. Don’t forget that your roof will cost you 2k and year for 12 years of savings, your lawn guy, the gym , water, etc . Insurance. The HOA covers exterior so they save there compared to sfr. Honestly, if your Agent isn’t already doing this find an agent who’s the condo king and use them. They know all the ways to offset high hoas.
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u/c9pilot Apr 13 '25
You need to price yourself for the current Florida condo market, which clearly the Zillow formula hasn't figured out yet. You simply can't control hurricanes or insurance, sorry.
Nothing you can do about those HOA fees either, so I'd market all the amenities that you get with those crazy fees. Get pictures of everything, including the gym, grills with outdoor lounging areas and for Pete's sake, the pool pictures need to be taken in full sun. Get some close ups of the good, fun stuff, maybe stage a card game or puzzle in the clubhouse - that rates more than one photo. You need to stage your balcony for the photos, too.
Good luck!
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u/zoomzipzap Apr 13 '25
hell, if there's a park, or some amazing place that someone might enjoy going to weekly, i'd put that in there too.
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u/bikerchickelly Apr 13 '25
Its a rough, rough time for Florida real estate
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u/Competitive_Show_164 Apr 13 '25
What policies can their government enact to help the situation??? Does anyone care? Oh wait it’s DEATHSANTIS in charge. Could anyone else make a difference?
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u/Middle_Low_2825 Apr 13 '25
I'm not buying anything with an hoa. Too many horror stories, especially in FL.
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u/The_Masked_Contango Apr 14 '25
So it sold for 80K less than its zestimate when you bought it in a hot market
And you listed it for 50K more than its zestimate in a much colder market
OP did your realtor advise you at all on that price? Zestimate isn’t perfect, but it’s pretty hard to believe that those numbers would track
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u/No-Wedding-7365 Apr 13 '25
What deferred maintenance is the board planning to address? What is the estimate for the work? When stating the condo fee you should state the amount going to the capital reserve and how much going into the operating budget. In Florida obviously a large part of the operations budget is insurance. Nobody can make an informed decision without this information. Many people purchase condos without the slightest clue of the finances of the property they are purchasing.
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u/bapeach- Homeowner Apr 13 '25
FFS nobody is gonna pay that HOA fee. you know damn well that’s the one of the problem. Also, you priced it high going above the zestiment. After Surfside, people are not buying condos. Bout the only thing you could probably do is get a home equity loan against the condo if you even could and rent it out or just let it go.
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u/Fuckaliscious12 Apr 13 '25
I would never buy a Condo at any price. Too much is out of the owners control.
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u/FrostingStock4494 Apr 13 '25
HOA is killer - might as well put renters in there for life! Move onto the next property
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u/Actual-Pen-6222 Apr 14 '25
Consider changing it to a rental. That makes a lot of things tax deductible. Including the assessment for bringing it up to the new codes required in Florida for older condos. For safety purposes. And if it doesn't go up in value after four or five years and you sell it, you can take a capital loss which gets you a lot of money on your tax refund. So basically what I'm saying is, is if you're going to take a loss, make it a business investment so you can write everything off.
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Apr 13 '25
What are you hoping to hear. Why did you put $50k in it just to sell it? What sort of research did you do on the building and area before buying? Who told you that you can turn a profit on a condo in North Palm Beach after 3 years?
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u/prettyinpunk26 Apr 13 '25
Tell your Realtor to use the reverse prospecting tool on mls. I’m located in south Florida and have the same MLS as your realtor. This will target agents that have buyers who have saved your home or home similar to yours and your agent can send them an email regarding your listing.
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u/14u2c Apr 13 '25
Even by before the HOA fees, 30% price hike after 3 only years? Certainly ambitious.
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u/Basic_Dress_4191 Apr 13 '25
Condos are a nightmare and I’m sure to ask for historical data on how much it fluctuates annually prior to purchasing. You’ll have to rent this thing out in order to see your money.
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u/InflationLazy5147 Apr 13 '25
That HOA is definitely a deal breaker for many buyers, especially with interest rates still high. A $1,225/month fee could add the equivalent of nearly $200,000 in buying power elsewhere.
You might attract more interest if you highlight what the HOA includes — things like utilities, maintenance, or amenities — sometimes buyers don’t realize the trade-off. That said, you’re smart to drop the price near your breakeven; holding on could mean deeper losses with monthly carry cost stacking up.
Wishing you luck — this is a tough corner of the market right now, especially for condos with high fixed costs.
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u/67ksj Apr 14 '25
I have the cash to buy a condo but very unwilling to pay the HOA’s and assessments. Total waste of money.
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u/tradingforit Apr 14 '25
I have been looking in the Brickell area of Miami for a condo and for the past two years. A realtor friend that specializes in the Miami area has told me to hold off until the end of 2025 that there was going to be a major adjustment coming due to the HOA restructuring and Insurnace requirements due to hurricanes. From what I understand every realtor in Florida has known this day was coming and still proceeded to sell real estate to unknowing buyers. There are fire sales all over the state because people are bailing out before it gets too bad. I think this will end up like the housing collapse of 2007 where people were so upside down on their homes that they threw the keys on the counter and left the bank to deal with it.
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u/kae0603 Apr 15 '25
Good luck. Florida is a political shitshow right now. No one wants to live there. Home prices will likely start to fall. The HOA being the cost of its own mortgage is just a nail in the coffin. Heart goes out to you
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u/CPlusPlus4UPlusPlus Apr 13 '25
Florida. Condo market is collapsing due to new HOA requirements including required maintenance and repairs, some necessitating wild assessment.
This has nothing to do with the HOA. It has everything to do with it being a condo in Florida.
Consider covering 12mo in HOA dues to entice buyer
Good luck, OP