Janice R. Andrews
Flamenville, FL – Residents of SurfSide Club South in Florida are having to make difficult decisions as a result of a startling $100,000 special assessment cost per unit, which has left owners reeling.
New State Law Encourages Quick Evaluations
Senate Bill 4-D was passed by Florida in response to the catastrophic Surfside condo collapse in 2021. It requires engineering evaluations for condo buildings with three stories or more that are older than 30 by December 31, 2024. Condo associations are also required by law to increase their reserves for paying repairs, which comes as a shock to many due to the significant financial obligations.
Hit Hard at SurfSide Club South
Those most affected are the condo owners of Ormond Beach’s SurfSide Club South. “I’m a retired teacher, so we don’t have hundreds of thousands set aside somewhere that we can contribute,” retired educator Janet Stone expressed her worry to WKMG News 6. I was forced to return to work as a result of it.
Homeowners’ Financial Stress
The high fees force some owners—especially first-time homebuyers and pensioners on limited incomes—to think about selling their apartments because they are on top of rising property taxes, mortgages, and insurance premiums. Recent buyer Parks Huffstetler acknowledged his surprise by saying, “It’s over $100,000 per owner.” The idea is that when the repair is completed, the units will be more valuable, allowing me to sell.
Repercussions for Unpaid Fees
There may be fines, late fees, or even foreclosure if the special assessment payments are not paid. It is advised that homeowners discuss payment arrangements with their condo associations and, if need, get legal counsel.
Involved Community Action
The circumstance draws attention to the larger challenge that many condo owners in Florida face. Residents might seek assistance from advocacy groups and legal advisers in navigating these difficult conditions.
