Condos are the question I get most right now, so let’s get into it.
First, the market. In August, the median condo price in Hillsborough was $279,000 (up 2.2% from last year) and in Pinellas $275,000 (up 5.8%). Condos are sitting on the market longer than houses, about 48 days to contract in Hillsborough and 74 in Pinellas, with 6.0 and 6.4 months of supply. That is more room to negotiate than you have had in years.
But a good price means nothing if the building is a problem. Florida’s condo law (HB 913) now gives buyers a 7 day window to cancel after you receive the association documents. Do not waste it. Here is what I check on every condo:
- Reserve study (SIRS). Is the building actually saving for roofs, elevators and concrete? Underfunded reserves become special assessments.
- Milestone inspection. Older buildings must be inspected and the results should be available. Ask for it.
- Board minutes. Associations now have to post the last 12 months online. Read them. Look for assessments, lawsuits and insurance renewal trouble.
- Budget and dues. A low monthly fee can be a warning sign, not a bargain.
- Insurance. The master policy deductible, plus your own HO-6 policy, and flood is separate.
- Will a lender approve the building? Some buildings do not qualify for financing. That limits your resale buyers later.
If your agent cannot explain every one of these, find a new agent. I mean that. Call or text me and I will walk you through any building you are looking at.
Matt Marsden | The Marsden Group | Agile Group Realty | (940) 206-1931