I thought this was interesting. It is an older article, but still relevant. I have not lived in a community where there are property and facilities in common that are maintained by a HOA or Condo association that charges fees.
I have been studying it a little to understand it better. If we every move into that sort of community, I want to know what to expect and hopefully not have any surprises.
Looks like the insurance increases in some coastal areas of Florida might come in the form of special assessments for commonly owned properties and facilities.
Quote:
NYT:
In coastal areas that have seen a jump in insurance premiums, a special assessment may be all but a given. “Buying in Florida, there will be a special assessment,” said Gary Poliakoff, a lawyer with Becker & Poliakoff in Fort Lauderdale. He has seen $50,000 special assessments, he said, though the $2,000-to-$5,000 range is much more common.
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http://www.nytimes.com/2007/04/11/re...11GH-home.html