Talk of The Villages Florida - Condo owners hit with $100,000 assessments!

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- - Condo owners hit with $100,000 assessments! (https://www.talkofthevillages.com/forums/villages-florida-non-villages-discussion-93/condo-owners-hit-100-000-assessments-352139/)

A Condo is one of the worst investments you can make. You are subject to all sorts of fees. Ones located on the Coast are the worst. People don’t realize that insurance does not cover everything that might be damaged and the deductibles can be huge.

We purchased a condo (Gulf Island off of Sea Ranch drive) on the west coast shoreline in Hudson, Fl about three years ago. Less than six months after the purchase, we were accessed a fee for the rebuilding of the two elevators. As we are located on the top floor, we were happy to do so. Because Florida now requires maintance funds for all building issues to be accumulated by the condo association, we will never see a special maintance request again. In my opinion, our view of the gulf waters is hard to beat so I am happy we made this purchse. It takes us 1.5 hours to drive from TV to the condo to then live in another world.

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Originally Posted by Girlcopper (Post 2360251)

Well. You have an hour at least to get to a beach, no ocean views, hardly a breeze in the humid summers. Most people who buy on the beach can afford to live there and don’t have to move to the center of the state to survive

Shouldn’t be on ocean from property :eclipsee_gold_cup:

Condo boards were trying to keep fee's low for the residence, to a point of under-funding any type of reserves that are used for emergency repairs. Our friends just bought a condo in New Smyna last year right after a 6000 dollar accessment for dock repairs.

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Originally Posted by OrangeBlossomBaby (Post 2360049)

Painting the porches was our responsibility. Our condo fee was made higher when the developer - which owned and rented out around half of the properties - was given as many votes as units he owned. So he got to set the rules. He decided that property owners only had to pay one HOA fee per owner, rather than per unit. So he only paid $300/month, just like everyone else - even though he owned almost half the units in the community.

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Originally Posted by Rainger99 (Post 2360066)

I am not a lawyer but that sounds illegal - or at least should be illegal. He had half the units and only paid one HOA fee?

Any real estate lawyers on TOTV?

It doesn't take a real estate lawyer, to sort that one out. It's nonsense. I don't think there are any states in the USA, that don't regulate Condominiums. The entire premise is that fees are based on a percentage of ownership or a percentage of value.

In most states, the Master Deed (which usually sets forth everyone's % ownership), can't be amended, without the agreement of 75% of the ownership interest.

I and another developer own about 60% of the units in a renovated mill building in MA. We have controlling interest in the Condominium, but pursuant to Chapter 183A in MA, we can't change voting power, nor can we change the % of ownership of any owner, without 75% agreement. Even then, voting power is still solely dependent on the % of ownership a person has.

if someone can identify a state were someone can control % of ownership (or voting power), because they own 50% of the units, I'd be shocked.

Not all condos are badly managed or poor investments. We have a condo in northern Illinois, to which we return in the summer. Importantly, in our association the condos may not be rented out. Since the units are owner occupied, the owners tend to be more understanding of the need to have a current reserve study (it is updated every 5 years) and an hoa fee that allows for accumulation of a reserve account to pay for expenses as they arise, as well as the importance of attending to maintenance issues promptly.

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Originally Posted by JRcorvette (Post 2361109)

The key to purchasing a condo on the coast is due diligence same as purchasing any property. Six years ago we invested in one where the HOA had a million dollars plus in reserves. We only wish we had bought the only other one for sale at the time. The condos in our complex are selling for over twice as much today. I think they are overpriced just like many resales in The Villages. Six years ago they were a good investment. It’s all about timing and location location.