Today I was showing property in a particular building here in St Petersburg - actually a co-op, rather than a condo. That's a bit unusual here in St Pete (we only have a few of them) though it's pretty common in places like New York.
All but one of the eight units were vacant so I could have showed them without making calls to the agents - but 1) I like to give courtesy calls; 2) I want to be sure the status in the MLS is up-to-date and that the unit hasn't just gone to contract; 3) I want to ask the agents questions about the building.
Ah, there are some upcoming assessments. Apparently the information from the association isn't too complete, as one said it was for painting the building, another that it was for upgrading to fire department requirements, another that it was for window replacement. Further conversations revealed that though the monthly fee includes "everything" including electric and water (excluding only phone and tv) it DOESN'T include window replacements and door replacements which are up to the individual owners to replace, so that's on top of the assessments. Huh?
Lots to cover before actually making an offer!!!
Not all condos are created equal - it is a good idea to check on what the assessments include, read the condo declaration, rules and regulations, request a resale certificate, etc. Otherwise, your customer may get a terrible suprise after closing.
Ryan - all good points. We don't have a "Resale certificate" in Florida. It's also good to find out how many units are not owner occupied and how many are behind in paying their assessments as these can make a condo "unfinance-able" which will certainly affect the values.