Estimated Condo Ownership Costs

Question 1

equity membership costs $______ with an additional $_______ non-refundable capital contribution to the ORC.

Answer 1

$250,000 ; $15,000

Question 2

Annual dues cost $______ plus ________ and a $_______ annual capital assessment.

Answer 2

$10,861 ; taxes ; $3,245

Question 3

Equity membership is _______ at _____ of the prevailing rate at time of reissuance.

Answer 3

refundable ; 80%

Question 4

Taxes are paid to ________________________ and estimated to be 1% of ________________.

Answer 4

Monroe County ; property value

Question 5

Ocean Reef Club Community Association (ORCA) Fee is paid __________ by all property owners ranging from $_________ to $_________ depending on category of home or dock. This fee covers _________, ___________, ___________________ and common areas within the gates.

Answer 5

annually ; $5,098 ; $9,239 ; security ; fire department ; road maintenance

Question 6

Condo Association Fees are paid ___________. These vary according to association and the ____________________________.

Answer 6

quarterly ; exterior ground facilities

Question 7

Utilities - water - are typically paid by who?

Answer 7

The condo association fees

Question 8

electric and _____________ are according to _______________________.

Answer 8

telephone ; personal use

Question 9

Cable TV is approx. $____ plus tax monthly for _________________________ and cable TV which is billed _____________ through _______. Additional premium channels billed directly by ______________________.

Answer 9

$35 ; internet ; annually ; ORCA ; cable service provider

Question 10

When considering closing dates for condos, what should you be mindful of?

Answer 10

End of month - because they do have to pay the full association fee