The Real Deal Miami

Condo associations struggle

May 15, 2008 05:04PM

With many condos in Miami facing foreclosure, many residents’ monthly
payments to building associations are shrinking. As a result, the
remaining owners are being required to shell out thousands of dollars
in addition to their own monthly fees to compensate. In many of these
buildings the association still fails to pay for necessary hallway and
ceiling repairs. Buyers say they are wary of low upfront condo prices,
which may hide unexpected common fees. Last month’s issue of The Real Deal explored the same trend of condo owners’ woes in New York City.