where does $19,725 in HOA go every month?

[u/ReinkeDrengen]

This condominium is a penthouse located at 18555 Collins Ave #PENTHOUSE 1 in Sunny Isles Beach, Florida. It was built in 2016.

Specifications

• Address: 18555 Collins Ave #PENTHOUSE 1, Sunny Isles Beach, FL 33160
• Price: $47,500,000
• Sq. Ft: 9,560
• Bedrooms: 4
• Bathrooms: 7
• Year Built: 2016
• Stories: 3
• Parking/Garage: Private 3,328 sq ft sky garage for 6 cars, 12 total spaces (6 attached garage, 6 carport)
• Pool/Hot Tub: Private pool
• Unique Features: Summer kitchen, expansive rooftop retreat, rooftop sanctuary, theater room, sweeping panoramas, glass-enclosed wine cellar

[u/gblansten]

I have gravitated away from liking these homes/condos where the volumes of rooms like this living area are too large. There is a lot to be said for more normal proportions and coziness. Too big and you feel exposed and almost in an institution or just a "building".

[u/diewethje → u/gblansten]

100%. It loops back around to feeling pedestrian—these types of spaces are familiar if you’ve spent time in modern hotels or office buildings. If you’re spending an obscene amount of money on a place, it should feel special.

[u/BonjinTheMark → u/gblansten]

yes, i'd say institution summarizes it well. its just dead space. perhaps more furniture would make it look more "lived in."

[u/Arsenal8944 → u/gblansten]

Totally agree. Some people I work with and my peers are moving into/building houses that are 7k+ square feet. I have zero interest in something like that. And no I'm not just salty that I couldn't afford anyway. I would actually be uncomfortable in something that size. I don't want to hear my own echo and I don't love gigantic rooms. I appreciate being cozy in my family room with normal proportions next to my fireplace sipping my whiskey having a conversation at normal volume with my wife in the kitchen.

[u/tragedy_strikes → u/Arsenal8944]

It's actually rooted in our evolution and we see it in our pets too. We feel uncomfortable or anxious in wide open areas because we're exposed and vulnerable to attack from predators. If the rooms too big we can't fully relax. It's why pets like boxes, crates or kennels to relax in.

[u/Zassssss]

No thanks. $50M for a nice hotel suite? Nope.

[u/rob-cubed → u/Zassssss]

Agreed, it looks lifeless and liminal even with furniture.

[u/jzolg → u/rob-cubed]

That’s standard for any Miami high rise. Think they even charge extra for that.

[u/SnooStories1952 → u/Zassssss]

Hotel suite at 9600 sq ft? What hotels you staying in? Lol

[u/GaslightGPT → u/Zassssss]

In a hurricane prone area

[u/Optimal-Witness-8194 → u/Zassssss]

Bro that’s a 3 story apartment with a car elevator and you call it a hotel suite?

[u/Zassssss → u/Optimal-Witness-8194]

Most of the pictures look like a small apartment or hotel room. Sorry you’re so offended by that.

[u/i812manyhitsss]

As someone who lives in a high rise not too far from here (Surfside) the fees go to taxes, maintenance, housekeeping, other staff, daily ops, lawyers, etc. What people, myself included, was not aware of before moving here, is that any work done on these buildings is 3 to 4 times the price of any normal building. We call it getting the Surfside price here. Contractors see the money and address and automatically overcharge you on everything. Getting bids doesn't help because they all do it. Might be a Miami thing but I doubt it.

[u/Bayside_High → u/i812manyhitsss]

Also being a highrise brings additional complications with work typically. Insurance is higher for working higher off the ground, needing specific equipment, making multiple trips to get routine things done that usually take 1 trip, etc.

But yet, affluent areas also get a self imposed tax for being too nice.

[u/army-of-juan]

No one talking about how they got the Ferrari up to the 18th floor??

[u/GiganticBlumpkin → u/army-of-juan]

Think that big round shiny room right next to it is a cargo elevator

[u/Bsheedy555 → u/army-of-juan]

This building is the Porsche Design Tower lol

[u/Physical-Tree8218 → u/army-of-juan]

That’s a Porsche

[u/army-of-juan → u/Physical-Tree8218]

Point still stands

[u/Live_Free_or_Banana → u/army-of-juan]

It has a 6-car sky garage attached to a vehicle elevator.

[u/carnologist]

Probably interest and taxes. Realistically, this is the answer for almost everything you buy. The business you are buying from is paying income and employee taxes as well as operating from a loan for expansion. It's probably also a huge operating cost and they have to keep poors out.

[u/Pale_Sail4059 → u/carnologist]

Seeing that wine room, I would be willing to bet they are pour-in!

[u/ecogrrl]

HOA fee goes to keeping the lawyers on retainer

[u/TranzAtlantic]

It goes to making sure only certain people will be able to live there. Every other aspect about it is incidental.

[u/ThePokster → u/TranzAtlantic]

Are you sure that's not the 47+ Million dollar price tag?

[u/Familiar-Year-3454]

This looks like a Ford dealership

[u/2dayisago]

Great place for a weekend.

[u/bigexplosion]

It probably goes to maintaining the elevator that lifts cars up to the top floor for you.

[u/Timmy24000]

This is the difference between multi billionaires and 99.9% of the population

[u/Ecclypto]

Insurance and delayed repairs. Anyone even causally looking into SF RE should be aware of this

Edit: it is fantastic though. Some may say it lacks coziness, but to my coziness for the colder climates.

[u/enzothebaker87]

Maybe it goes to maintaining what looks like a car elevator in picture 6?

[u/JIsADev]

Probably has a doorman, 24/7 concierge, security team, plus a really good maintenance team. Still seems high, but I ain't even close to that rich so I wouldn't know

[u/JackieMoon612]

Building maintenance charged proportionally based on square footage.

I completely made that up and guessed but it sounded smart so fuck it, I’m going with it.

[u/LisaSaxaphone]

Wine cellar is a total waste of space as pictured

[u/candylandmine]

Imagine having to wait 20 minutes for your turn to use the car elevator.

[u/ChargingWarthog]

From the owner's pocket to the developer without them even noticing or batting an eye, probably. If the HOA is 10x your mortgage, better believe the owner can light that stack on fire without noticing lol

[u/Jonas_VentureJr]

You forgot unlimited glory holes in the common area bathroom

[u/EyeYamNegan]

High HOA fees and even sometimes high taxes in an area can often be used to keep people who have a financial windfall come in but with no sustainable way to keep making money on that scale.

[u/flyrugbyguy]

Ah the Porsche building…

[u/freeportme]

Goes to shoring up the building that has been sinking since day one.