Phoenix Towers

Condo due diligence at Phoenix Towers

Oceanfront condos are bought as much through the association's documents as through the unit itself. Before you commit, get these — and give yourself time in the contract to read them.

1. 1

   Budget and reserves

   Get Phoenix Towers's current adopted budget and reserve schedule. Look at what is actually in reserve against what the schedule says should be, and how long the roof, elevators, paint and waterproofing have left.

2. 2

   Milestone inspection and structural integrity reserve study

   Florida requires milestone structural inspections for condominium buildings three stories or taller once they reach a set age, and a structural integrity reserve study (SIRS) for the components that keep the building standing and dry. Where they apply, ask for both reports and read the recommendations, not just the cover page.

3. 3

   Special assessments

   Ask the seller and the association, in writing, about any assessment that is approved, proposed or under discussion — and read a year of board minutes, which is usually where a coming assessment shows up first.

4. 4

   Litigation and developer control

   Ask Phoenix Towers in writing about any pending or recent lawsuits involving the association, whether against a developer, contractors, owners or insurers, and check the county court docket yourself. In a newer building, also ask whether control of the association has passed from the developer to the owners.

5. 5

   Insurance

   Get the master policy declarations: wind, flood and deductible. Then price your own unit policy (HO-6), including loss-assessment coverage, before you commit — on the ocean, insurance can move the monthly cost as much as the association fee does.

6. 6

   Pets, leasing and approval

   Get the current declaration, bylaws and rules for Phoenix Towers. Pet limits, minimum lease terms, leases per year, waiting periods and the buyer-approval process are set by each association and change by amendment.

7. 7

   Parking and storage

   Find out how parking spaces and storage units at Phoenix Towers are held: deeded as their own parcel, tied to the unit as a limited common element under the declaration, assigned by the association, or rented. Confirm which ones (by number) go with the unit you are buying. Ask what each costs on top of the association fee, whether there is a waitlist, and what transfers with the unit when you sell.

8. 8

   Storm procedures

   Ask how Phoenix Towers prepares for a hurricane: impact glass or shutters and who installs them, generator coverage, elevator and garage procedures, and what owners must do before leaving for the season. Check the county evacuation zone for the address — it is a barrier island.