Florida Condo Owners Dump Units Over Six-Figure Special Assessments

Mishtalk ^ | 5-13-24 | Mike Shedlock

[dynachrome]

Have a Florida condo? Can you afford a $100,000 or higher special assessment for new safety standards?

After the collapse of a Surfside Building on June 24, 2021that killed 98 people, the state passed a structural safety law that is now biting owners.

Not only are insurance rates soaring, but owners are hit with huge special assessments topping $100,000.

[Alberta's Child]

All good points. Personally, I never believed it even made sense to own my home until I was running a business out of it.

I happen to live in an HOA whose only purpose is to maintain the storm drainage system and surrounding common area, pay the taxes on that property, and prevent homeowners from letting the neighborhood look like the suburban ghetto half a mile away. My HOA fees are about $100 ... a YEAR.

[Alberta's Child]

1. In some states that would be illegal. It may even be a violation of Federal housing laws. I have represented towns where they wanted to institute some variation of that in the zoning code, and the town attorneys all said the law could not distinguish between owner-occupants and tenants.

2. As another Freeper pointed out, there is a big difference between a tenant-occupied condo and one that is owned as a second home by someone who lives in another state.

[cuban leaf]

Now, THAT HOA makes sense.🙂