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Weina, Home Buyer in New York, NY

what is the maintenance for this property?

Asked by Weina, New York, NY Fri May 8, 2009

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Hello Weina,

A typical 1 bedroom for sale at The Club in Brickell have a monthly maintenance fee between $400 to $480.

However, I will strongly recommend that you budget a good 20% more, because this building has many short sales and foreclosures. That means that the condominium association is not receiving any payment from many delinquent owners. So the remaining owners will have to compensate for the loss in revenues.

To make things worse, the banks selling these foreclosures and short sales will have to pay only 6 months of maintenance fees. A foreclosure can take around 12 months sometimes so the condominium association will have to compensate for that loss.

You will have to purchase your condominium at The Club in Brickell in cash since most of the banks today will not finance this building, dues to its financial problems. Just so you know.

I hope this will help you as well as other Trulia's readers.

Best regards.

Franck Dossa - FD @ CONDHOTEL.COM
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0 votes Thank Flag Link Wed May 13, 2009
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