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The Florida Office of Insurance Regulation (OIR) has approved statewide rate increases on 2018 personal and commercial property insurance rates for Citizens Property Insurance Corp. OIR approved a statewide increase of 6.6 percent for homeowners multi-peril policies, but held rates steady for ...
Buyers now can scoop condominium units by putting down 20 percent, less than the usual requirement of deposits between 35- and 50 percent.
South Florida condominium developers are decreasing the deposit requirements for buyers, but why is up for debate.
Buyers who want to buy at Canvas, a 513-unit building rising at 1630 NE First Ave. in Miami; Aria on the Bay, a 648-unit tower rising at 1770 N. Bayshore Drive in Miami; and Riva, a 100-unit building completed in Fort Lauderdale, can put down 20 percent. That’s less than the previous requirement of 50 percent, although Riva previously required only 35 percent.
The $5 million assessment for a new HVAC system at Landmark Towers in Phoenix would cost each condo owner at least $15,000.
PHOENIX — Francine Hardaway's bill from her condominium homeowners association arrived unexpectedly by email in May.
The air conditioning at Landmark Towers in Phoenix needed a major fix, and her share to pay for it was $18,000.
"I was horrified and frightened," said Hardaway, founder of Phoenix-based Stealthmode Partners. "When I bought my condo in 2011, it was at the height of the recession. I bought it for cash thinking that if everything went to hell in a handbasket, I could live there."