The average price per unit for multifamily dwellings in Phoenix is $100,000-$149,999 & in West Palm Beach it’s $150,000-$199,000?
Geographic diversification should be a consideration for all investors. Although property taxes are one factor, investors should consider insurance, sales taxes, state & local income taxes, business & corporate fees & taxes, capital gains taxes, local business attitudes and much more to figure a bottom line after tax return.
The Florida Bar Association has a proposal to require Homeowners’ Associations to hire a lawyer for such tasks as sending demand letters for unpaid dues, violations of CCRs, collecting debts, and drafting liens. It is under review by the Florida Supreme Court. The Florida Legislature passed a law last session that would allow the HOA’s managers to continue those administrative duties. It’s unclear whether the Florida Supreme Court’s opinion (requested by the Florida Bar Association) will be affected or how their opinion might be influenced by this new law. There is no set time by which we can expect an opinion from the Florida Supreme Court. Just another budget item to delve into on your HOA financials. Might there be legal risk lurking in how your HOA’s management handles its legal risks? Also verify what is covered for Board members and HOA members within your association’s insurance policies.