Residents of a Florida condominium complex are facing the threat of losing their homes as homeowners association (HOA) fees soar to more than $3,000 a month, leaving many struggling to keep up with the escalating costs.
Lorraine Roy, who has lived in her three-bedroom condo for 30 years, is now confronted with a hefty monthly HOA fee of $3,371, a significant increase from what she once paid. “It’s just too much,” she said, expressing frustration with the rising costs.
The Winter Park Woods Condominiums Association, which oversees Lorraine’s complex, explained the reasons for the sharp fee increase. The association faces large fines from the county for failing to meet certain regulations. Additionally, insurance companies are requiring costly repairs, threatening coverage if they aren’t completed. On top of that, a new law, Senate Bill 4-D, mandates that condo associations keep proper reserves in light of the tragic Surfside condo collapse in 2021, which claimed 98 lives. The law stipulates that all three-story condos over 30 years old must undergo inspection by the end of 2024.
Lorraine admitted that her association’s reserves had previously been underfunded, contributing to the fee hike.
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Another condo owner, Shane Costa, saw his HOA fee jump from $634 to over $2,100 per month. Faced with these rising costs, Shane was shocked when an investor offered him just $70,000 for his one-bedroom condo, an amount he felt was far too low. “I’m doing a bit better than some, but there are people here who are losing their homes,” he said.
In nearby Altamonte Springs, Steve Fieldman is taking legal action against his condo association. Steve pointed out that many residents were forced to sell their homes for less than they felt they were worth due to the financial strain. “There should be stronger protections for homeowners who have invested their entire lives into these properties,” he argued.
Lorraine offered some advice to fellow condo owners struggling with high HOA fees: “Get to know who is on your board, attend meetings when possible, and keep a close eye on how your money is being spent.” She emphasized the importance of being informed and staying engaged in decisions affecting residents’ financial well-being.
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