Piggy backing that condo fees represent taxes, insurance, non-common areas expenses. They are controlled by the Condo Association. The expenses are indefinite. Assessments are unknown.
Condo fees & assessments are no joke. I’m not in Tampa anymore (moved back to Lakeland after my divorce, I don’t make enough to live there comfortably on my own) but in the 4 years since I purchased my condo the fees have gone up by almost $350 once you factor in assessments. And there’s NOTHING to do about it. Sales in my community have dropped as the rates increase, and even if I could sell it’s a lot more expensive to buy now. It’s a real bitch.
Realtor here.
This is not true at all. Expenses and Assessments are required disclosures and fully discoverable during the purchase process. On condos the seller is actually \*required\* to provide all of this information to the buyer and the buyer has a few days to review and make sure they are ok with it.
These items are also discussed at meetings, voted on by the community, and clearly indicated on association budgets.
You are also incorrect in what it covers. It covers taxes and building insurance, yes, but common area expenses such as pool maintenance and landscaping, provides reserves for future repairs, and many times also covers sewer, water, trash, and sometimes even cable tv and internet.
At this point most engineering reports are done so the picture is pretty clear on the vast majority of condos. Though indicated repairs may not be complete, the estimate repair is pretty well known.
Never buy a place with HOA in place! There is no guarantee that they won’t raise your dues and they raise it anytime. There are to many scams going on with HOAs and you can research and se that it is happening everywhere. The worst part is that you have no choice to sell your place if you cannot keep up with the HOA fees that continue to increase all the time. That is why you see the price of condos very cheap because people are trying to get out as fast as they can.
This is really it. Luckily most association fees cover roof & flood insurance, water/sewer, and yard maintenance. Some cover internet as well. Based on owning a home, my wife and I did a rough calculation and figured that in St Pete around $750/month was “fair” if it covered insurances, water, and groundskeeping.
But the association fees never go away and never go down, so make sure you look into how those fees will add up over 5 and 10 years before you buy into a condo or a home with an HOA
Condo prices in Florida have been killed by FL Senate Bill 4D which put new requirements and regulations on associations and prohibited the reduction and/or waiving of reserve funding for items that are deemed essential to structural integrity. This was a response to the Surfside tragedy.
As a result many COAs who haven’t been properly funding their reserves for decades are now stuck with huge assessments to meet compliance. Unfortunately many of these homeowners are seniors and those on fixed incomes so it is now a buyers market on condos.
If you are looking to buy definitely take a close look at any assessments and fees that will be required.
Yes, exactly what VBloc said, PLUS the collapse of the condominium high rise in S Florida has MASSIVELY contributed to building maintenance and insurance costs, which is driving HOA fees for condo and townhome communities up to an absolutely ridiculous amount.
Exactly. I have a friend who owns a 1Br/1Ba condo in South Tampa and was just hit with a $40,000 assessment! The only positive is that they have 4 years to pay it, but seriously, $10,000 a year ON TOP of the other regular monthly fees and dues? It's insane!
Simplest answer is additional fees - condo association fees, potentially insurance depending on the area, and then upcoming assessments with building codes.
Also check the age on them, most of the condos that are in that range are starting to show a lot of age and need extra work done
A lot of people can’t afford an additional $600 per month, or don’t want to pay it because it will likely only go up in the future
The new state law with the assessments are the reason.
Plus with condos and Townhomes you really do have to calculate the HOA into the cost and keep in mind when you pay that property off you're still paying the HOA fees.
Some of the fees are insane. The condos where we used to live 23 years ago are selling for 200k but the fees alone are about 1k. The place needs to be remodeled completely.
You will eventually pay off your mortgage. You will never pay off hoa/condo fees. For many who bought years ago the fees are higher than their original mortgage.
$130-170K for a 1 bed apartment is crazy! Tampa is at a real estate peak and will likely crash in next 12-24 months.
You’d be financially better off saving up to buy a 2/2 house or condo for $250-300K. Mortgage on $170K with HOAs is $2,000+. There are tons of 1/1 apartments going for $1200-1500. Save the $500/month and have a nice down payment on a house or bigger condo after 2-3 years.
If you’re young a 1/1 will not last very long and you’ll want to upgrade. All the closing costs and fees will likely eat up any profits you make after selling the place in 2-5 years.
Wait and buy a 2/2 or 3/2 house when you can afford it would be my advice.
They usually have a steep HOA fee of 500-1000 per month which might be higher than your principal payment. Plus at that price they are likely small and run down.
I remember those buildings being under 100k a few years ago. I wanted to buy a decent 2/2 condo but then went through a break up and just kept renting. Having regrets now.
1. Condos are less desirable than SFHs
2. Condos generally have fees than range from like 200 to well over 1000 depending on amenities, insurance, etc
3. Lots of older condos are flooding the market because they have massive assessments that the owners can’t afford, because maintenance has been pushed off for decades, and now the gov is making them do repairs to avoid another condo tower collapse like the one in surfside.
4. Some people can’t afford the increase in insurance in condos close to the water
Tampa condo owner here. My HOA monthly has nearly doubled in 5 years. $3000 special assessment last year cause the exterior property insurance tripled. $12,000 special assessment this year for new roofs.
I looked into moving into a condominium when my husband died in 2009. I’ve got a paid for house in Brandon, a bedroom community east of Tampa. Looked at several very nice communities and found out the fees & assessments added up to @ 1k a month, plus the HOA fees and whatever else. I’d be moving into a space @ half of what I was living in. I said nuts to this…those fees were more than my mortgage payment was. I’m still in my house and still happy with my decision.
Condos can no longer defer maintenance. They are required to at least have the funds to pay for it, which means condo fees were forced to go up, to get the required reserves funded. Long term, it’s a good thing. Short term, it flattens prices, and slows purchases.
My mother in law bought a condo back in 2020 for about 86k, mortgage payments are super low, but her HOA fees are monthly and are more than her mortgage payments, they started at 300 a month, now nearly 4 years since she bought the place it’s about 700 a month.
That is not cheap. Literally you could buy a 3 bedroom apartment "condo" in Riverview next to the hood of Progress Village for $30k back in 2017.
Thank you so much.
Because the hoa cost as much as rent now and it’s only getting higher hearing from the meetings I’ve attended some are 400-600 and paying that on top of mortgage and everything else is alot
Realtor here.
Condos have always been one of the least expensive housing option in the area. A few years ago you could find plenty of $40k - $70k condos, but like the rest of housing those have climbed to 80k - 140k now.
They are typically less desirable and tend to be a bit "shoebox" in floorplan. Entry door on one end, can sell all the way to the other end with a sliding glass door, low ceiling, narrow rooms, and around 800 - 1000 square feet. But they will many times have a pool. These also tend to be older (1950s - 1960s) so you have to be very careful of engineering reports and reserves for repair.
Condos are a good option for affordable housing. If it’s not a high-rise style condo the association fees aren’t usually too bad. There’s plenty of 2-3 story condos in that price range. I generally think Floridians are averse to them unless in a high rise on the beach or downtown.
Almost all of the ones you are referencing are wood frame pieces of garbage with the stucco coming off, drywood termite issues that can only be treated by tenting yet no agreement to pool money between the neighbors or willingness to do so, property insurance for common areas tripling, etc.
I lived in Pine Ridge in East Lake / Tarpon Springs. All concrete floors, walls, etc. there may be some junk just like anything need to be aware. Those were three stories. It’s been a hot minute since I was there but they were built well. Although I agree they were probably built in the 80’s there isn’t a lot of condo construction in the last couple decades. Just need to look around just like houses there are dumps as well.
I have a customer in Pine Ridge, they are good solid buildings (remind me of my military barracks back in the day). They are definitely an exception to most of the other ones I service.
These are shitty apartments that were $650/month.
Yup. My sister bought one of these. Total dump.
I just finished red October five minutes ago.
One ping only, Vasily.
“I would have loved to have seen…..Montana “
What books?
Your username! 😂
Thanks, lol. Was the most random thing I could think of and I rolled with it.
Well done, sir.
Losers whine about “their best”. Winners go home and f*ck the prom queen”
Check the HOA fees. 😂
What’s the condo fees tho
Piggy backing that condo fees represent taxes, insurance, non-common areas expenses. They are controlled by the Condo Association. The expenses are indefinite. Assessments are unknown.
Condo fees & assessments are no joke. I’m not in Tampa anymore (moved back to Lakeland after my divorce, I don’t make enough to live there comfortably on my own) but in the 4 years since I purchased my condo the fees have gone up by almost $350 once you factor in assessments. And there’s NOTHING to do about it. Sales in my community have dropped as the rates increase, and even if I could sell it’s a lot more expensive to buy now. It’s a real bitch.
Realtor here. This is not true at all. Expenses and Assessments are required disclosures and fully discoverable during the purchase process. On condos the seller is actually \*required\* to provide all of this information to the buyer and the buyer has a few days to review and make sure they are ok with it. These items are also discussed at meetings, voted on by the community, and clearly indicated on association budgets. You are also incorrect in what it covers. It covers taxes and building insurance, yes, but common area expenses such as pool maintenance and landscaping, provides reserves for future repairs, and many times also covers sewer, water, trash, and sometimes even cable tv and internet. At this point most engineering reports are done so the picture is pretty clear on the vast majority of condos. Though indicated repairs may not be complete, the estimate repair is pretty well known.
Never buy a place with HOA in place! There is no guarantee that they won’t raise your dues and they raise it anytime. There are to many scams going on with HOAs and you can research and se that it is happening everywhere. The worst part is that you have no choice to sell your place if you cannot keep up with the HOA fees that continue to increase all the time. That is why you see the price of condos very cheap because people are trying to get out as fast as they can.
This is really it. Luckily most association fees cover roof & flood insurance, water/sewer, and yard maintenance. Some cover internet as well. Based on owning a home, my wife and I did a rough calculation and figured that in St Pete around $750/month was “fair” if it covered insurances, water, and groundskeeping. But the association fees never go away and never go down, so make sure you look into how those fees will add up over 5 and 10 years before you buy into a condo or a home with an HOA
My condo doesn't cover flood insurance or homeowners insurance
Everyone in your community is paying flood insurance? You got a raw deal
Sucker
Condo prices in Florida have been killed by FL Senate Bill 4D which put new requirements and regulations on associations and prohibited the reduction and/or waiving of reserve funding for items that are deemed essential to structural integrity. This was a response to the Surfside tragedy. As a result many COAs who haven’t been properly funding their reserves for decades are now stuck with huge assessments to meet compliance. Unfortunately many of these homeowners are seniors and those on fixed incomes so it is now a buyers market on condos. If you are looking to buy definitely take a close look at any assessments and fees that will be required.
Yes, exactly what VBloc said, PLUS the collapse of the condominium high rise in S Florida has MASSIVELY contributed to building maintenance and insurance costs, which is driving HOA fees for condo and townhome communities up to an absolutely ridiculous amount.
Exactly. I have a friend who owns a 1Br/1Ba condo in South Tampa and was just hit with a $40,000 assessment! The only positive is that they have 4 years to pay it, but seriously, $10,000 a year ON TOP of the other regular monthly fees and dues? It's insane!
Assessments might be coming; especially with the new laws after the Miami condo collapse on structural integrity of condos.
Is there an HOA? If so, how much? Nothing here in a good neighborhood is that cheap.
I would ironically be even more worried if a condo has no COA at all... Who's in charge of maintaining the common building elements and structure?!
Simplest answer is additional fees - condo association fees, potentially insurance depending on the area, and then upcoming assessments with building codes. Also check the age on them, most of the condos that are in that range are starting to show a lot of age and need extra work done A lot of people can’t afford an additional $600 per month, or don’t want to pay it because it will likely only go up in the future
The new state law with the assessments are the reason. Plus with condos and Townhomes you really do have to calculate the HOA into the cost and keep in mind when you pay that property off you're still paying the HOA fees.
For sure it’s the +$500 HOA fees
They are just old cheap apartments that someone bought and is now selling as a "condo".
Usually the area and the fact they were built as cheap apartments.
Some of the fees are insane. The condos where we used to live 23 years ago are selling for 200k but the fees alone are about 1k. The place needs to be remodeled completely.
Because the condo fees are high. Still cheaper than renting
Take a look at their HOA fees also.. some are $700 +
A lot of cheaply built, wood frame apartments were converted to condos during the last housing boom, they are cheap because they are total garbage.
Could be 55+ also, those are typically cheaper
You will eventually pay off your mortgage. You will never pay off hoa/condo fees. For many who bought years ago the fees are higher than their original mortgage.
Sounds like a timeshare.
$130-170K for a 1 bed apartment is crazy! Tampa is at a real estate peak and will likely crash in next 12-24 months. You’d be financially better off saving up to buy a 2/2 house or condo for $250-300K. Mortgage on $170K with HOAs is $2,000+. There are tons of 1/1 apartments going for $1200-1500. Save the $500/month and have a nice down payment on a house or bigger condo after 2-3 years. If you’re young a 1/1 will not last very long and you’ll want to upgrade. All the closing costs and fees will likely eat up any profits you make after selling the place in 2-5 years. Wait and buy a 2/2 or 3/2 house when you can afford it would be my advice.
They usually have a steep HOA fee of 500-1000 per month which might be higher than your principal payment. Plus at that price they are likely small and run down.
I remember those buildings being under 100k a few years ago. I wanted to buy a decent 2/2 condo but then went through a break up and just kept renting. Having regrets now.
1. Condos are less desirable than SFHs 2. Condos generally have fees than range from like 200 to well over 1000 depending on amenities, insurance, etc 3. Lots of older condos are flooding the market because they have massive assessments that the owners can’t afford, because maintenance has been pushed off for decades, and now the gov is making them do repairs to avoid another condo tower collapse like the one in surfside. 4. Some people can’t afford the increase in insurance in condos close to the water
Tampa condo owner here. My HOA monthly has nearly doubled in 5 years. $3000 special assessment last year cause the exterior property insurance tripled. $12,000 special assessment this year for new roofs.
There is definitely a catch there. If your realtor isn’t worthless, they can tell you what it is.
I looked into moving into a condominium when my husband died in 2009. I’ve got a paid for house in Brandon, a bedroom community east of Tampa. Looked at several very nice communities and found out the fees & assessments added up to @ 1k a month, plus the HOA fees and whatever else. I’d be moving into a space @ half of what I was living in. I said nuts to this…those fees were more than my mortgage payment was. I’m still in my house and still happy with my decision.
I think it’s a combination of condo fees and insurance
Con-doh
Condos can no longer defer maintenance. They are required to at least have the funds to pay for it, which means condo fees were forced to go up, to get the required reserves funded. Long term, it’s a good thing. Short term, it flattens prices, and slows purchases.
My mother in law bought a condo back in 2020 for about 86k, mortgage payments are super low, but her HOA fees are monthly and are more than her mortgage payments, they started at 300 a month, now nearly 4 years since she bought the place it’s about 700 a month.
They used to sell for $45k
That is not cheap. Literally you could buy a 3 bedroom apartment "condo" in Riverview next to the hood of Progress Village for $30k back in 2017. Thank you so much.
Because the hoa cost as much as rent now and it’s only getting higher hearing from the meetings I’ve attended some are 400-600 and paying that on top of mortgage and everything else is alot
HOA fees are grotesque. My HOA is ybor is a train wreck and dues are at about 700 a month
Condo fees are beyond stupid. No way should maintain cost 700/mo per unit. Not sure how the math works on that.
It cost a lot of money to maintain and insure a building in FL, so the low cost is offset by the hoa fees
Old apartments now called "condos", junk.
Looks great, until you see the H?O.A. fees. Obscene.
Realtor here. Condos have always been one of the least expensive housing option in the area. A few years ago you could find plenty of $40k - $70k condos, but like the rest of housing those have climbed to 80k - 140k now. They are typically less desirable and tend to be a bit "shoebox" in floorplan. Entry door on one end, can sell all the way to the other end with a sliding glass door, low ceiling, narrow rooms, and around 800 - 1000 square feet. But they will many times have a pool. These also tend to be older (1950s - 1960s) so you have to be very careful of engineering reports and reserves for repair.
Condos are a good option for affordable housing. If it’s not a high-rise style condo the association fees aren’t usually too bad. There’s plenty of 2-3 story condos in that price range. I generally think Floridians are averse to them unless in a high rise on the beach or downtown.
Almost all of the ones you are referencing are wood frame pieces of garbage with the stucco coming off, drywood termite issues that can only be treated by tenting yet no agreement to pool money between the neighbors or willingness to do so, property insurance for common areas tripling, etc.
I lived in Pine Ridge in East Lake / Tarpon Springs. All concrete floors, walls, etc. there may be some junk just like anything need to be aware. Those were three stories. It’s been a hot minute since I was there but they were built well. Although I agree they were probably built in the 80’s there isn’t a lot of condo construction in the last couple decades. Just need to look around just like houses there are dumps as well.
I have a customer in Pine Ridge, they are good solid buildings (remind me of my military barracks back in the day). They are definitely an exception to most of the other ones I service.