Ten Museum Park HOA Fees Increase About 36%

January 20, 2009

Earlier this afternoon, I confirmed with the management office of Ten Museum Park that a significant increase in the monthly homeowners association fee was approved towards the end of December.  The new monthly HOA fee, which is now in effect, increased from approximately 55 cents per square foot to approximately 75 cents per square foot.  This represents about a 36% increase in monthly dues for condos owners of Ten Museum Park.  This is something that potential buyers need to be aware of since I found only one or two listings in the MLS that stated the correct monthly HOA fee.

With the exception of Jade, Solaris at Brickell Bay and Emerald at Brickell, which have each been burdened with a high number of foreclosures, I can’t think of another major condo development in Miami built within the past decade that has such a high HOA fee.  Ten Museum Park is a boutique condo development with only 200 units, which may be where the problem lies.  Most of the new condo developments in Miami have over 400 units and can divide their monthly expenses among more condo owners.  While the overall monthly expenses for larger condo developments may be greater, my assumption is that the costs for condo expenses such as staff salaries, building insurance and maintenance of the condo building and amenities is proportionally much smaller.