Condo Reserves: Buyer Beware Read the first part of this story, Condo Reserves: A Growing Issue. A few weeks ago, we wrote about condo and co-op reserves and the new Florida State law. This new law, passed in the wake of the Surfside collapse in 2021, mandates condo and co-op buildings that are at least [...]
Condo Reserves A Growing Issue: Part I of II It’s expensive to own any type of home. You’ve got the mortgage, homeowners insurance, property taxes, maintenance and upkeep. You may also, if you buy in a subdivision, have some sort of homeowner’s association fee to pay. In an era where affordability is an issue, with [...]
What is a good amount of condo reserves? How do I know if my condo building has enough cash reserves? Q: How does your rule of thumb for condo reserves factor in the condo building's location? For example, the exact same building on Miami Beach and Fort Pierce would have the same reserve items and [...]
