Whether it’s high end or just your standard condominium, one must be cautious with the building associations. When purchasing, make sure you get a statement of operation and/or a balance sheet from the condo association stating that they can sustain themselves in a foreclosure market. Otherwise, you can run into a problem owning a condo in a building that might not have proper insurance and reserves. Keep in mind; we are now in hurricane season. A lot of buildings are not able to operate the way they use to and as a result, they can’t give you the services you need because they are running on deficits. In addition, it might increase your dues as a homeowner.
I read this article “Condo Boards Take On Lenders” in the Wall Street Journal where it discusses unpaid dues affecting the building associations, collecting unpaid condo dues, and the mounting fees on units in foreclosure. It’s pretty interesting and has knowledgeable information. Here is the link: http://online.wsj.com/article/SB124528355409825583.html
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