Property Q&A in Bal Harbour>Question Details

Julio, Home Buyer in Shoreview, MN

i am just wondering what is the monthly management fee for this property and its yearly tax if sold at the asking price to a non-US resident.

Asked by Julio, Shoreview, MN Thu Sep 17, 2009

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Dear Julio:

I donl't know why the property you asked about was advertised, according to the local multiple listing service it was sold on November 7th, 2008 for $705,000.00 after being listed for $739,000.00 on September 4th of the same year.
There is however a similar 3 bedroom 2 bath unit listed at $529,000.00, with a monthly maintenece fee of $1,012.00 and taxes of $11,977.00 in 2007.
There a total of 6 properties listed at this address ranging from 1 to 3 bedrooms and list prices start at $160,000.00.
A couple of interesting things have happened since that property sold.
First of all, prices for properties of that type and in that price range have decreased considerably and will most likely continue to do so for some time.
Second, the property tax assesor has admitted that property values decreased and tax values have been adjusted accordingly.
It would also be important to note that there may be an opportunity for an EB5 visa for foreign investors at this time.

Let me know if I can be of further assistance.

Joe Robaina
Realty World International Gateway
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0 votes Thank Flag Link Thu Sep 17, 2009
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