As more residents face foreclosure, condo fees increase for all

New York /
Mar.March 13, 2009 11:10 AM

From the South Florida Web site: In condo buildings throughout South Florida, monthly homeowner association fees are reaching nearly $1 a square foot, an expense that is starting to scare away some prospective buyers. In a number of cases, fees have doubled or worse. If condo owners stop paying those fees — a common course for occupants and investors in foreclosure or people hit by rising unemployment — the remaining owners must absorb the cost through higher fees and special assessments. “It’s getting crazy,” said Pablo Alvarez, broker and manager at Kendall-based Realty World Real Estate Center. “Many times when a buyer sees the association fees, that pretty much rules out that property.” The fees and assessments are sure to rise higher as the number of defaults in a condo building increases. The Real Deal also looks at co-op and condo boards that face owners who cannot pay their monthly fees in this week’s Webcast.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Marisa Lago, Jumaane Williams, Rafael Salamanca Jr. and Louise Carroll (Getty, NYC Planning, NYC HPD)
Rezonings will require racial equity report next year
Rezonings will require racial equity report next year
From left: Eric Adams, Andrew Yang, Maya Wiley and Scott Stringer (NBC/YouTube)
Mayoral hopefuls waver on Local Law 97
Mayoral hopefuls waver on Local Law 97
Crescent Real Estate chairman John Goff and Crescent Court (Crescent)
Here’s what tenants pay at the Crescent mixed-use tower in Dallas
Here’s what tenants pay at the Crescent mixed-use tower in Dallas
Renderings of The Eliza Apartments at the Redeveloped Inwood Library (New York Housing Conference)
Inwood affordable housing project moves forward after rezoning fight
Inwood affordable housing project moves forward after rezoning fight
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...