40 Year Inspections Causing Problems For Buyers

September 12th, 2013 Written By

Construction

Brickell has a nice combination of newer buildings mixed with older ones.  Some buyers prefer the contemporary aesthetic, amenities and services offered by some of the newer construction condos, while other buyers go with a renovated unit on an older building because you can get more bang for your buck.  It all comes down to the buyer’s personal preferences.

One issue we are seeing right now with the older condo buildings on Brickell is that many are undergoing their 40 Year Inspection.  Miami-Dade County requires an inspection and re-certification on condo buildings which are 40 years old.  This can result in large special assessments for any repairs or renovations needed to pass the inspection.

Aside from the financial impact on the buyer, large scale renovations and repairs may give the impression that the building is in disrepair and that more special assessments will occur in the future.  Due to all of the uncertainties involved, some buyers choose to look elsewhere.

That being said, it is not impossible to sell a unit in a building which has a special assessment looming (we recently sold a unit at The Imperial with a $13,000 special assessment that had just been passed).  If the seller and buyer are reasonable with each other, you can most certainly work out a deal that is fair for both parties.

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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