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Firsttime_bu…, Home Buyer in Fort Lauderdale, FL

I am looking to buy a 2bedroom condo in the Mira Lago community (Fort Lauderdale). The HOA fees is

Asked by Firsttime_buyer, Fort Lauderdale, FL Tue Jul 1, 2008

$400/month. That looks on the higher side
Any opinions ?

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$400/month actually seems to be a little high for Mira Lago - most of the 2 bedrooms listed in the MLS seem to be at $365/month. I would ask for the number of the condo association and verify it and also verify if the rates are planned to go up any time soon. It's not too bad - remember this includes the maintenance for the building exterior, landscaping and lawn maintenance, all the amenities, cable TV, the salary for the condo manager, parking, pest control (interior and exterior), pool service and maintenance, any roof repairs, trash removal, water and insurance. (You should still consider condo insurance which covers your personal effects as well as liability for anyone visiting your unit. When you take all that into account, it isn't bad at all. Most condo associations are facing higher fees right now because of insurance. Find out if they have any current assessments that are pending.

If I can help in any way, feel free to email or call.

Best of luck to you,

Angela
Web Reference: http://www.villagrealty.com
1 vote Thank Flag Link Tue Jul 1, 2008
I just looked at your unit - it looks like you've got yourself a really nice deal there. 3 bedrooms too! You should ask the listing Realtor for the condo docs so that you can not only inspect their financials (there should be the most recent year end financial information), but you also want to review the rules and bylaws. I realize you've not been working with your own Realtor and are on your own on this, but the listing agent is getting to keep ALL the commission, rather than splitting it with a buyers agent. As such, they should have explained your documentation to you. You should have a condominium rider as well as a contract for sale and purchase. If you find a problem with the condo docs, most condo riders all the agreement to be voided by the buyer if the buyer delivers written notice of their intention to cancel usually within 3 days.

You will also have signed some addendums relating to the bank owned property, if you have any concerns, you need to verify with the listing agent what rights you have on this.

I wouldn't worry too much about having to buy appliances - for about $2,000 you can get a super nice stainless set, which considering the great price, isn't too big a deal!!

I don't know your situation at all but you may qualify for Fort Lauderdale's "First Time Homebuyer" program. You may want to check this out.

Well done, I hope it all goes well for you. Keep us all posted!

Angela

PS: I'm just curious why you didn't choose to go with a Realtor - it wouldn't have made any difference to your purchase other than the fact that you would have had someone going to bat for you every step of the way and someone representing your interests. I do understand people's motivation when they list a house, in that they don't want to pay the commission but as a buyer, I'm interested in your reasons. It will help us all. Again, best of luck!!
Web Reference: http://www.villagrealty.com
1 vote Thank Flag Link Tue Jul 1, 2008
To Whom It May Concern:

MIRA LAGO CONDO UNIT has only one property at the moment which is going for $100k, 2B- 2B LARGE AND SPACIOUS UNIT WITH VAULTED CEILINGS,WELL MAINTAINED,LOTS OF CLOSETS, WASHER AND DRYER. NEW ROOF, NEW EXTERIOR PAINT, AMAZING LAKE VIEW GREAT LOCATION.

Also here is a property search for you to explore and find your dream property.

Property Search:
http://listings.realbird.com/toolbar/HomeSearch.aspx?id=E5B5E6B1


Shai Mashiach
Prudential Florida Realty
(954) 816-7070
1306 S.E. 17th Street
Ft. Lauderdale, FL 33316
0 votes Thank Flag Link Thu Sep 16, 2010
What a shame. They say that you often get what you pay for. I honestly believe that you don't have to buy a foreclosure to get a great deal right now. If you do your research (or have your agent do that for you), you can figure out the really motivated sellers. I do believe its important to buy the right property for YOU, regardless of whether you plan to live in it or are buying it as an investment. It's like buying antiques. Regardless of what you think its worth, you must love it first! :>

Once you narrow it down to a few properties, research the "story" on each one and figure out which will be the most motivated to meet your price... you may be pleasantly surprised.

Again, if I can help in any way or if you decide to continue to look, I'd love to work with you.

Happy Fourth of July!!!
Angela
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Fri Jul 4, 2008
Thanks Angela,
I just got the home inspection done and have a problem with Toxic Mold. Its the drywalls in the laundry room and means I have to tear the walls down in the laundry room to restore the place or risk doing that in future . Not the coolest deal after all.

The 3rd bedroom is a den which was a part of the Kitchen earlier . Also one needs to own the place at least for 1 year before you can rent it so that its discourages any investors from buying. I am now in two minds and have requested the condo financial's and will let you know when they get back.
0 votes Thank Flag Link Fri Jul 4, 2008
Thanks Jeannette , Angela and Cynthia for your answers...

Jeannette you are right the listing mentions $368 but when I called they said its $395 (almost $400).
The unit I am looking at is Bank owned asking price of $99,900 . Seems like a fair price compared to the other listings I saw. The only part I don't like is it won't come with any appliances (I presume most foreclosures don't ).

Sounds like I need to call the condo association and verify what is included in the HOA.
Am I legally allowed to ask for the Condo Financial documents before I become an owner , with lots of foreclosures it will help to know this information to see if there are any red flags.
0 votes Thank Flag Link Tue Jul 1, 2008
http://www.rctopshop.com/esky-rc-helicopters
Sounds like I need to call the condo association and verify what is included in the HOA.
Flag Tue Feb 18, 2014
I presume most foreclosures don't ). Sounds like I need to call the condo association and verify what is included in the HOA.
http://www.rctopshop.com/esky-rc-helicopters
Flag Tue Feb 18, 2014
That is on the high side of most communities in Broward County. Currently Miro Lago offers a corner unit asking price $240,000 monthly mt is $442, and as low as a remodeled unit for asking price of $169,000 monthly mt is $368.
0 votes Thank Flag Link Tue Jul 1, 2008
Most condo associations charge high fees. The 400 is an average condo fee. If you would like I can look around for you.
Web Reference: http://www.neerpat.com
0 votes Thank Flag Link Tue Jul 1, 2008
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