In Brevard County, Florida house and condo prices are extremely attractive, even those standard sales (not short sale or foreclosure).
While the prices do look very good buyers need to keep in mind is the “hidden” costs – association dues. As a general rule condo dues will be higher than homeowner association dues.
Actually association dues are not hidden as the sellers are required to disclose them and any other assessments before selling. Still that list price in the MLS system or the newspaper (do people still read newspapers?) does not tell the entire story.
For example the Sunset Bay condos in Merritt Island are really attractively priced right now. You are looking in the $20-$40,000 range for one or two bedroom unit. Nice for a gated community on the Indian River with pool, exercise room and other amenities. But the association dues are about $400+ a month.
The Greens at Viera East (located in the planned unit development Viera) offer some nicely priced condos in the $50-$60,000 price range. But the association dues are in the $150-$200 month range. I say range because many listings have a different amount displayed. Again, the seller disclosure will tell the story.
One other example is the Ventura at Turtle Creek condo community next door to Rockledge's Turtle Creek Golf Course. This newer gated condo complex offers excellent amenities for newer units in the $110-$130,000 range. Association dues look to be in the $300 a month range although one listing showed $400. Again, the seller disclosure and condo docs will tell the story.
One other note about condo buying…study the association docs and financial statements. How many unit owners are delinquent in their dues? What about reserves? Is there a ceiling on how high the dues may go?
Gary L. Waters PLLC, Florida licensed real estate agent, Century 21 Baytree Realty, Rockledge, Florida serving Florida's Space Coast including the cities and communities of Melbourne, Viera, Rockledge, Suntree, Merritt Island, Cocoa Beach and the surrounding region.
Read my blogs Florida Homes for Sale, Moving to Brevard County, Florida, and Brevard County Florida Real Estate Information.
