Owners struggle to sell condos as boards impose tough standards [South Florida]
Jane Consiglio has been trying for a year to sell her one-bedroom apartment in section 4 of High Point of Delray Beach.
She finally got an offer from a disabled Vietnam War veteran and his wife, but her condo board turned them down.
“How unfair is this?” Consiglio asked.
Boards statewide have begun toughening their standards because of concerns about applicants’ ability to pay monthly maintenance fees. In the late 1990s and early 2000s, buyers were qualifying for low adjustable-rate mortgages with little or no money down. Unable to pay both their mortgage and association obligations, the new owners ignored their maintenance and special assessment obligations.