The Real Deal Miami

Possible help for condo fee defaults

January 15, 2009 01:37PM

A number of Florida municipalities, including Miami Beach and Aventura, are banding together in the hope of
getting lenders and banks slow to pay maintenance fees for condo units
in foreclosure to step up the pace. Aventura City
Commissioner Bob Diamond said some developments have 20 to 50 percent
of their units in foreclosure. That forces managers to levy thousands
of dollars in special assessments on the remaining residents, even though rules allow
banks to pay a fraction of past due fees.