Another terrible story has come out about how Florida homes are being hit with huge special assessment fees because building managers are rushing to follow new state laws.
This time, it’s the people who live in SurfSide Club South in Ormond Beach who are upset because they were charged more than $100,000 per condo owner.
A new rule in Florida says that all condo buildings with three stories or more that are at least 30 years old must have an engineering assessment done before December 31, 2024. Condo groups also need to make sure they have enough money saved for repairs. This law was made after the Surfside tragedy in 2021 when 98 people died when a 12-story condo building fell.
Many condo owners at Surfside Club South don’t know where they’ll get the money to meet their new responsibilities, even though most would agree that their buildings need to be fixed up.
Citizen Janet Stone told WKMG News 6 on June 26: “I’m a retired teacher, so we don’t have hundreds of thousands of dollars saved up that we can give.” “I had no choice but to go back to work because of it.”
A lot of other condo owners are going through the same thing and are shocked when the huge bills show up on their doorsteps. This is what’s happening.
Taking care of important building problems
After what happened in Surfside, Senate Bill 4-D was quickly signed into law. It requires older condo buildings to have checks, fix any major problems, and save money for future repairs.
Some condo boards were not ready for the law, which affects about two-thirds of condos in the Sunshine State. There were a lot of buildings that didn’t have enough money saved up to pay for the engineering reports and possible fixes, so the cost was passed on to the unit owners.
That’s not all, though. The condo associations also have to increase their reserves to cover future upkeep needs. This adds to the fees that condo owners have to pay, which they already have to pay for their mortgages, property taxes, and home insurance, all of which have gone up in price in the past few years.
A snowbird named Parks Huffstetler bought an apartment at SurfSide Club South in late 2021. He told News 6 that he didn’t know about the upcoming assessment fees and hadn’t planned for a six-figure bill.
He said, “It’s more than $100,000 per owner.” “Once the repairs are done, I hope the units will be worth more and be able to sell.”
No choice but to sell
Some condo owners who have to pay huge special assessment fees may have to sell their units. This is especially true for retirees on fixed incomes or younger Americans who spent all their funds on their first home.
If you can’t pay a special assessment fee, your condo association deal may say that you will have to pay something. This could include a fine or late fee, which will make your costs even higher. And in the worst situations, they might decide to put a lien on your house or even take it back.
Before things get out of hand, you might want to talk to your association or set up a regular payment plan to ease the instant stress.
If you have questions about your duty to pay or how the community is handling its money, you should also speak up. As the situation in Florida has shown, many condo owners are in the same tough spot. If you need help solving a problem with a condo association, you might want to talk to a lawyer or a consumer protection group.
