Is the Condo Association nearing Bankrupcy?
If you are Nervous about the Financial Condition of the Association you are Interested in, then Keep Reading....
Imagine that you purchased your dream Aventura Condo or Townhouse and you get greeted by a notice from the association that says they are having financial issues and everyone has to pay $10,000 immediately to avoid turning off the water. Although these scenarios are rare, they have happened in our South Florida Market. It all started when few owners fell behind on their payments, then got worse when lenders foreclosed on some units, and then the rest of the owners had to pay for the shortage of maintenance fee payment, which caused more owners to fall behind and created a vicious spiral. Just how many buildings did this happen in?
To assist you in your search for the prefect condo and to make you an even smarter buyer, we have come up with a list of the 10 most important factors to consider so that you don't purchase in a community that has financial problems:
Top 10 Signs that an Association is Having Financial Issues:
- Open Security Gate
- Unusually High Maintenance Fees
- No Reserves in Budget
- High Number of Rented Units
- High Number of Developer Owned Units
- Closed Amenities
- Drained Pool
- Deferred Maintenance in general
- High Number of Foreclosures
- Empty Security Booth.
If you are look at particular Aventura Condo Buildings For Sale and would like to know financially stable they are, then it will be our pleasure to assist you. With our in depth knowledge of all the communities in Aventura, we can let you know about which of the 10 factors apply and the general health of the building.
*******Please note that this feature is available to Prestige Buyer Club members only. If you are not a member, then you must first join our complimentary Prestige Buyer Club here.*********
Easy-To-Use Form
If you are a member of our Prestige Buyer Club, then simply fill in the fields below and let us know which association you are considering and within 24-48 hours we will send you a detailed report of the financial condition and ranking. While you are waiting you will instantly receive the latest version of our Aventura Buyer's guide.
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