Home Buying in 33180>Question Details

Trademonarch, Both Buyer and Seller in 33180

What is the average monthly maintenance fee for a 2 bedroom condo in newer buildings in Miami?

Asked by Trademonarch, 33180 Tue Oct 30, 2007

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6
I would say in newer buldings in Miami HOA fees would be $500+

Hope it helps
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LEO MEYERKOV
Realtor NAR, SFR
CHARLES RUTENBERG REALTY LLC
Direct: 305-842-4500 Fax: 866-240-6244
Email: lmeyerkov@gmail.com
http://www.yourbestmiamihome.com
0 votes Thank Flag Link Sat Feb 21, 2015
50-60 Cents Per Square Foot is About Average. I'd Say The Average Fee Runs About $500 Per Month
0 votes Thank Flag Link Thu Dec 20, 2007
INSURANCE costs have pushed the cost per sq ft per month TODAY to app 50-60 cent range-for some buildings maybe even higher!

I have lived in an 800 unit condominium building of grand standing in miami on the bay for 17 years: that is large room sizes full service with gym pool attended garage valet service et..

our maintenance fees were app38-40 cents per sq ft per month UNTIL the time of the hurricanes in 2004 -2005.

Before the storms hit the cost of insuring the building structure against storm damage - not the individual units- was app $ 300,000 -400,000 for an average cost per unit of $ 375-500 per year- or $30-45 per month..

but AFTER the storms the cost QUICKLY rose to nearly $1.7 MILLION- or up 4-5 X!!
thus the average cost per unit for building insurance alone has risen to 150-200 per MONTH

this is happeneing all over so fl a s insurance companies have scrambled to raise rates but on the basis that anticipates an ONGOING disiaster scenario
we have been lucky that no storms occurred in 2006-2007 BUT we are being taxed by the carriers as if they had...

but you must compare this to the cost of insuringa private home which has also gone up in the same proportion so no one is spared...
0 votes Thank Flag Link Mon Nov 19, 2007
Alot will depend on the amenities, location and age of the building, among a multitude of other factors.

You need to have a specific budget in mind as to how much you can afford a month, then start looking closer at what is included in a condo fee....the maintenance fee is but a part of the total condo fee.

Never base any decision on an average. Get more specific.
Web Reference: http://www.iansellsnola.com
0 votes Thank Flag Link Tue Oct 30, 2007
Hugo - all buildings are different and Jose was very thorough in answering the question. The only thing I would add is to keep in mind that new building developer incentives include low maintenance fees in order to attract buyers. Once the building is turned over to the condo association to the developer, those maintenance fees usually increase. It usually takes 12-18 months for associations to figure out budget restraints and increase those condo fees.
0 votes Thank Flag Link Tue Oct 30, 2007
Hugo,

That's not a question that can be easily answered. Maintenance fees usually include insurance for the building and maintenance of the common areas, these two components make up the bulk of the monthly fee. Also, does the association have reserves as part of their operating budget or not.

To try and best answer your question, as you have seen with insurance in Miami, rates can be very high if the building is on or near the beach or the bay. Similarly, insuance will run less expensive if you are located well within the city.

Also, it depends on the amenities of the property and the size of the common areas. Example, it will cost you more to maintain a lawn and garden for home on a 12,000 sqft lot versus a home on a 6,000 sqft lot. Other factors considered are if the building has a pool, gym, spa, 24hr security, etc...

So I guess to answer your question there truly isn't an average monthly maintenance fee. It all depends on the location of the building, the amenities it has to offer and the common areas.
0 votes Thank Flag Link Tue Oct 30, 2007
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