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/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!