Lending guidelines and insurance for condos

In today’s Maji’s Market Minute I wanted to discuss condos, specifically in older buildings in Miami.

What’s going on? Well, quite a bit.

Lenders have tightened up their guidelines in the last few weeks due to the collapse of the Champlain Towers last year. It is now more difficult to get a loan for a condo unit in an older building. What does that mean? If you are trying to sell this has just reduced your buyer pool substantially.

The other issue is insurance. St John’s pulled out earlier this week and three others are going to pull out. There are other insurance companies that will be picking up the slack but it will be more expensive. This is really going to affect all properties in South Florida specifically the older condo buildings.

Carrying costs are going to be more expensive. If you have not received an increase in maintenance fees, don’t worry you will. I don’t mean to make light of it, I owned a unit in an older building that I sold last year. There will also be more assessments. If you haven’t seen them yet, they are coming.

If you are thinking about selling, give me a call. I know all things condos. I used to be a past president of a large condo building in Coconut Grove during a massive construction project. I know how condos work, I know what to look for, I know how to sell them. I can help you.

Click to here to Watch the Video

Like Majic I’ll get it CLOSED!

Maji Pace Ramos
~ Licensed Miami Realtor since 1993
~ 2nd Generation Realtor
~ Miami native
~ Past President of Courtyards of The Grove
~ Past Civic Association VP – Morningside
~ Owned three condo units in older buildings

305-519-7940 | maji@majisold.com
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