Condos in Miami area selling for $1, some in luxury communities

As residents of long standing communities age out, their condos are being sold for ridiculously low prices

New York Post

quote:

---

One caveat: Most country club communities have hefty membership buy-ins that range from about $40,000 to upwards of $100,000. But when the apartments themselves and their monthly carrying costs are relatively affordable, many buyers can justify the expense. (And Burklin, for one, is offering to pay any buyer’s homeowners association fees for the first year.)

---

quote:

---

In February, Boca West — the country club where Burklin’s $1 apartment is located, which has a $50 million clubhouse, four golf courses and seven restaurants — unveiled a new building with units ranging from $1 million to $4.5 million; the majority have already sold. In addition to a gym and a spa, the club has lectures and performances by big-name talent like Diana Ross, Jay Leno and Chris Evert.

---

A 30-minute drive north, at the swanky Hunters Run development in Boynton Beach — complete with three championship golf courses, tennis, pools, on-site restaurants, a fitness center and a spa — are other steals. Golf pro Jonathan Margolies, 41, relocated there from Greenwich, Conn., last year. First, as an investment in 2016, he bought one condo for $2,000 and just flipped it for $80,000. He then paid $14,000 for an updated 1,800-square-foot unit into which the owners had put a $100,000 renovation before they moved to a larger home. “They were eager to sell,’’ he explains. “My property taxes are only $200 a year, and I spend about $1,700 a month in total. My friends are wary of the [pricey] club fees, but they are renting for $2,000 or $3,000 per month and I own my home.”

Another younger Hunters Run resident lured by modest price tags is Christina Fasciana, who bought a two-bedroom condo for $1,500 in 2016, when she was 45, via Bobbi Brodie of Realty Home Advisors. “They waived the first year of golf membership for anyone under 62, which saved me $15,000,’’ says the academic tutor, who is dating a 35-year-old Hunters Run renter.