The Real Deal Miami

Troubled condo associations have options

July 13, 2009 04:14PM

South Florida is full of condominium associations squeezed by financial problems thanks to foreclosures, which force those boards to consider their choices. They can simply boost monthly fees or special payments to cover their costs. But they also must prevent repeat performances. They need to screen new buyers carefully, and must also assure their financial reserves are fully funded to prevent financial catastrophe, says attorney Nancy Wear of Coral Gables.