New Smyrna Beach Condos for Sale Information
Why are New Smyrna Beach condo fees so high?
Condo fees in NSB are relatively high primarily due to state reserve requirements in the aftermath of the condo collapse in south Florida. Although this event was 250 miles from NSB, the state saw the need for more oversight into the deferred maintenance that condo boards were neglecting due to budgeting deficiencies. The good news, many complexes are catching up reserves to these requirements and beginning to lower monthly fees, additionally these higher fees are an effort to avoid large assessments that come without warning. Budgeting for monthly dues up front is more owner friendly than large assessments.
How do I check for upcoming special assessments?
The easiest way to check for upcoming condo assessments is to review the condominium documents for a specific complex. This may sound challenging at first but a knowledgeable real estate agent will be able to get these documents for you even prior to viewing a condo listed for sale. One of the easiest documents to review that is a wealth of information is the meeting minutes. Although budgets and reserve studies are the most detailed glimpse into future assessments, meeting minutes provide the in house conversations that spreadsheets do not show. For example, are owners complaining about a pool leak, are the elevators due for replacement, is the manager starting the bidding process for certain projects. It’s essentially the gossip of the complex. Once you’ve reviewed the minutes, then it’s always best to take a deeper dive into the financial statements.
Has the building completed the required structural integrity reserve study and milestone inspection?
What should I check before buying an older oceanfront condo?
PER DBPR: Unit owner-controlled associations existing on or before July 1, 2022, must have a SIRS completed by December 31, 2025. A residential condominium must have a SIRS completed at least every 10 years after the condominium’s creation. An association required to complete a MI (MILESTONE INSPECTION) on or before December 31, 2026, may complete the SIRS simultaneously with the milestone. However, under no circumstances may the SIRS be completed after December 31, 2026.
You can request these documents from a local real estate agent.
Older buildings can have a lot of benefits if they’ve been properly maintained, they’ve weathered a lot of hurricanes so you know they’ve stood the test of time. Always check if the spalling and concrete restoration have been done in previous years. This is a major project that can cause a lot of dust, noise, and inconvenience for owners. It’s always nice to purchase in a condo that has done spalling and concrete restoration somewhat recently so your enjoyment is not interrupted right away (or try to negotiate a better price if it’s coming soon). If an older condo still has popcorn ceilings that you plan removing you will want them tested for asbestos, believe it or not a lot of popcorn ceilings contain asbestos and that seems to go overlooked quite often in condos. Understand that some electrical fixtures my contain wires within conduits that run along the exterior of walls. If this bothers you it can be quite a project to demo walls and run interior electrical fixture wiring. Balconies get the brunt of the salt air so check with the manager on common balcony issues, upcoming maintenance, and regular maintenance.
Quick Links For Popular Condo Searches In New Smyrna Beach
New Smyrna Beach Condos for Sale Search Tips
New Smyrna Beach condos for sale vary significantly by location, water feature, size, views, and restrictions. It’s important when searching for the condo in New Smyrna that best suits your lifestyle and needs, to remember several factors and key differences in complexes. For example, if you a buying real estate in New Smyrna as a second home or investment property then rental restrictions are a huge factor to consider. Did you know that not all New Smyrna Beach condos for sale will allow you to rent weekly? Some complexes, especially those at a higher price point, will only allow monthly rentals. Contrary to this, some condo complexes allow nightly or weekend rentals. Depending on the time of year you will be using your condo, there can be a noise factor associated with nightly rentals. During festivals or spring break weeks, this may pose a problem if you prefer a quiet and less crowded condo but definitely something to be considered when looking at New Smyrna Beach condos for sale.
Basically, all real estate buyers have a different use for their properties and will visit at different times of year or live in New Smyrna Beach year round. Nearly all beach front New Smyrna Beach condos for sale have units for purchase. Although, smaller complexes can be in higher demand and will see less turnover and therefore higher prices. When an ocean front condo comes up for sale in a high demand complex at or near market value, it’s not uncommon in Florida and especially New Smyrna, to see it go under contract almost immediately. If you are ready to buy real estate in Florida, then it is extremely important to utilize our property alert features. The listings that you view for sale will update automatically with changes in the MLS. So when New Smyrna Beach condos for sale populate the MLS according to your wants and needs you will receive an email. If you are only interested in a specific complex at the beach, I can set you up to receive email alerts for that complex only. This eliminates the daily stress of endless online real estate searches.
Condo Purchase for Investment Purposes
Many of the real estate searches performed in New Smyrna Beach are for buyers that live in other areas of Florida or in the northeast. There’s nothing like owning an ocean front condo that will generate income while you are away, and serve as a piece of paradise to escape city crowds or cold weather. Finding that perfect condo out of all New Smyrna Beach condos for sale is all a matter of searching the features in listings that meet your needs or come as close as possible. As mentioned earlier, rental restrictions can be a huge factor but so can pet restrictions. There’s proven success in investment properties that allow pets. Especially considering that in Florida and especially in New Smyrna Beach, from January-March most condos are occupied by snowbirds who wish to escape cold winters. Did you know that approximately 37-47% of households in the United States have a dog? Most 2-3 month tenants will not want to board Fido for that length of time. New Smyrna Beach condos for sale all have Associations that will spell out the type of restrictions place on pets. Some complexes will only allow dogs or cats for owners, and some will allow tenants to have pets. There are only a select few complexes without a weight restriction for dogs. This information can be a little more difficult to come by because such restrictions will only be placed in the complex rules and regulations. However, if as a real estate buyer in New Smyrna Beach you wish to have this information please fill out the contact form on the website.
Structural Age of New Smyrna Beach Condos for Sale
Another factor than can affect the decision to purchase a condo for sale in New Smyrna Beach Florida, is the age of many of the complexes on beachside. Condos were booming in the 1970’s and most real estate buyers will find that a huge portion of ocean front complexes in Volusia County were built during this time. Nearly all New Smyrna Beach condos for sale were built with rebar and concrete block. Homeowners associations will occasionally repaint and refinish the exterior of the buildings to prevent wear and tear and most complexes have updated their roofs to comply with a wind mitigation report. This essentially helps lower the rates of building insurance policies and in effect helps lower the monthly HOA fees. When searching New Smyrna Beach condos for sale and especially on beachside, buyers and sellers will see significant variations in the monthly HOA fees. Obviously ocean front condos carry more expensive property insurance, but they also incur quite a bit more wear and tear than say a condo located in downtown Orlando. The salt air wreaks havoc on structures, but it’s a small price to pay in order to watch dolphins swim by directly out your bedroom window or to watch your kids and grandkids catching waves in the surf from your balcony.
New Smyrna Beach condos for sale in particular, are not suited for all buyers…but for those that love the beach, enjoy fishing, surfing, ocean sunrises, river sunsets, white sand, dolphins, boating, kayaking, turtles, birding, seafood, art shows, piña coladas, live music, beach hikes, boogie boarding, paddle boarding, yoga, and any other beach activity New Smyrna Beach real estate probably has the right condo or home for you and your family.
Lindsey Baldwin is a 4th generation New Smyrna Beach native and local business owner. She prides herself in making sure her customers are educated about the local real estate markets, zoning restrictions, flood zones, and future land uses. She loves helping new residents feel at home and get acquainted with all New Smyrna Beach has to offer.