How We Calculate True Annual Cost
Every cost figure below includes five components. We show each one separately so you can adjust for your specific situation — but the total annual carry is the number that matters for your budget.
HOA fees: The combined CVP recreational fee plus building-specific condo association fee, multiplied by 12. We show a range (low building fee vs high building fee) because this is the single largest variable in your annual cost.
Property tax: Calculated at Broward County's approximate combined millage of 19.84 mills, with the standard $50,000 homestead exemption applied. This is the year-one tax for a new buyer — not the seller's capped assessed value. If you're buying, your tax bill will be higher than what the current owner pays.
HO-6 insurance: The individual unit owner's condo insurance policy (also called "walls-in" coverage). This is separate from the building's master policy. Estimated at $400–$800/year depending on coverage level and unit value.
Special assessments: Not included in the baseline calculation because they vary by building and year — but we model their impact in the 5-year projection. This is the wildcard that can add $5,000–$25,000+ in a single year.
Mortgage payment: Not included. Many Century Village buyers pay cash (the median price is under $200K). If you're financing, add your monthly principal and interest to the total.
Scenario 1: The Budget Buy — 1-Bed/1.5-Bath in a Low-Fee Building
Purchase Price: $120,000This is the entry-level Century Village purchase — a one-bedroom or small two-bedroom unit in one of the lower-fee buildings. The unit needs some updating but is livable. The building has a recently completed SIRS and adequate reserves.
| Cost Component | Monthly | Annual | Notes |
|---|---|---|---|
| CVP Recreational Fee | $250 | $3,000 | Clubhouse, pools, security, cable, internet, water |
| Building HOA (low-fee building) | $280 | $3,360 | Building insurance, reserves, exterior maintenance |
| Property Tax (with homestead) | $116 | $1,389 | $120K purchase × 19.84 mills, minus $50K exemption |
| HO-6 Insurance | $38 | $450 | Individual walls-in coverage, basic policy |
| TOTAL ANNUAL CARRY | $684 | $8,199 | Before mortgage, maintenance, or assessments |
At $8,199/year, this $120K condo costs $683/month just in carrying costs — before any mortgage payment, personal maintenance, or special assessments. If you paid cash, that's still $683/month in non-optional costs. If you financed even $80K at 6.5% over 30 years, add another $506/month for principal and interest, bringing the total to $1,189/month.
Scenario 2: The Mid-Range Buy — 2-Bed/2-Bath in a Moderate Building
Purchase Price: $180,000A Jasmine or Karanda model in a building with HOA fees in the middle of the range. The unit is updated but not premium-renovated. The building completed its SIRS but has a moderate reserve shortfall being funded through gradual fee increases.
| Cost Component | Monthly | Annual | Notes |
|---|---|---|---|
| CVP Recreational Fee | $260 | $3,120 | Clubhouse, pools, security, cable, internet, water |
| Building HOA (mid-range building) | $400 | $4,800 | Building insurance, reserves, exterior maintenance |
| Property Tax (with homestead) | $215 | $2,578 | $180K purchase × 19.84 mills, minus $50K exemption |
| HO-6 Insurance | $46 | $550 | Individual walls-in coverage, mid-tier policy |
| TOTAL ANNUAL CARRY | $921 | $11,048 | Before mortgage, maintenance, or assessments |
At $11,048/year, this $180K condo costs $921/month in carrying costs alone. For a cash buyer, that's nearly $1,000/month with no mortgage. For a buyer financing $130K at 6.5%, add $822/month — bringing total monthly housing cost to $1,743. That is the total cost reality of a "cheap" South Florida condo.
Scenario 3: The Renovated Premium — 2-Bed/2-Bath Corner in a High-Fee Building
Purchase Price: $250,000A Magnolia corner unit or premium Primrose with impact windows, renovated kitchen and bathrooms, and tile throughout — in a building like Buckingham where the combined HOA approaches $800/month. This is the top end of the Century Village market.
| Cost Component | Monthly | Annual | Notes |
|---|---|---|---|
| CVP Recreational Fee | $276 | $3,312 | Clubhouse, pools, security, cable, internet, water |
| Building HOA (high-fee building) | $513 | $6,156 | Buckingham-level building insurance and reserves |
| Property Tax (with homestead) | $331 | $3,968 | $250K purchase × 19.84 mills, minus $50K exemption |
| HO-6 Insurance | $58 | $700 | Enhanced walls-in coverage for renovated unit |
| TOTAL ANNUAL CARRY | $1,178 | $14,136 | Before mortgage, maintenance, or assessments |
At $14,136/year — $1,178/month — this is the cost of a premium Century Village unit in a high-fee building. Financing $180K at 6.5% adds $1,138/month, bringing the total to $2,316/month. At that monthly cost, you are in range of a $350K single-family home in Mainlands of Tamarac — which has a $100/month HOA, no SB 4-D exposure, no master insurance policy, and no building-level governance risk.
The trap in plain English: A $250K Century Village condo in a high-fee building costs $14,136/year in carrying costs. A $350K single-family home at Mainlands of Tamarac costs approximately $8,400/year ($100/mo HOA + $5,400 tax + $1,800 insurance). The condo costs $5,736 more per year to carry — and the house costs $100K more to buy. Over 10 years, the condo's excess carrying cost totals $57,360 — more than half the purchase price difference. And that's before any special assessments.
Five-Year HOA Projection — What Happens if Fees Keep Rising
Between 2021 and 2024, Century Village building-level HOA fees increased at rates ranging from 8% to 25% per year, driven almost entirely by insurance premium increases. The 2026 Broward County premium reduction of 17% provides some relief, but the structural reserve funding requirements of SB 4-D are a separate, ongoing cost pressure. We model three scenarios: optimistic (5% annual increase), moderate (8% annual increase), and high-risk (12% annual increase reflecting both insurance and reserve funding).
This projection uses Scenario 2 — the $180K mid-range purchase with a $660/month combined HOA starting point.
| Year | 5% Annual Increase | 8% Annual Increase | 12% Annual Increase |
|---|---|---|---|
| Year 1 (2026) | $660/mo · $7,920/yr | $660/mo · $7,920/yr | $660/mo · $7,920/yr |
| Year 2 | $693/mo · $8,316/yr | $713/mo · $8,554/yr | $739/mo · $8,870/yr |
| Year 3 | $728/mo · $8,732/yr | $770/mo · $9,238/yr | $828/mo · $9,935/yr |
| Year 4 | $764/mo · $9,168/yr | $831/mo · $9,977/yr | $927/mo · $11,127/yr |
| Year 5 | $802/mo · $9,627/yr | $898/mo · $10,775/yr | $1,039/mo · $12,462/yr |
| 5-Year HOA Total | $43,763 | $46,464 | $50,314 |
Under the moderate 8% scenario, your combined HOA increases from $660/month to $898/month over five years — a $238/month increase. The total HOA paid over five years: $46,464. Under the high-risk 12% scenario — which reflects the actual trajectory of many Century Village buildings from 2021–2024 — your HOA reaches $1,039/month by year 5, and you've paid $50,314 in HOA fees alone.
Add property tax ($2,578/year × 5 = $12,890) and HO-6 insurance ($550/year × 5 = $2,750) to the moderate scenario, and your total carrying cost over five years is $62,104. On a $180,000 purchase, that means your non-mortgage costs equal 34.5% of the purchase price in just five years. At the high-risk trajectory, five-year non-mortgage costs reach $66,054 — 36.7% of the purchase price.
The Question to Ask Yourself
If you're paying $11,048/year in carrying costs today on a $180K condo, and that condo's value is declining 7–8% per year while your carrying cost is increasing 5–12% per year — are you building equity or burning cash?
For some buyers, the answer is still Century Village: the amenity package is unmatched at this price point, the location works, and you've found a building with stable fees and healthy reserves. For other buyers, the math says Mainlands of Tamarac, Leisureville, or even leaving Broward County entirely for a market where the carrying cost doesn't exceed the equity you're building.
We don't have an agenda. We have a calculator. Use the numbers above and decide what makes sense for your situation.
The Comparison That Matters — Century Village vs. Owned Land
The table below compares the true annual carrying cost of a Century Village condo versus a single-family home at Mainlands of Tamarac, 15 minutes away in the same county. Both are 55+ communities. Both are in Pembroke Pines/Tamarac. The difference is in the ownership model.
| Cost Item | CV Pembroke Pines ($180K condo) | Mainlands of Tamarac ($350K house) |
|---|---|---|
| HOA (annual) | $7,920 | $1,200 |
| Property Tax (annual) | $2,578 | $5,952 |
| Insurance (annual) | $550 (HO-6 only) | $4,200 (full homeowner's) |
| Total Annual Carry | $11,048 | $11,352 |
| SB 4-D Exposure | Yes — building-dependent | No — single-family |
| Insurance Control | Board controls master policy | You control your own policy |
| Special Assessment Risk | High — depending on building | Low — your maintenance, your schedule |
| Price Trend (YoY) | Declining 7–8% | Stable to slight appreciation |
The annual carrying costs are nearly identical — $11,048 vs $11,352. The house costs $304 more per year to carry. But the house costs $170K more to buy. The question is whether the $170K difference in purchase price is worth the trade-offs: no SB 4-D exposure, no master insurance policy controlled by a board, no special assessment risk, and a price trend that's stable instead of declining.
For a cash buyer with $350K, the Mainlands house is the clear financial choice. For a buyer with $120K cash who needs the lowest possible purchase price, Century Village in a well-managed building is still a viable option — but only if you choose the building deliberately, demand the financial documents, and budget for 8–12% annual HOA increases.
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