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Reply to "RIP Florida real estate "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote] Anonymous wrote: Just look at the details in this listing. The special assessments are outrageous. https://www.redfin.com/FL/Miami/1800-NE-114th...t-1502/home/43010955[/quote] It's a tear down.[/quote] The building itself? I wonder if they will buyout the owners to do just that. It actually makes sense if you have non payers.[/quote] If they don’t pay, the HOA will foreclose to take ownership of those units. It will then make owners who are current on their fees that much richer. The only end game is to eventually sell to a developer. Might as well wait until a certain % lose their home for a big haircut. Name of the game is to be the last man standing who get the proceeds from the sale to the developer. What I want to know is how the property tax assessments work. These buildings probably need their property taxes to be cut by 50-60%. Huge death spiral for Florida municipalities.[/quote]
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