Some Floridians Can No Longer Afford Their Condos Due To Special Assessments In The 5 And 6 Figures

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Floridians who live in condominiums are likely well aware that the Surfside condo tragedy of 2021 increased requirements for condo associations in the Sunshine State. As a result, today's condo associations must now conduct more frequent inspections that could result in expensive repairs - which may ultimately be paid for by special assessments coming from homeowners.

That's why some Florida condo owners can no longer afford to live in their homes. However, when they try to sell, some are finding very little interest.

A Former Florida Teacher And Widow Grapples With A Six-Figure Special Assessment And Must Return To Work: Former Florida teacher Janet Stone is a widow who purchased a condo in Ormond Beach to be closer to her grandchildren. Within a year of living in her condo, she found out she'd need to pay a $100,000 special assessment to cover concrete restoration, new windows, and reserves.

She considered selling, but condos for sale in her building were selling for deep discounts. So Stone has returned to work.

New Roofs And A $20,000 Special Assessment In Castaways Beach Resort: Some Daytona Beach residences saw damage after Ian and Nicole and Castaways Beach Resort was unfortunately no exception.

The condo building needed a new roof and seawall. As a result, residents faced a special assessment of around $20,000 and some had to sell.

John Cadden with Condominium Advisory Group told WESH that many condo homeowners are facing special assessments and therefore there are more homes on the market. He explained:

"There's more units on the market year over year now, almost twice as many. There's more coming on the market every month."

As of this writing, there are no plans for a special session in Tallahassee for lawmakers to address this issue.