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
Authentic Brands CEO Jamie Salter with 611 Fifth Avenue (Getty; Google Maps)

Barneys to make a comeback

Barneys to make a comeback
Starcity CEO Jon Dishotsky, Ollie President Gregg Christiansen and Long Island City's Alta Tower (LinkedIn, Alta LIC via Facebook, iStock)

Starcity scoops up co-living rival Ollie’s assets

Starcity scoops up co-living rival Ollie’s assets
Renderings by Archimaera

LIC will soon house the nation’s largest passive house office

LIC will soon house the nation’s largest passive house office
Israel Securities Authority chair Anat Guetta and Denizen Bushwick (Photos via Israel Securities Authority; Denizen Bushwick)

All Year fined by Israeli securities authorities, faces new scrutiny

All Year fined by Israeli securities authorities, faces new scrutiny
Stockbridge managing director Terry Fancher (Photos via Stockbridge)

Stockbridge and South Korean firm strike $2B warehouse deal

Stockbridge and South Korean firm strike $2B warehouse deal
arrow_forward_ios

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

Loading...