Monthly Cost Breakdown: Cash Buyer
| Expense | Monthly | Annual |
|---|---|---|
| HOA (all-inclusive) | $625 | $7,500 |
| Property Tax (Delray millage, homestead) | $140 | $1,680 |
| Personal Insurance (HO-6) | $40 | $480 |
| Electricity | $85 | $1,020 |
| Total Monthly (cash) | $890 | $10,680 |
The Comparison That Matters
| Monthly Expense | Kings Point $130K | Valencia Shores $450K |
|---|---|---|
| HOA | $625 | $280 |
| Property Tax | $140 | $515 |
| Insurance | $40 (HO-6) | $250 (full) |
| Utilities (electric, water, cable) | $85 (elec only) | $225 |
| Total (cash, no mortgage) | $890 | $1,270 |
| Difference | $380/month = $4,560/year | |
Kings Point 10-year carrying cost: ~$106,800. Valencia Shores: ~$152,400. Difference: $45,600 over a decade. Kings Point costs less, but only $380/month less — in exchange for a 1970s condo vs. a 2010s single-family home. And this calculation assumes no special assessments at Kings Point. A single $15,000 assessment narrows the gap to $30,600 over 10 years — $255/month.
The Special Assessment Wildcard
SB 4-D is forcing reserve fund compliance across Kings Point. Buildings that deferred maintenance for decades now face mandatory structural repairs and reserve funding. Special assessments of $5,000–$25,000+ per unit have been reported in some sections. These are not theoretical — they are happening now. A buyer who purchases at $130K and then faces a $15,000 special assessment has effectively paid $145K — and the monthly carrying cost just increased by the loan payment on that assessment (if financed) or the cash outlay.
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