With high HOA fees, what will happen? (Miami, Palm Beach: oceanfront, insurance)

[blueskies2023]

Seriously, 700 to 1200 per month! What will it be in a year, two years? Would one even buy these @ some point, ever?????

[beach43ofus]

We have a friend who lives in a high rise condo in Boca who is planning to sell over the rising HOA, and insurance costs that came about after the condo collapse in Miami.

She can easily afford it, but she doesn't want to afford it. She is trying to sell & get out before the market for high rise condo's in FLA cave.

I'd love to have an ocean views for a few years...its on my bucket list, but God willing, I have some time to see how this plays out. If prices cave, I might be able to swing it for a few years if I buy right into a newish building in low property tax County...like Walton, or Bay up in the Panhandle. Newer buildings ar built so sturday, the insurance rates are not s bad as the older buildings.

Palm Beach County is off my radar completely...so that is what's happening...its a top 1% luxury, & I'm not in that club.

[City Guy997S]

Do you understand its just math?

Expenses + reserves/#of owners = HOA fee.

Cut the grass, clean the pool, paint the properties every 8 years and pay all the applicable insurances. None of those costs are dropping so the HOA isn't either.

No conspiracy theory, its just the costs. If you owned a single family home it would face the same expenses unless you chose to do some of the labor yourself.

I have an uncle that pays $5000 a month for a 5500 sq ft oceanfront condo and he feels its a steal! Why? His last house with no mortgage was costing him $200,000 a year to operate (taxes, insurance, maintenance). He has to do nothing but write a $15,000 check every quarter.

[City Guy997S]

Originally Posted by beach43ofus

We have a friend who lives in a high rise condo in Boca who is planning to sell over the rising HOA, and insurance costs that came about after the condo collapse in Miami.

She can easily afford it, but she doesn't want to afford it. She is trying to sell & get out before the market for high rise condo's in FLA cave.

I'd love to have an ocean views for a few years...its on my bucket list, but God willing, I have some time to see how this plays out. If prices cave, I might be able to swing it for a few years if I buy right into a newish building in low property tax County...like Walton, or Bay up in the Panhandle. Newer buildings ar built so sturday, the insurance rates are not s bad as the older buildings.

Palm Beach County is off my radar completely...so that is what's happening...its a top 1% luxury, & I'm not in that club.

Insurance for barrier island properties and/or old properties is a shrinking pool of options and they are all getting expensive.

I don't like oceanfront, its loud and brutal with the salt spray. I've owned one before.

[beach43ofus]

Originally Posted by City Guy997S

Insurance for barrier island properties and/or old properties is a shrinking pool of options and they are all getting expensive.

I don't like oceanfront, its loud and brutal with the salt spray. I've owned one before.

Loud..from the ocean waves crashing in, the people below, the people next door and above?

[City Guy997S]

Originally Posted by beach43ofus

Loud..from the ocean waves crashing in, the people below, the people next door and above?

Sorry...... waves even with impact glass its loud on rough days.

Boutique building, 28 units and never more than 1/2 full even in the height of season.

[blueskies2023]

Originally Posted by City Guy997S

Do you understand its just math?

Expenses + reserves/#of owners = HOA fee.

Cut the grass, clean the pool, paint the properties every 8 years and pay all the applicable insurances. None of those costs are dropping so the HOA isn't either.

No conspiracy theory, its just the costs. If you owned a single family home it would face the same expenses unless you chose to do some of the labor yourself.

I have an uncle that pays $5000 a month for a 5500 sq ft oceanfront condo and he feels its a steal! Why? His last house with no mortgage was costing him $200,000 a year to operate (taxes, insurance, maintenance). He has to do nothing but write a $15,000 check every quarter.

Sure, we all understand MATH. No one said it's a conspiracy. Whether I believe the property needed a new or another pool, or pool table or more flowers or added and a gigantic new sets of chandeliers and expensive furniture (very) at said clubhouse, is not just math. I can vote against it, but rarely, if ever win. Single family homes do not always have the same expenses. Our single familyhome had lower insurance, grass is $35 a trim and the roof lasted for 30 years.

[Dave_n_Tenn]

I'm living on the beach now, south Hutchinson Island (Martin Co.) ... giving it a go. Martin co has a 4 story cap and beach side swellings. It's (was)on my wife's bucket list. Still have my acreage where the big house is (near me, 20 miles inland) so, my toys, shop, and tools are still available. It's not "loud" at the beach... lol, never heard anyone complain about the soothing sounds of the surf. That's a new one. The insurance costs are high, but I'm willing to pay them. Marina is nice for the boat. Fishing/diving is my thing, although I do very little 'diving' these days and more snorkeling.

Public Beach access points (2) are 1/2 mile away and the beach between those two access point is a designated dog beach. It may not be for everyone but it's working out for us. Our condo allow 2 dogs any size and breed. So far... The only down side of the condo for me is not enough parking. I leave my truck at the house and we have 2 SUV's at the condo.

The condo is going through some structural upgrades so we have a sur charge, but I'm glad the HOA got right on the wagon after the collapse in Miami.

[wizrap]

Originally Posted by Dave_n_Tenn

I'm living on the beach now, south Hutchinson Island (Martin Co.) ... giving it a go. Martin co has a 4 story cap and beach side swellings. It's (was)on my wife's bucket list. Still have my acreage where the big house is (near me, 20 miles inland) so, my toys, shop, and tools are still available. It's not "loud" at the beach... lol, never heard anyone complain about the soothing sounds of the surf. That's a new one. The insurance costs are high, but I'm willing to pay them. Marina is nice for the boat. Fishing/diving is my thing, although I do very little 'diving' these days and more snorkeling.

Public Beach access points (2) are 1/2 mile away and the beach between those two access point is a designated dog beach. It may not be for everyone but it's working out for us. Our condo allow 2 dogs any size and breed. So far... The only down side of the condo for me is not enough parking. I leave my truck at the house and we have 2 SUV's at the condo.

The condo is going through some structural upgrades so we have a sur charge, but I'm glad the HOA got right on the wagon after the collapse in Miami.

Sounds lovely. Martin County doesn’t look so silly limiting condos to 4 stories now, in light of surfside. I would expect the maintenance to be less on a 4 story building than one much higher. Probably easier to manage too. Fewer people and problems.

[beach43ofus]

Originally Posted by Dave_n_Tenn

I'm living on the beach now, south Hutchinson Island (Martin Co.) ... giving it a go. Martin co has a 4 story cap and beach side swellings. It's (was)on my wife's bucket list. Still have my acreage where the big house is (near me, 20 miles inland) so, my toys, shop, and tools are still available. It's not "loud" at the beach... lol, never heard anyone complain about the soothing sounds of the surf. That's a new one. The insurance costs are high, but I'm willing to pay them. Marina is nice for the boat. Fishing/diving is my thing, although I do very little 'diving' these days and more snorkeling.

Public Beach access points (2) are 1/2 mile away and the beach between those two access point is a designated dog beach. It may not be for everyone but it's working out for us. Our condo allow 2 dogs any size and breed. So far... The only down side of the condo for me is not enough parking. I leave my truck at the house and we have 2 SUV's at the condo.

The condo is going through some structural upgrades so we have a sur charge, but I'm glad the HOA got right on the wagon after the collapse in Miami.

Living beach side is on my bucket list, but that condo collapse in Miami took the wind out of my sails. SE FLA's too crowded for me...Boynton maybe.

I looked at S. Hutchinson Island because it was so affordable (8 yrs ago) compared to Boynton, Delray, & Vero.

Is the nuclear power plant still active? That concerned me, & the crime rate in Ft. Pierce...now the HOA's & HOI

I have boat fever too , so I may need to look there again, when my time here expires. No place is perfect at my price point.

Any indoor dry rack slip availability there? To avoid the condo HOA & HOI, I've also considered living on a yacht instead...any live-aboard marina's there?

The beachfront condo dream may be drifting away from me. I'm exploring all other options...even cruise condo's.