This is just an opinion. But I have two very good reasons for believing that condo association fees won't be going down anytime soon.

A condo owner is going to stop paying their condo association fees before they stop paying their bank.

In a large condo association you may not notice a few condos not paying their share. But in a small condo association or in an association without sufficient reserves, you may soon be getting a notice of a special assessment to help pay the bills for the association because a few condo owners are not paying their condo fees. Sure the condo association can place a lien and even try to foreclose on a property but the bills still have to be paid now and won't wait for the future payment from any sale.

If you are in the market to buy a Jacksonville condo it is very important to review the financial documents of the condo association you are interested in. This way you will be able to find out if any condo owners are late on their payments and what sort of reserves the condo association has to carry it over any unforeseen expenses.

On the condo I own I have seen condo fees raise year after year. Although they were just small raises, it still has does add up. The condo president has pointed out that our insurance has kept on rising even though we haven't made any claims. If you read the newspapers you know that even though the Florida state government tried to reduce insurance cost, most rates were not reduced and alot of rates increased.

We can easily see an insurance rates spike should this next hurricane season turn out to reek any major damage anywhere in Florida. There are worries that the State of Florida insurer of last resort doesn't have enough funds to pay for a major catastrophe or multiple catastrophes. And one of the best ways for the insurer to get more funds is simply to raise rates.

So there you have it. Why I don't think our condo association fees will come down any time soon. Don't let this make you scared of buying a condo, just be aware and informed so your finances can handle any changes that may happen.

Good Luck Jacksonville and Happy Buying!

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