Case Study - Condo Special Assessment
2BR/2BA high-rise facing $45K special assessment - sold for $280,000. Buyer assumed the assessment.
Angela owned a 2-bedroom, 2-bathroom condo on the 14th floor of a high-rise building in Miami Beach. The 1,150 square foot unit had ocean views and she had purchased it in 2019 for $320,000. The monthly HOA was $850, which Angela considered manageable for the amenities and location.
In 2025, following Florida's updated condo safety legislation (prompted by the Surfside building collapse), the building's structural integrity reserve study revealed significant concrete restoration needs. The HOA board voted to levy a $45,000 special assessment per unit to fund the mandatory repairs. Owners had the option to pay in full or in monthly installments of $1,875 over 24 months.
Angela was a retired school teacher on a fixed income. She could not afford the $45,000 lump sum or the additional $1,875 per month on top of her existing $850 HOA and $1,600 mortgage payment. The combined monthly obligation would have been $4,325 - far beyond her budget.
She tried to sell through a real estate agent. The agent listed the unit at $310,000. However, the special assessment created a toxic listing. Every potential buyer who reviewed the HOA documents discovered the $45,000 assessment and walked away. Lenders also flagged the building - most conventional and FHA loans were denied because the building did not meet reserve funding requirements during the assessment period.
After 90 days on market with zero offers, Angela was facing the first assessment installment deadline. Missing it would trigger lien proceedings by the HOA.
We purchase condos with special assessments, HOA issues, and lending restrictions. Our cash purchase eliminated the financing obstacle that killed every other deal. We reviewed the building's reserve study, the assessment schedule, and the scope of planned repairs.
We presented Angela with a cash offer of $280,000 with our company assuming full responsibility for the $45,000 special assessment. Angela's net was $280,000 - she paid nothing toward the assessment. We structured the closing so the assessment obligation transferred to us at the time of sale.
We closed in 18 days. Angela did not have to pay a single assessment installment.
Angela used the proceeds to pay off her remaining mortgage and moved to a smaller, more affordable condo in Broward County with no pending assessments. She eliminated the financial pressure that had been keeping her up at night and secured her retirement stability.
"The assessment was going to bankrupt me. No buyer would touch my condo because of it. OneCashOffer bought it, assumed the entire assessment, and I walked away with real money. I cannot thank them enough." - Angela