Bedrooms

2

Bathrooms

2

Half Bath

1

Interior Sq. Ft.

1,967

10175 Collins Ave #307

Bal Harbour, FL 33154

Price

$1,195,000

This spacious residence features 2 large bedrooms, 2.5 bathrooms, and spans 1,967 square feet. This beachfront building offers exclusivity with only 135 units. Enjoy exceptional comfort in this full-service building, complete with dedicated onsite management. The newly remodeled lobby, gym, and movie theater has been tastefully designed. Current assessment in place to update balconies, pool deck and outdoor Gym/spa structure. Great value to purchase before updates are completed.

Features

MLS# A11674881
HOA: $3,097.70 / Monthly (includes reserves)
Application Fee: $100
Units in the building: 135
Floors in the building: 18
Year Built: 1982
Parking: Valet only; maximum of 2 vehicles per unit.

Current Special Assessment

Owner Payment Timeline:
- Payments began on October 15, 2024, and will conclude by April 2025.
Total Proportional Share:
- $27,772.00
Payment Options:
- Lump Sum: $27,772.00
- Monthly Payments: 6 installments of $4,628.67
Purpose: This is an interim assessment for the ongoing 40-year construction project, which includes:
- Structural and electrical repairs
- Mechanical replacement
- Roof, pool, pool deck, gym, and spa structure
- Balconies (all tiles will be removed, waterproofed, and rails or glass will be decided by owners)
- Excludes Windows: Owners will account for these costs. Bulk pricing for windows is not yet available.

Upcoming Special Assessment

Total Project Assessment: $40,000,000
This assessment is part of the ongoing construction project
Owner’s Proportional Share:
- Lump Sum Payment: $277,720
- Monthly Payments: Extended payment plan over 20 years at $2,103.27 per month.
Loan and Interest Rate Details:
- The closing date for the loan is still pending.
- The final interest rate that will apply for the first 10 years of the special assessment will be determined based on market rates at the time of loan closing.
Additional Updates from the Board: On January 2, 2025, the Board of Directors approved:
- A Capital Restoration and Improvement Special Assessment.
- A Term Sheet for a Line of Credit with City National Bank.
Payment Options for the Capital Restoration Assessment:
- Payment in Full: No interest if paid by April 1, 2025.
- Monthly Installments: Spread over 20 years, starting April 1, 2025, with interest:
- Rate: 10% higher than the lender’s rate.

Further details will be communicated to owners as they become available. Please see 2025 Budget and Special Assessment Notice Document attached for more information.