South Florida Condo Owners Enraged By $56 Million Special Assessment
This is a daily micropodcast about the South Florida real estate market by expert Peter Zalewski of the Miami Condo Investing Club™.
The Miami Condo Minute™ is a daily micropodcast by expert Peter Zalewski about the South Florida region of Miami-Dade, Broward and Palm Beach published on weekdays.
(GREATER DOWNTOWN MIAMI - Dec. 12, 2024) In this episode of the Miami Condo Minute™ micropodcast, host Peter Zalewski - founder of the Miami Condo Investing Club™ - discusses a hefty $56 million special assessment levied on the owners in a 567-unit condo association in Hollywood Beach.
Units owner in The Summit condo project - comprised of a pair of 25-story towers built in 1982 - in Southeast Broward County are each facing nearly $99,000 in special assessments on average, according to a NBC 6 Miami report .
On top of the special assessment, unit owners in the condo project are also required to continue to pay their existing maintenance fees that are north of $0.80 per square foot monthly.
Going forward, unit owners are faced with the possibility that the special assessment - which represents about 16 percent of the $612,113 average sales price per unit in the first 11 months of 2024 - will have to be absorbed entirely by the residents.
The special assessment comes as buyers and sellers, alike, are bracing for the upcoming 2025 Florida Condo Association Financial Cliff, which is a series of law changes that have been put in place to ensure safety and provide transparency after the tragic Surfside condo collapse.
Miami Condo Minute™ Podcast Timeline:
00:00 Introduction to Miami Condo Minute
00:25 Special Assessment in Hollywood Beach
01:47 Financial Impact on Unit Owners
03:33 Conclusion and Final Thoughts
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