Association Fees Higher than Mortgage

Today I showed a condo to a customer in Sarasota in Beneva Ridge.

Condo for sale in Beneva Ridge in Sarasota
Condo for sale in Beneva Ridge
Beneva Ridge is a small condo complex right at the intersection of Bee Ridge and Beneva, behind the Publix shopping center.

I get inquiries from buyers about these condos because many have 3 or 4 bedrooms and 2 and a half baths.  Prices are under $100K, and the location value is good because you are only 15 minutes to downtown and about 20 minutes to Siesta Key beaches.

Seems too good to be true in Sarasota, right?  Yes, you'd be right.

These are wood frame condos that have experienced a lot of neglect.  The condo fees are astronomical for properties in this price range: up to $608 per month (per month, not per quarter).  Leaky roofs, termite damage, and past abandonment by former owners have put a strain on the association finances.

In most cases, your association fees for a unit in Beneva Ridge would be much higher than your mortgage payment.  As an investor, you're looking at about $350 to $400 in mortgage for a typical Beneva Ridge condo, plus an average of about $500 per month in association fees.  For $900 per month, you could buy a $225,000 single family home.

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