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Panama City Beach Florida Condo Association Dues 2024

Panama City Beach Florida Condo Association dues

The topic of association dues is often a contentious aspect of living in a Florida condo association. Owners frequently express their dislike for these dues, yet they are a crucial part of condo living. In Panama City Beach, Florida, condos are currently facing financial challenges. These include rising insurance costs, new structural mandates, and the effects of inflation. The financial management of these buildings varies; some have a better grasp on their financials than others.

Instead of focusing solely on whether dues have increased, the key consideration should be the financial health of the association. This includes assessing whether the association maintains a balanced budget and provides clear forward guidance to its owners. This article will explore the history of several condos in Panama City Beach and their management of dues. As a work in progress, this piece will be updated regularly over the coming weeks to provide the most current information.

Majestic

At first glance, Majestic stands out as an exemplary model for managing a condominium, particularly during challenging economic times like inflation. Its impressive tally of 523 units grants a significant advantage, allowing for the distribution of costs across a broader base. This vast number of units also paves the way for a substantial budget, which in turn supports the provision of some of the finest Common Area Maintenance (CAM) services in the Florida Panhandle. From the beginning, Majestic has thrived under the guidance of competent board members and management, ensuring steady and effective leadership. While there are a few lingering inquiries regarding the budget and reserves, these are areas I plan to delve into in the first quarter of 2024.

Ramsgate Harbor

Something is not right here. Each unit is paying $21,942 per year just for the insurance estimate from 2023. If this is not corrected each owner will be paying this amount each and every year just to cover insurance.

Regency Towers

Grand Panama

Grand Panama has two towers.  One gulf front and one on the north side of Front Beach Road.  $907,541 was budgeted for Insurance and $754,200 for reserves in 2024.

Calypso

Coming soon.

Panama City Beach Florida Condo Association Dues, Panama City Beach condos for sale

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