If You Are Considering Buying a Condo and Want to Avoid Huge Financial Losses, Then You Must Know The Financial Condition of The Association First

How to Know if the Condominium Association is Nearing Bankrupcy

Imaging that you have purchased your dream Downtown Miami or Brickell highrise condo and after you have moved in, you get a notice from the association that they are having financial problems and that every owner has to pay an extra $10,000 immediately to avoid the water from being shut off.  You think to yourself "How could this happen?".   In the downturn that Miami experienced after 2005, scenarios like these have happened many times.   It all starts when some owners fall behind in their payments, then gets worse when banks start foreclosing on units, and then the burden falls on the rest of the owners in the form of expensive assessments in order to keep the association working.  To assist you in your condo search and to make you a more sophisticated buyer, we have developed a list of 10 factors to consider so that you don't buy in an association that may be nearing bankruptcy:

Top 10 Signs that the Association is Having Financial Problems:

  1. High Number of Foreclosures
  2. Open Security Gate
  3. Drained Pool
  4. No Reserves in Budget
  5. Unusually High Maintenance Fees
  6. Deferred Maintenance
  7. High Number of Renters
  8. Empty security Booth
  9. Closed Amenities
  10. High Number of Developer Owned Units

If you are looking at a certain Downtown Miami or Brickell condo building and would like to know how much the association is at risk of going into bankrupcy, then it will be our pleasure to assist you.  With our in depth knowledge of all the buildings in Downtown Miami and Brickell, we can let you know which of the 10 factors apply and the financial risk level of the association.

*********Please note that this feature is available only to members of our Prestige Buyer Club.  If you are not a member, then you must first join our complimentary Prestige Buyer Club here.*****

Easy-To-Use Form

If you are a member of our Prestige Buyer Club, then simply fill in the fields below and let us know which association or building you are considering and within 24-48 hours we will send you a detailed report of the 10 factors above and how they apply to the building you requested.   While you are waiting you will instantly receive the latest version of our Downtown Miami Buyer's guide.

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