gillenfore, Home Buyer in Philadelphia, PA

Has anyone heard about new assessments at the Yacht Harbor condos in Coconut Grove? I heard it's got some big issues coming up.

Asked by gillenfore, Philadelphia, PA Mon Jul 2, 2012

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Answers

5
If you plan to buy there, make sure that you offer a lower price to reflect the upcoming assessments.
If the assessments come up before you buy - offer the lower price and pay for the assessments separately, so that your sale is lower for tax assessment purposes.
This is all negotiable - to the extend the seller is willing to work with you, of course...

Most buildings have to go through 40 year recertification.
Once that is done - the values will go up, but before it is done - you do have a good opportunity to buy, as more sellers will not want to go through the noise of a construction site and the expense of the building improvement, and will start selling now. I see this happening all the time.
Again, once the building looks better - the values will go up.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Wed Oct 23, 2013
I called directly to the managment office and yes.....they do have some issues that need to be addressed. The main issue is the 40 year recertification they need to do with the City of Miami. This might entail having to redo, remodify or replace the balconies for example. They have a board meeting tomorrow to discuss the finances of the building and to address what needs to be done.
0 votes Thank Flag Link Mon Sep 10, 2012
If you have any question about this situation, new special assessments, very easy to find information thru the association which govern the building. Maybe due to the distress of the property for sale or in foreclosure and due to the association manner they have to develop a way to support the association making a new assessment. You can find all thru the management company of the area.
0 votes Thank Flag Link Wed Jul 4, 2012
Good Morning,

I did just go through the listings for units that are or have been on the market for sale and did not see any mention of a special assessment, but that of course does not mean that there may be one currently under consideration.

Lila Lopez
RE/MAX Advance Realty
homesbylila@yahoo.com
0 votes Thank Flag Link Tue Jul 3, 2012
Good Morning,

You ask a very valid question regarding any possible assessments for this building or any other you may be considering. The easiest way to obtain this information is from a unit owner that has his/her property on the market for sale. A part of the due process you will follow is to obtain the financial status of the association and if there is a pending or upcoming special assessment, the seller is required to disclose this information as well as the association. A reading of the board meeting minutes can also provide you with some insight into what the special assessment could be for as well as the costs to each unit owner. You do not want to go on second hand information as this could be wrong, you will want to go directly to the accurate source. If you are working with a realtor he/she may be able to get you this information for you, so that you have a better idea of what may be happening at Yacht Harbor. Good luck with your search, and if you should have additional questions, please feel free to contact me, 305-772-2521.

Lila Lopez
RE/MAX Advance Realty
homesbylila@yahoo.com
0 votes Thank Flag Link Tue Jul 3, 2012
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