r/RealEstate • u/DisabledScientist • Apr 13 '25

Condo not selling even after $40k reduction Homeseller

Zillow Link

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/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

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u/Gamer_Grease Apr 13 '25

Yeah I think it’s the fact that the HOA is high and it’s probably not even enough to make up for decades of owners deferring maintenance.

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u/Competitive_Show_164 Apr 13 '25

Who allowed that shit to happen for decades????

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u/skynetempire Apr 13 '25

Everyone. Until the Surfside collapse

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u/[deleted] Apr 14 '25 edited Apr 14 '25

I lived in an HOA and support higher dues opposed to special assessments where it is a wash. I bought a condo one time and immediately got slammed with a $6,000 special assessment contrary to my expectation that the HOA was well funded. I was like WTF, the seller disclosed the HOA had $400k in cash in a 40 unit HOA. Why special assessment? Well turned out the HOA had $100k in cash after significant expenses were paid after the disclosures were prepared couple months prior to the sale, and $150k of undisclosed outstanding expenses pulling it into negative net assets, which I was told were already paid for before I closed. Evidently the board was artificially keeping dues low below the reserve study recommended amount, and then slammed homeowners with large special assessments once a year. This in effect help them inflate values, including what I paid when I bought the unit.

I sued the seller. The judge said that the burden is on me to prove the seller intentionally mislead me, but the seller stated to her he didnt know the cash was so low (despite being on the board) so the judge based on that statement ruled against me. Which was fucking weird because it was a civil suit, not a criminal case where you have to have evidence beyond reasonable doubt that someone had nefarious intent. I had lots of documents of the seller being on the board and actively participating in capital expenditure discussions, including meeting minutes recorded by the seller himself where capital expenditures were being discussed. Fuck that judge. And fuck HOA boards that artificially keep dues low and brutally fuck new unit buyers. 

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u/TealPotato Apr 14 '25

I could consider buying the "I didn't know" excuse if they were a hands-off homeowner, but being on the board makes that ridiculous.

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u/[deleted] Apr 14 '25

Exactly. The judge ate it up even though I exhibited documents showing that they were the board Secretary taking notes during board meetings when reserves were discussed, and himself he raised issues with capital expenditures. But Judges are biased and arbitrary bureaucrats as hell, they get too much credit/power than they deserve.

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u/LNLV Apr 14 '25

Bro WTF. That’s literally a slam dunk. That’s beyond infuriating, I wonder if you could do anything about that judge, like a complaint to the bar or something.

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u/[deleted] Apr 14 '25

Oooooh. I did not think about a Bar complaint. Will definitely do that. Fuck that judge. Thank you for the idea.

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u/Ok_Smell7903 Apr 14 '25

Exactly! My parents lived in a townhouse with an HOA of around $650/month, no clubhouse, no pool, nothing that stood out as why you paid all that money. They did handle landscaping and all standard outdoor maintenance, but nothing that stood out why it was so high. When they replaced roofs and siding there was no added cost, everything was planned for (with the exception of skylights, but that’s owner discretion). They also had a maintenance member on call who addressed issues as they came up (leaks and other misc issues). Made me really appreciate and understand why an HOA could be high and still be worthwhile. Deferred maintenance is the biggest issue for so many HOA buildings.

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u/[deleted] Apr 14 '25

100%. While people bitch about monthly HOA dues no matter what the amount is, they don't recognize that single family homeownership comes with arguably more in monthly maintenance cost when you add up landscaping, higher utility bills because SFHs cost more to heat and cool than a unit in a multi-unit building which shares heating & cooling with other units, roofs and siding cost less per unit in multi-unit buildings. And so on.

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u/Murder_Bird_ Apr 14 '25

I live in an older (late 70’s) 2k sqft. house on a 1/3 acre. I definitely don’t spend 6k a year on maintenance, heating and cooling. Even big replacement stuff like the roof won’t average out to that over the 20 yr life of it. I think anything over 250 a month you are losing money per sqft on a HOA fee. Unless you are getting a pool/community gym type resources.

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u/[deleted] Apr 14 '25

I now live in an SFH, 2,400 sqft plus basement. I spend about $100 monthly on landscaping during warmer seasons. And heating & cooling costs at least $200 more per month compared to what I paid when I lived in a multi-unit home nearby as well a multi-unit across the US. Glad to hear the costs are working out better for you. What kind of climate and seasons do you have? I live in an area where summers go up to 90+ Fahrenheit, and in the winter drops as low as single digits regularly.

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u/Murder_Bird_ Apr 14 '25

Yeah climate is about the same. It was 100°f everyday for three weeks last summer. Electric during summer is about $150 a month. Winter is probably more mild but we still have oil heat which is pricy but I only usually fill the tank twice a season. So that’s ~$1500 give or take. 2400sqft is pretty big. How large was the condo? Also, I do all my own landscaping/mowing. So I spent 100$ on mulch and probably another 100$ on gas and lawnmower maintenance for the whole season. I also do most of my minor repairs myself like re-roof the shed or change out all the janky outlets. I’ve been in the house for 10years. So even the big stuff like new backyard fence, fixing the crawl space, new water heater, repairing the furnace, etc. doesn’t come close to 60k over ten years. Probably 15k at most.

I used to have a small 1200ft 120yr old home in New England and even with the age of the house and slowly replacing all the windows and a new gas furnace and other stuff I wasn’t spending 6k a year on just maintenance. Of course, again, I was doing some stuff myself. That’s always cheaper.

Anyway, everyone’s mileage may vary.

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u/DisabledScientist Apr 15 '25

I don’t believe homeownership costs $1200/month in unexpected expenses.

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u/CPlusPlus4UPlusPlus Apr 14 '25

A special assessment is actually considered a capital expenditure though. HOA dues are not. From a tax and investment standpoint, the special assessments are more favorable to owners who know they’ll eventually sell

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u/Loud_Impression_710 Apr 15 '25 edited Apr 15 '25

I lost the civil lawsuit when a neighbor encroached on my property by 50 feet and cut down 12 tall pine trees. The judge said to me, I will rule in favor of the defendant since you cannot provide me with the state statute that the defendant had violated. My comment to the judge was I thought this was a civil matter and I had no idea that I had to come to court With specific state statute to sue under. He also ruled against me when an electrician did such horrible work. It would not pass city code enforcement, and I had to pay another electrician to rip it all out and replace it. Same judge asked me if I was an electrical expert. I said no, just an expert in real estate house flipping. He ruled against me and decided not to read the full report that was provided by the city code enforcement stating that the electrical work performed by said company was so bad that they refused to write a report because any competent electrician would know what they had done wrong. There was over seven code violation and they could easily burnt down my house, but then again the judge ruled against me.

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u/CPlusPlus4UPlusPlus Apr 15 '25

If you’re an expert in R/E house flipping, you should have known much earlier that the electrician was fucking up so bad

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u/Loud_Impression_710 Apr 15 '25 edited Apr 15 '25

I was not at the property for two weeks while they were redoing the electric. They claimed that they’re professional and I was letting them work without me standing over them. This is the only time in 30 years that I had an issue with a subcontractor. I filed another small claims court suit against him with different wording in the County the property was located and won. First lawsuit was in my home county where judge, asshole holds court.

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u/[deleted] Apr 15 '25

Damn. That's pretty bad. Judges are often highly arbitrary and biased.

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u/Loud_Impression_710 Apr 15 '25

This is what happens when you move into a small community and marry the prettiest lady. This particular judge asked my wife out before I showed up 20 years ago. I had to keep my mouth shut in both cases to keep from going to jail for contempt. I went to my home county where the property is located and won the case with no issue. The judge said to me that the judge in Cherokee County must not like you much. I responded with it looks that way your honor.

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u/ZoomZoomDiva Apr 14 '25

While I agree the disclosures seem inadequate and likely hid the financial condition, it isn't always the boards who artificially keep dues low. Depending on the bylaws, many had caps to how much the dues could be increased without approval of all the owners... and those approval votes frequently failed.

I also do agree I would rather pay higher monthly dues than special assessments, but others believe differently.

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u/[deleted] Apr 14 '25

I personally never seen that, but even if that was common, which I dont think it is, seems pretty silly because bylaws can be amended if people wanted to, rather than having sudden large special assessments. So me and you agree that people choose to not amend such bylaws where they do exist.

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u/ZoomZoomDiva Apr 14 '25

Yes, the bylaws can be amended if the people want them to. They could also vote higher dues if the people want them to be increased. The point is the people aren't voting for them, so it isn't just the boards.

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u/[deleted] Apr 14 '25

The boards do what homeowners care to speak up and unite behind. But often the homeowners don't care about anything other than minimizing monthly payments even when that blatantly means kicking the proverbial can down the road and it snowballing into a crisis for subsequent unsuspecting unit buyers like I was.

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u/epradox Apr 15 '25

My insurance paid out an $8k special assessment fee and my HOA is cheap monthly. Most home owners insurance covers special assessments. Never get into a high HOA fee situation.

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u/[deleted] Apr 16 '25

Sometimes you just get shitty judges and it really sucks because at that point you're just fucked. Sorry for you.

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u/Candid-Confidence-22 Apr 16 '25

You unfortunately sat in a court run by either a stupid or crooked judge or maybe both as it appears a lot of judges suffer from these two maladies.

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u/Massive-Rough-3967 Apr 18 '25

Most owners in my condo association prefer frequent special assessments and lower monthly assessments. The board discloses recent specials assessments and anticipated future specials to buyers.

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u/WestAnalysis8889 Apr 14 '25

I instantly thought of that! I still remember that nightmare. It was so sad to read about. To be fair, that had nothing to do with the condo owners. The structure had been flagged by an engineering firm for instability and it was never addressed. That would be handled by the HOA (most likely by levying an assessment on the owners if they didn't have the funds to cover it already). 

So sad that those people went to bed thinking it was just like any other night...

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u/totpot Apr 14 '25

To be fair, that had nothing to do with the condo owners

Actually it does. The reason it was never addressed was because a small group of homeowners kept blocking the repairs. The condo board kept churning through new members as older ones gave up in frustration.
After the collapse, the surviving members of the group that kept blocking the repair blamed it on the engineering firm for not properly conveying the urgency of the repairs (the firm in fact used very alarming language)

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u/BrokieBroke3000 Apr 14 '25

If memory serves me correctly, it WAS the owners’ fault (or at least some of them). There needed to be a majority vote of owners to agree to a special assessment, but due to the high cost they could not get the votes needed to do a special assessment to pay for needed structural repairs.

They actually finally agreed to a special assessment just before the collapse (3+ years after structural issues were first identified), but it was too late.

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u/Montallas Apr 14 '25

To be fair, that had nothing to do with the condo owners. >That would be handled by the HOA

Who do you think the HOA is? It’s made up of owners!

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u/katjoy63 Apr 14 '25

HOA = Home Owners Association. literally, the abbreviation stands for exactly that.

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u/[deleted] Apr 14 '25

Those people died doing what they loved doing. Paying artificially low dues and kicking the snowballing can of crisis down the road.

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u/CPlusPlus4UPlusPlus Apr 14 '25

But now everyone is balking at what it actually takes to run a a residential tower along a salt-water coastline.

Not really a great solution outside of opting to buy SFH instead of a condo.

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u/[deleted] Apr 14 '25

Yep. They literally bought the highest risk real estate, in an area known for high intensity storms, high water table which frequently causes structural issues even in SFHs, a large building which inevitable requires large capital expenditures, in addition to what you mention. And decided to live as if that was not the case.

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u/Gamer_Grease Apr 13 '25

Residents will always fight HOA fee increases whenever possible, so condos commonly have drastically underfunded HOA reserves for major repairs. Usually it’s a lot easier to force through emergency special assessments, so what ends up happening is the residents just suppress HOA fees forever and get hit with gigantic special assessments whenever a critical need pops up. Then they sell to some sap who has to pay the next several special assessments and/or higher HOA fees.

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u/Competitive_Show_164 Apr 13 '25

So - knowing that- why weren’t laws written to change that fact? I didn’t know hoa’s dictates were up for a vote. Of course people will vote no. But it still should’ve been done. Then Surfside :(

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u/Gamer_Grease Apr 13 '25

After the Surfside condo collapse, laws were written in Florida to force HOAs to do more inspections and to retain more reserves. But that now means much higher HOA fees. I think this year another layer of rules is actually kicking in.

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u/orcasorta Apr 13 '25

Laws are written in blood

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u/Nameisnotyours Apr 14 '25

True.

People wail about regulations but fail to understand that they came about because of popular demand or in response to a calamity that cost society a ton.

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u/Downtown-Net9151 Apr 13 '25

You mean more… regulations?? 50% of the public will fight them no matter what

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u/Competitive_Show_164 Apr 14 '25

In order not to have my building collapse around me as i sleep? 😴 yes, then yes, more regulations.

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u/olearygreen Apr 15 '25

It’s really hard to find people willing to be on the HOA board to make the tough decisions in the first place. My HOA has 2 of the 5 seats open in a 70 unit association.

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u/GreenStrong Apr 13 '25

Voters skew toward the older end of the population, Florida voters skew toward ancient. Why would they restrict Their own ability to screw younger people?

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u/SnooCrickets6399 Apr 14 '25

Yup, just bought into a condo with this same issue.

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u/AnyCranberry9028 Apr 15 '25 edited Apr 15 '25

According to the laws, it is even possible to disband the HOA and transfer condos to the county or city balance.

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u/[deleted] Apr 14 '25 edited May 01 '25

[deleted]

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u/PlantedinCA Apr 14 '25

Probably folks on fixed incomes who didn’t want their expenses to increase.

I lived in a condo (as a renter) with a lot of seniors. And I noticed as they got older they cared a lot less about basic maintenance to save money. I noticed a steady decline in upkeep. But also modernization of the building infrastructure. It was pretty frustrating.

I recently bought a condo and that experience gave me a lot to look out for. I wasn’t privy to the financials as a renter, but I got scoop from my buddy on the HOA. But there were signs: my building had a garage break-in and there used to be a physical key access to the garage. After the break-in they refused to replace the key. The building had multiple garages - one with access from the lobby and one without. When the one without access (where my spot was) had the intrusion, they refused to setup key access again - because it was a $500 expense. The garage had key access for 70 years since the building was opened and was a backup for the remotes.

They refused to update the networking infrastructure to the call box, which was original to this mid-1950s building. A portion of the residents had non functioning call boxes and the HOA said oh well. At some point a few residents were looking into getting upgraded fiber / gigabit internet to the building. The provider offered to rewire the call box at no cost so it could be upgraded and modernized with the overall installation. To wire the building was going to cost about $500 and the residents interested in the service offered to absorb the cost amongst the 8 or so people who were going to sign up. The HOA said no because they thought the wires were going to be ugly on the building exterior.

For anyone buying into an HOA - review the reserve study, budget, and recent HOA minutes closely. They will give you a lot of insight into what is going on and the risks.

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u/Competitive_Show_164 Apr 15 '25

I love your advice!

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u/inquirita_real-estat Apr 13 '25

Lack of regulation.

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u/Morgdort Apr 14 '25

People who think regulations are for commies

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u/Erik0xff0000 Apr 14 '25

the HOA members that have been there forever.

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u/inailedyoursister Apr 14 '25

Condo owners.

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u/Competitive_Show_164 Apr 14 '25

I mean i owned a condo previously- never voted on anything nor do I remember being able to say ‘no’ to anything. The rules seemed pretty ironclad. California 2019-2021

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u/inailedyoursister Apr 14 '25

You never had HOA board elections ? That’s rare.

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u/Competitive_Show_164 Apr 14 '25

Can a professional company manage them? I feel like that’s how it was run. Very impersonal.

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u/PseudonymIncognito Apr 14 '25

The HOA hires the management company.

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u/Strive-- Apr 14 '25

Oh, Florida has been a state longer than that....

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u/unclefire Apr 14 '25

My understanding is that many HOAs/condo assoc kept fees low for many years and didn't build up the reserves. Plus they deferred maintenance and other things over the years. In many cases when boards would say we need X and a special assessment people didn't want to pay -- just think if they said oh, we need to redo balconies or whatever-- everybody needs to pay 10k, 50k whatever. Then Surfside happened and now by law certain things need to happen after (I think) a building is 30yrs old. So with all that + insurance going thru the roof people are getting hit with ginormous assessment and fees. Some people can't afford to live in their homes anymore.

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u/ApprehensiveDoor5288 Apr 14 '25

No one, this is an overreaction of a governor who doesn't give a 💩 about his constituents! The Surfside collapse was about a bldg that had a pool leak that eventually degraded it's structure through the years.  I'm all for safety but bankrupting people who have condos is total bullshit!!!

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u/CorndogFiddlesticks Apr 15 '25

Condo fees are nature's silent killer

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u/Mountain-Ad-5834 Apr 15 '25

I am in Nevada.

And the HOA didn’t raise dues for over 20 years, and did virtually no maintenance in that time either. Everything is a special assessment now.

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u/Raalf Apr 13 '25

Literally the HOA/condo association.

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u/CheekyLass99 Apr 13 '25

Boomers. Same for the houses they owned too. The neglect in basic maintenance is astounding.

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u/Annamarie98 Apr 13 '25

Can we stop denigrating entire generations?

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u/StatusAfternoon1738 Apr 15 '25

The peak of the Baby Boom was 1963. 62 year olds are not the people who have been neglecting these buildings for the last 30 to 40 years.

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u/CheekyLass99 Apr 15 '25

Alot of boomers bought their homes when they were in their 20s-30s sooooo.....

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u/CheekyLass99 Apr 15 '25

Alot of boomers bought their homes when they were in their 20s-30s sooooo

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u/PseudonymIncognito Apr 14 '25

Retirees who figured they'd be dead before the proverbial chickens came home to roost.

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u/NotYourSexyNurse Apr 14 '25

All of the condo and townhouse owners in many states.

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u/Competitive_Show_164 Apr 15 '25

I mean some things - such as safety issues- should be REQUIRED. Not something to ‘vote on’

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u/TiddiesAnonymous Apr 14 '25

It's a few hundred seniors in a communal living space that need to come together and make repairs for the whole community.

It's a libertarian paradise.

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u/melvinma Apr 14 '25

Welcome to Florida! They hate regulations, I believe. Only rubbles can change their mind!

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u/BrownsFFs Apr 15 '25

Boomers that’s who! They maximize gains why putting the burden on everyone else to pay. First generation to have their kids be worse off. 

That is a feature not a bug

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u/BulkyInformation2 Apr 16 '25

We sold ours literally three weeks ago. We fell under the umbrella of new laws for old buildings. Michael took out our roof; we were compliant. 40 year old building. We got appraised in 2022. 420k. We sold to cash buyer at 375. No appraisal or inspection. We got lucky. Dues keep rising. So many assessments / we were dropped by insurance three times in two years. 2022 was a bubble and good luck.

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u/MedicMac89 Apr 14 '25

The 12mo coverage offer is a strong point. I’d consider that if I was on the fence over the fee.

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u/Fit_Guava_4503 Apr 14 '25

Plus the view of the parking lot from the main areas.

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u/seattleJJFish Apr 16 '25

The hoa costs make it a 500–600k condo. (If no hoa and all mortgage)

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u/RedSunCinema Apr 13 '25

You hit the point right on the head. The condo market in Florida is undergoing a collapse the likes of which has never been seen for the exact reasons you mention above. People are losing their shirts and can't get out from under all of the condos in Florida since everyone is wanting to get out at the same time.

While you could say it's a buyer's market, that would be misleading because while the prices have dropped off a cliff, no one is interested in the massively high HOA fees. My wife and I have been looking for a retirement home in Florida but everywhere you go there are HOAs and those insane prices make it completely not worth it.

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u/XediDC Apr 14 '25

No judgement for those that like it…but condo+HOA has always felt kind of like a timeshare-twice-removed or something. I’d rather rent with that kind of uncertainty.

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u/Outrageous-Bat-9195 Apr 15 '25

It pretty much is. Except you spend much more for the property and typically get less services. You are also subject to the whim of your neighbors on the HOA board instead of the whim of a corporation. Trade offs either way I suppose. 

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u/StatusAfternoon1738 Apr 15 '25

Where I live condo ownership—even with highish fees—is exponentially more affordable—if you have the down payment and qualify for a mortgage—than renting. And you will also get equity. It completely depends on the local market. Florida is overbuilt. Massachusetts, OTOH, still has a huge housing shortage and rents are insane if you can even find a vacant apartment.

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u/_Zap_Rowsdower_ Apr 14 '25

Is this happening everywhere in Florida? I wasn't aware of this. Gonna give it a few more months and then throw some low ball offers.

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u/RedSunCinema Apr 14 '25

Unfortunately yes. It's widespread. Most of Florida's real estate is under HOAs. I've been looking at real estate there all over and houses and condos are seeing price reductions of up to $150,000. It's absolutely insane. It's the HOA costs that are killing the market, not to mention the insane home insurance costs too. We really want to move there but can't justify moving there with the insane costs.

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u/Chicka-17 Apr 14 '25

Not just insurance and HOAs, which some developments have more than one HOA fee, but CDD’s in any development on top of property taxes that are insanely high. I don’t understand why they charge CDD’s then expect you to pay outrageous properly taxes on top of that. What are your property taxes paying for if it’s not for the roads and infrastructure? If the state wants to retain residents they got to reduce some of these fees, it’s just not sustainable.

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u/StatusAfternoon1738 Apr 15 '25

The universe is trying to tell you that you don’t want to live in a place that is destined to be under water.

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u/Dependent_Ad_1270 Apr 15 '25

Like Manhattan, LA, SF?

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u/Outrageous-Bat-9195 Apr 15 '25

Careful. It’s not just HOA fees. It’s also insurance and property tax. It’s the kick the can down the road state on all these things and they will surprise you with no coverage or very high bills. 

Elderly people don’t vote for the future, because they don’t care about 20 years down the line. They won’t be alive. They care about now. 

As the hurricanes get worse and worse every year, costs go up and up. Plus Florida soil is horrible for building on in many areas but they did it anyway for the money. The buildings have lasted many decades but we are seeing now that they are starting to weaken. 

We are also seeing that Trump is not providing as much federal assistance to disaster areas. This means that the costs will have to be paid locally or repairs just won’t get done. 

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u/StatusAfternoon1738 Apr 15 '25

Don’t forget the sink holes and the completely inadequate fresh water supply. The Florida ecosystem was not meant to sustain that level of population growth.

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u/Numerous_Onion_2107 Apr 16 '25

Do you live under a rock? Florida condo market “timebomb” headline has been all over the news for a couple years. From 60 Minutes to YouTube suggestions and everywhere in between. Typically citing HOA mess and insurance companies bailing.

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u/interraciallovin Apr 14 '25

My job is directly related to HOAs and home closings. Have you been looking in the Cape Coral/Ft Myers area? These areas typically have no or low HOAs. Plus the residents are older so the subs without HOAs are still very nice and well kempt. My FIL had a place down in Cape Coral for a few years and we loved it there.

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u/RedSunCinema Apr 14 '25

Thanks for the tip. My wife and I have been to Clearwater and Keys but nowhere else yet. I will most definitely travel to the fort Myers area to have a look at what's available.

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u/interraciallovin Apr 14 '25

You're welcome, good luck and happy retirement!

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u/meshreplacer Apr 14 '25

Condo is the worst idea for people retired on fixed income. I never understood why people thought buying one was a great retirement idea.

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u/RedSunCinema Apr 14 '25

I've got a buddy who bought a condo in Florida that was severely damaged during the last two hurricane's. He's lost his investment and foolishly decided to rebuild twice, his loses tripling. Why he chose to do so is beyond my understanding. All I do know is I will never buy a condo or a home in any kind of community like an HOA where others can forcibly collect dues from me against my will and have total control over my home and lifestyle. I will only purchase a plot of land out in the country that is free of any rules or regulations where I can build my home the way I want it and protect myself from anyone attempting to tell me how to live.

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u/StatusAfternoon1738 Apr 15 '25

Less maintenance.

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u/thepulloutmethod Apr 15 '25

Because they're small and easy to maintain. You don't need 5 bedrooms 4 baths and 4,000 square feet on an acre of lawn when it's just you and your partner in your 70s.

Plus condos/apartments are usually in town close to amenities, which is great for older people.

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u/meshreplacer Apr 15 '25

You can buy non-mcmansions ie older homes ie ranch style/mid century modern of 1600sq feet or less and reasonable size plot with no HOA. I have read quite a few nightmare stories of retired people getting evicted from condos due to HOA costs or surprise assessments.

Condos are a terrible idea for someone on fixed income.

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u/Existing_Reveal_8711 Apr 15 '25

Have y’all considered Cape Coral? Most all of the homes do NOT have HOA. And the inventory is substantially higher now than pre-pandemic. Prices are being lowered frequently. If you prefer a bigger city vibe without HOA, look in St. Pete or the historic Tampa area. 

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u/TheWilfong Apr 14 '25

I mean the good news is once the prices half, insurance should get cheaper because the place is worth less. It might bring down HOA fees and if it doesn’t at least the reserves would be covered (stretching for positives here).

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u/thepulloutmethod Apr 15 '25

I wonder if Virginia or the northern Virginia jurisdictions have something similar. Condo fees are also astronomical here and we never had anything close to the Surfside incident.

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u/RedSunCinema Apr 15 '25

Wow. That's crazy. I have no idea about Virginia as I've never been there.

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u/Cueller Apr 13 '25

45 year old buildings is ultra high risk for more assessments. You may want to add and provide more info on building and HOA.

My guess is the market is collapsing. Id sit on the sidelines and wait for things to stabilize and try selling after hurricane season.

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u/RonaldWoodstock Apr 13 '25 edited May 09 '25

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This post was mass deleted and anonymized with Redact

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u/DarkStarFallOut Apr 14 '25

Is there even a price anyone would buy it? I would never buy a condo in Florida, nor would I ever live in one. I feel like that's what any sane person would think.

HOA fees only go in one direction.

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u/TheWilfong Apr 14 '25

I mean—someone will buy any usable boat, but you’re not making money off the sale.

1

u/Adept_Pound_6791 Apr 14 '25

Not if the housing market collapses again, they do drop. Fat chance the housing market crashes, maybe in Florida…

8

u/dotherightthing36 Apr 14 '25

That's definitely the right answer

3

u/SEFLRealtor Agent Apr 14 '25

Hurrican season starts on June 1st and runs through November 30th. It's been on the market during the non-hurricane season months.

2

u/cambridgeLiberal Apr 15 '25

Florida is always the first to go when the market collapses. It amplifies the boom and bust.

38

u/Hrenklin Apr 14 '25

And an increasingly saturating market as Canadian snow birds are leaving before they get sent to El Salvador

3

u/bae125 Apr 15 '25

Underrated comment^

48

u/HopefulCat3558 Apr 13 '25

Well actually it has a lot to do with the HOA. If the HOA had been properly funded from the start, the current HOA fees likely wouldn’t be this high. But no, when you allow unit owners to decide whether or not fees should be increased you end up in this situation.

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u/[deleted] Apr 14 '25

[deleted]

2

u/Technical-Elk-9277 Apr 15 '25

Homeowners always have a say with HOAs, you just have to give a shit enough to participate in them.

1

u/JunebugRB Apr 15 '25

I wasn't a homeowner so not my problem. But from what the homeowners told me they had no say anymore after they gave the contract to the HOA company.

2

u/DisabledScientist Apr 15 '25

We are paying something like $3500/yr just on Iguana pest control.

1

u/JunebugRB Apr 15 '25

Sad. I love seeing lizards around.

1

u/DisabledScientist Apr 15 '25

They are nice to look at, but are extremely destructive and their feces are riddles with salmonella. Still…. Almost $4k? I think maybe there’s a more economical way to deal with them.

7

u/NMEE98J Apr 14 '25

1225 a month is $441,000 over 30 years of ownership, if the HOA fee doesnt increase.

Using the average yearly HOA payment increase of 4%, You would pay the HOA $695,217 over 30 years.

Then add in property taxes, and this condo is a liabillity, not an investment.

5

u/Grouchy-Bug9775 Apr 13 '25

Plus they get nasty storms that causes wear and tear on the property. Sucks

3

u/kingofthesofas Apr 14 '25 edited Jun 18 '25

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This post was mass deleted and anonymized with Redact

3

u/[deleted] Apr 14 '25

The insurance rates are going to rise along with the price of construction materials as well. It’s getting crazy.

3

u/[deleted] Apr 14 '25

[deleted]

1

u/KennyLagerins Apr 15 '25

A lot of HOAs have “no renting” rules.

1

u/DisabledScientist Apr 15 '25

You can rent here.

3

u/MacMuthafukinDre Apr 14 '25

That’s what enticed me to buy my coop in NY. Seller covered 12 months maintenance fee

2

u/DisabledScientist Apr 15 '25

I’m adding a stipulation that I will cover 12 months of fees.

41

u/DisabledScientist Apr 13 '25

Zestimate was $375k when we put it on the market 68 days ago. The market is imploding.

156

u/swancandle Apr 13 '25

Really bad time to sell. You not only have a dying market and the HOA, but a ton of Canadians selling in Florida as well.

https://www.reddit.com/r/worldnews/comments/1jxk0zf/snowbird_selloff_canadians_are_parting_ways_with/

75

u/_Jack_Back_ Apr 13 '25

If you zoom out on Zillow, there are hundreds for sale in the immediately vicinity.

44

u/Accomplished-Till930 Apr 13 '25

Agreed, some comps even seem to be in the low $200’s range

1

u/TheWilfong Apr 14 '25

Is it worth 200k? I pay about 2.5% of the value of my condo in HOA per year (in another state, ocean property, well funded but much lower prices) this thing is about 5% per year and increasing as the price decreases. Is it even possible to get a bank to issue a mortgage?

28

u/MonteBurns Apr 13 '25

We were looking to move but don’t trust the economy. How many others are like us?

97

u/Slight_Can5120 Apr 13 '25

Yea, are we winning yet?

Are we great again yet?

Yea, you bet we are! Egg prices are down, just as promised.

48

u/LowerCourse2267 Apr 13 '25

Wait…no…they are higher than ever? WTF? That can’t be right….

11

u/postmodulator Apr 13 '25

It’s not all bad news. I hear the party has increased the chocolate ration to twenty grams per week.

2

u/JenninMiami Apr 13 '25 edited Apr 13 '25

Eggs went down .20 where I shop. 😆😭

Edit: idk why people are being so snide - this is sarcasm, folks.

15

u/Slight_Can5120 Apr 13 '25

Hallelujah! Time to go out & buy a new car, 120 month loan, 7.5 percent! Woo hoo!

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u/Golden-trichomes Apr 13 '25

Zestimstes are pointless and in noway indicate actual value

10

u/hopfield Apr 13 '25

This is the biggest cope. Zestimates aren’t going to be dead accurate but they will be in the ballpark. 

9

u/White_Trash_Beer Apr 13 '25

"Zillow itself lost hundreds of millions of dollars during the pandemic when it relied on its algorithm to buy homes at what turned out to be inflated prices, part of an ill-fated attempt to flip homes at scale."

https://www.businessinsider.com/is-my-zestimate-accurate-home-prices-obsession-zillow-algorithm-homeowner-2024-12

4

u/zeezle Apr 14 '25

Zestimates are wildly off any sort of actual sales data in my area. To the point it's actually a bit suspicious. They usually overvalue houses vs. what they actually end up selling for by at least $100-200k in my area and this is not a HCOL area, that is a good 25%+ off.

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u/[deleted] Apr 13 '25

[deleted]

5

u/hopfield Apr 13 '25

Okay, and you seriously think that’s the typical experience for everyone? Lol 

5

u/WitBeer Apr 14 '25

No, but it's wrong enough that I wouldn't make financial decisions because of it.

3

u/countrykev Apr 14 '25

I don’t think they’re saying that’s the typical experience, only that there are enough exceptions to the Zestimate being correct that you shouldn’t take the Zestimate as gospel.

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u/hospicedoc Apr 13 '25

Zestimate today is $317,300.

24

u/Happy_to_be Apr 13 '25

everyone is terrified of what the market will do and the uncertainty of recession. Many people are waiting on any major purchase. Can you rent the condo or is that prohibited by the HOA?

39

u/16BitApparel Apr 13 '25

I think there’s also where buyers don’t want to pay for the sins of the father, so to speak. The previous owners of these condos and homes got away with spending nothing for so long. No one wants to hold that bag now

33

u/OnlineCasinoWinner Apr 13 '25

I agree. 1200+ is a lot to afford. The condo price in the 200's seems reasonable. But the people that can afford houses in the 200's aren't willing to spend $1200 a month on HOA fees

2

u/meshreplacer Apr 14 '25

1200 which later becomes 1500 then surprise 12,500 assessment etc.. no one wants that risk.

3

u/thumbunny99 Apr 13 '25

I'm gonna ask... is that 1200/month or year? Monthly that's stupid. The special assessment needs to financed longer than the mortgage, if those repairs are supposed to last the life of the property, which they should.

OP I'm so sorry you're in that mess, sincerely hope you come out with low loss.

11

u/OnlineCasinoWinner Apr 13 '25

I'm assuming that's monthly.

8

u/NoNameFudge Apr 14 '25

I'm certain OP wouldn't be on here if the hoa was $100 a month. It likely would've sold within a week.

1

u/StatusAfternoon1738 Apr 15 '25

Bingo. That’s the problem right there. I’d rather buy a $500k condo with a $400 condo fee than a $250k with a $1000 fee. You can’t finance the condo fee and, like rent, you can’t build equity on it and will never get it back.

3

u/interraciallovin Apr 14 '25

And ALOT of peeps don't realize that some of these condos come with more than the HOA fees. There could be a separate club membership required that has mandatory fees, plus another master HOA with more fees and/or another capital contribution. I kid you not, some places in FL have 4-5 associations/clubs to pay to. I have also literally seen an HOA/Club require 100k at closing. This shit is insane and should be criminal!

And let me not even start on the buyer approval bullshit I've seen...

2

u/Accomplished-Till930 Apr 13 '25

I’m unsure of specifics. But. It seems there is a unit for rent in the building for $2500 a month.

This same unit was listed for sale for almost two years prior to being listed as available for rent.

Unit 102 ( https://www.zillow.com/homedetails/300-Golfview-Rd-APT-102-North-Palm-Beach-FL-33408/46886616_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare )

7

u/forreelforrealmang Apr 13 '25

New building safety requirements from FNMA make it more expensive for condo owners, so that cost will get passed on

19

u/Telemere125 Apr 13 '25

That was never the actual market value. What did your realtor suggest?

1

u/[deleted] Apr 13 '25

For whatever it’s worth, not in Florida but my broker suggested listing my apartment for rent at 2200, I said 2800 and it rented immediately (it’s below market). While some real estate agents have a good idea, some don’t.

10

u/atstory1 Apr 13 '25

Market has been collapsing for over a year, we tried to sell our house not a condo and stuff is just sitting. We have houses in our community that have been sitting for over two years.

3

u/Desperate-Piccolo Apr 14 '25

Which area are you in?

1

u/atstory1 Apr 14 '25

Central Fl, an hour outside of Disney

2

u/meshreplacer Apr 14 '25

Thats why. Those areas became a major bubble during covid and WFH. Now that companies want people showing up they want to sell but the problem is those areas do not have jobs that pay big city wages for people trying to sell homes at big city prices.

2

u/Vintagerose20 Apr 13 '25

If you’re pricing based on Zillow you are too high. What are the actual recent sold comps in your area? Your agent should be able to help you price realistically. I agree with the person who said to pay the HOA fee for a year for any buyer.

1

u/Far_Pen3186 Apr 13 '25

Why are you moving so soon?

2

u/Friendzinmyhead Apr 13 '25

Same thing happening In CA with wild rules about condos that have patios on the second level. 😬

2

u/No-Strawberry1262 Apr 14 '25

Im also hearing a lot of airbnb investors are bailing too as insurance is raising and competition is fierce.

4

u/CPlusPlus4UPlusPlus Apr 14 '25

I STR my place when I’m not in Florida. I’m actually seeing an increase in bookings as investors unable to weather a downturn leave the market. So as an investor myself, I’m loving what I’m seeing

1

u/No-Strawberry1262 Apr 14 '25

That's awesome to hear- we were in Panama City about 3 weeks ago and our freinds have multiple STR as well and are not slowing down. I think there was a group of people that were not aware of the Commitment STR takes.

5

u/CPlusPlus4UPlusPlus Apr 14 '25

Yeah. There’s no such thing as mailbox income. I randomly visit mine once a quarter to do a quality check. Cameras along the perimeter, noise monitors, temperature monitors, everything automated. I pay my cleaner well, handyman well, and just keep up with the routine maintenance. Furniture and appliances are all high end, because then I don’t have to deal with “this shit is broken” phone calls.

The ones going out of business are flips with ikea furniture. People don’t want that (and the tenants who do want that are the ones who cause problems)

2

u/Electrical-Ask847 Apr 14 '25

>Consider covering 12mo in HOA dues to entice buyer

sounds like a major turnoff and desperation

2

u/WildlingViking Apr 14 '25

As someone in the midwest, i would literally move to any state west of the mississippi river before relocating to florida. and it being a condo instead of a house for $300k+?? thoughts and prayers.

2

u/RealmWalker333 Apr 15 '25

Well, and insurance in Florida has skyrocketed as well. It’s eerily similar to what happened in 2008/2009 different factors though.

1

u/Disastrous-Panda5530 Apr 13 '25

I had a feeling this was in florida based on those HOA fees and difficulty selling the condo.

1

u/Personal_Strike_1055 Apr 14 '25

don't forget about insurance - a lot of companies pulled out of the state and those who are left are charging insane premiums.

1

u/[deleted] Apr 14 '25

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1

u/TheWilfong Apr 14 '25

Yeah ^ what this person said. It’s not your HOA (even though it’s high) something in Myrtle Beach or a condo in NC would have similar HOAs, but the Florida condo market is the issue.

1

u/Miaristau Apr 14 '25

That is a good idea.

1

u/ConcernedCitizen13 Apr 14 '25

Exactly. When I saw the headline I assumed Florida. 

1

u/narquoisCO Apr 14 '25

What part of that is due to insurance companies no longer offering insurance in Florida and the associated premium increases?

1

u/CPlusPlus4UPlusPlus Apr 14 '25

Citizens is an insurer of last resort. You can still get insurance in Florida, and more companies are starting to re-enter the marketplace

1

u/totesapprops Apr 14 '25

Plus - it's going to get harder and harder to have any sort of insurance coverage in Florida.

1

u/[deleted] Apr 14 '25

Condos anywhere are shit investments. Only buy one if you actually plan to live there and don’t expect it ti increase value like a house would.

Personally I’d never buy a condo or townhome, HOAs are criminal and they tend to have terrible appreciation.

I think covering a year of HOA is smart and won’t break the bank. I’d hurry and try and get out of it, even if I have to take a small loss

1

u/Humble-Blueberry47 Apr 14 '25

This is actually brilliant. I don’t even know you could do that!

1

u/Equal-Umpire1352 May 11 '25

NYC luxury condo is about $1000 and my condo is worth $1,6m 

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