Trying to make sense of condo HOA fees while you shop in 33432? You are not alone. In downtown Boca Raton, monthly assessments can vary widely depending on the building’s age, amenities, and insurance costs. This guide breaks down what fees cover in Florida, realistic fee ranges for 33432, and a simple way to compare buildings so you can budget with confidence. Let’s dive in.
How condo fees work in Florida
Condo fees fund the association’s operating budget and reserves. In Florida, the Florida Condominium Act in Chapter 718 sets the framework for budgets, reserves, owner rights, board duties, and disclosures. Associations typically set monthly assessments to cover day-to-day costs and contributions to long-term reserves unless owners vote to waive certain reserve categories.
Recent years have added cost pressure for associations across coastal Florida. Rising insurance premiums, labor and service costs, and stricter inspection and structural requirements since 2021 have pushed many budgets higher. Older high-rises or buildings planning major repairs often feel the largest increases.
What HOA fees usually include
Operating expenses
- Common-area maintenance, cleaning, landscaping, pool upkeep, and HVAC for shared spaces.
- On-site staffing such as concierge, security, valet, front desk, and maintenance.
- Building utilities for common areas, plus water and sewer if the association includes them for units.
- Trash and recycling, pest control, and routine repairs for common systems.
- Elevator service contracts and inspections.
- Management company fees, accounting, payroll, and legal support.
Insurance and taxes
- Master property insurance for the building structure and common areas, plus certain specialty policies.
- Owners still need an HO-6 policy for interior finishes, contents, and liability.
- Property taxes are paid by individual owners, not by the association.
Reserves and capital projects
- Reserve contributions for big-ticket replacements like roofs, elevators, façade work, painting, and HVAC.
- Periodic reserve studies to forecast future capital needs and funding levels.
- If reserves are short, associations may levy special assessments to cover specific projects.
Amenities that raise fees
- 24-hour concierge and valet, gated security, extensive fitness and spa facilities.
- Multiple pools, tennis or pickleball courts, business centers, guest suites, or private beach clubs.
- Larger and more luxurious common areas that require more cleaning, staffing, and maintenance.
Utilities sometimes included
- Some buildings include a base cable or internet package in the monthly assessment.
- Electricity and gas inside the unit are usually separate.
Typical 33432 condo fee ranges
Fees vary building by building, and unit by unit. Use the ranges below as a starting point, then confirm current budgets and any special assessments for a specific building.
Key takeaway: In downtown Boca Raton 33432, condo HOA fees commonly range from roughly $400 per month for small, low-amenity units to $2,000 to $5,000 or more per month in high-end, resort-style buildings.
Low-amenity midrise or smaller condo
- Typical monthly per unit: about $400 to $1,200.
- Per-square-foot per month: roughly $0.30 to $0.80.
- Example: 1,000 sqft at $0.50 per sqft equals $500 per month. A 1,400 sqft unit at $0.80 per sqft equals $1,120 per month.
Full-service mid to high-rise
- Typical monthly per unit: about $1,000 to $3,000.
- Per-square-foot per month: roughly $0.60 to $1.80.
- Example: 1,200 sqft at $1.25 per sqft equals $1,500 per month. A 2,000 sqft unit at $1.50 per sqft equals $3,000 per month.
Luxury full-service or resort-style high-rise
- Typical monthly per unit: about $2,000 to $5,000 or more.
- Per-square-foot per month: roughly $1.00 to $3.00 or higher.
- Example: 1,800 sqft at $2.50 per sqft equals $4,500 per month. Larger residences with extensive services can exceed $5,000 per month.
Why one building costs more than another
- Unit size and allocation method. Fees usually scale with square footage or percentage ownership interest.
- Amenity density and staffing. 24-hour concierge, valet, and security add meaningful costs.
- Building age and capital plan. Older towers often need higher reserves or near-term upgrades.
- Insurance premiums and deductibles. Coastal high-rises face higher master policy costs.
- Utility policy. If the association includes water, sewer, cable, or internet, the monthly assessment can be higher.
- Parking, storage, and service fees. Dedicated or valet parking, storage rooms, and guest suites can add to ownership costs.
Convert fees quickly using per-square-foot
Use this simple conversion when you compare units of different sizes:
- Monthly fee equals fee per sqft times unit size.
- Examples:
- $0.75 per sqft times 1,600 sqft equals $1,200 per month.
- $1.25 per sqft times 1,200 sqft equals $1,500 per month.
- $2.50 per sqft times 2,000 sqft equals $5,000 per month.
Per-square-foot math helps you weigh a smaller unit in a luxury building against a larger unit in a mid-service building. It also reveals the cost impact of staffing and amenities at a glance.
How fees shape your monthly budget
Build a realistic monthly number
Include all of the following when you budget for a 33432 condo:
- Mortgage principal and interest.
- HOA or condo fee.
- Property taxes divided by 12 months.
- HO-6 policy for interior and liability, plus flood insurance if required.
- Utilities not included in the HOA, such as electricity or cable upgrades.
- Parking, storage, valet, or amenity surcharges if applicable.
- A reserve for future assessments if the association’s reserves are not fully funded.
- A small contingency for maintenance inside your unit.
A quick worksheet might look like this: Mortgage + HOA fee + Taxes + Insurance + Utilities + Parking or extras + Assessment reserve + Contingency. Plug in per-square-foot fee estimates to compare buildings before you request formal documents.
Financing, approval, and project health
Lenders look at both you and the building. High fees alone do not block financing, but they increase your debt-to-income ratio and may reduce your loan size. If an association has high delinquencies, large special assessments, or weak reserves, it can raise eligibility concerns for certain loan programs.
FHA and VA loans often require project-level approval. Conventional loans can also require confirmation that the association’s budget, insurance, and reserve practices meet guideline standards. If a special assessment is active, expect your lender to ask for details and documentation.
Insurance basics for condo owners
The association’s master policy typically covers the building’s structure and common areas. You will still need an HO-6 policy for interior finishes, improvements, personal property, and personal liability. Flood insurance may be required by your lender depending on the building’s location, and it is often recommended for coastal properties.
Rising insurance costs in Florida have influenced many association budgets. Understanding the master policy’s coverage limits and deductibles helps you size your HO-6 and anticipate potential assessments after a covered event.
What to request before you offer
Ask for these items during your comparison phase or due diligence. They provide the clearest picture of current and future costs.
- Current year operating budget and the last 2 to 3 years of budgets.
- Most recent financial statements and bank statements.
- Reserve study date, current reserve balance, and capital project schedule.
- Board meeting minutes for the past 6 to 12 months.
- Details on any special assessments, planned or in effect.
- Master insurance declarations, coverage limits, and deductibles.
- Property management contract and fee summary.
- Association bylaws, declarations, rules, and pet and rental policies.
- Pending litigation disclosures and potential financial impacts.
- Recent major capital projects and expected upcoming projects.
- Parking and storage rules, guest suites, and fee schedules for extra services.
- Utility policy and what is included in the monthly fee.
- Structural inspection reports and compliance status.
Smart questions to compare buildings
- How are fees calculated for my unit size and allocation method?
- When was the last reserve study, and are reserves funded per the recommendations?
- Have there been recent special assessments, and are any expected in the next 1 to 5 years?
- What is the current delinquency rate for assessments?
- Are major projects planned or underway, such as roof, façade, balconies, or elevator modernization?
- Is the building current on required structural inspections and reporting?
- Are water, sewer, cable, or internet included, and at what service level?
- What are the master policy deductibles, and what does the association insurance exclude?
Pro tips for seasonal and move-up buyers
- Evaluate staffing levels first. A true full-service experience with 24-hour concierge and valet is wonderful, but it carries a measurable monthly premium.
- Use per-square-foot comparisons to keep perspective across unit sizes. A larger residence in a mid-service building can have a similar total fee to a smaller residence in a resort-style tower.
- Focus on reserves and near-term projects. Strong reserves and a clear project plan can reduce the risk of assessments.
- Confirm what utilities and services are included. Cable, internet, water, and sewer can add up if not covered.
- Factor parking and storage into the equation. Assigned or valet parking and storage rooms affect your total monthly spend.
If you want a building-by-building read on fees, reserves, and upcoming work across Mizner-area high-rises, our team can help you compare options and budget with clarity. For a curated search and a white-glove experience from discovery to closing, connect with Hall Luxury Homes Group.
FAQs
What do condo HOA fees typically include in 33432?
- Common-area upkeep, staffing, building utilities for shared spaces, master insurance, management, and reserve funding for major repairs, with some buildings including water, sewer, cable, or internet.
How much are HOA fees on a typical downtown Boca condo?
- Estimates range from about $400 to $1,200 per month in low-amenity buildings, $1,000 to $3,000 in full-service towers, and $2,000 to $5,000 or more in luxury resort-style high-rises.
How do HOA fees impact my mortgage approval?
- Higher monthly fees raise your debt-to-income ratio and can reduce loan size, and lenders also review the association’s financial health, reserves, delinquencies, insurance, and any special assessments.
What is a special assessment vs. reserves?
- Reserves are planned savings for future capital work, while a special assessment is a one-time charge or temporary increase used when reserves are insufficient for a specific project.
Are cable and internet included in condo fees?
- Sometimes; many associations negotiate base packages that are included in monthly fees, but service levels vary and upgrades are typically billed to owners.
Who pays property taxes for my condo?
- You pay your own property tax bill; associations do not pay individual owners’ taxes.
Do I need my own insurance if the building has a master policy?
- Yes; you should carry an HO-6 policy for interior finishes, personal property, and liability, and consider flood insurance if required or recommended.
How can I quickly compare fees across buildings and unit sizes?
- Convert to a per-square-foot monthly amount and multiply by the unit size, then add expected utilities, parking, and insurance to reach a realistic total monthly number.
