… the laws of gravity and physics will eventually expose the biggest real estate lies. {{ LOL }}
free link:
{{ MIAMI—Ivan Rodriguez leapt at the chance to buy a unit at the Cricket Club, an exclusive bay-front condominium in North Miami. In 2019, he liquidated his 401(k) retirement account to purchase a nearly 1,500-square-foot unit with water views for $190,000.
But because of a recent state law that requires older buildings to meet certain structural safety standards, the condo board recently proposed a nearly $30 million special assessment for repairs, including roof replacement and facade waterproofing. It would amount to more than $134,000 per unit owner.
Rodriguez, 76, didn’t have the money. So he reluctantly put his two-bedroom condo up for sale, joining dozens of others in the building who are doing the same. After originally listing his unit for $350,000, he kept marking it down until finally it sold for $110,000 last month, or 42% less than what he paid for it. }}
Does that mean the new owner is only going to pay about $1,000/yr in property taxes for life? That might actually be a good deal. The place should be worth at least $250,000 once the structural upgrade is completed – one time and within its $30 million budget. Of course, you’d have to assess the chances of that.
intercst