Owners asked to pay $175,000 each toward Miami condo 40-year recertification
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- เผยแพร่เมื่อ 6 ก.พ. 2023
- Owners are being asked to pay $175,000 each towards their 40-year recertification and this is a story we have been hearing more and more across South Florida.
That management company needs to be investigated. Sounds like a blatant money grab.
i wish we lived in a world where people committing fraud went to jail.
From my analysis, people overpaid for homes even while loan rates were low, I believe there will be a housing catastrophe because these people are in debt. If housing costs continue to drop and, for whatever reason, they can no longer afford the property and it goes into foreclosure, they have no equity since, even if they try to sell, they will not make any money. I believe that many individuals will experience this, especially given the impending mass layoffs and rapidly rising living expenses.
Never live under the thumb of an HOA!
This is why I will never live in any home that has an HOA. I will have 100% control of my residence. I pay the bills can decide what goes/stays and also what needs to be fixed.
The very fact that the Property Management's engineer wanted to give the contract to their sister company should be more than enough info to tell you what's going on here.
Having lived in Miami for several years in the past, I can say with certainty that the entire metropolitan area attracts grifter and scam artists from all over the world. None of this internal corruption surprises me. I am glad I sold my condo at the top of the market years ago and got out (20 years ago). I miss the beach, but I would miss my financial security more.
Good on the residents for doing their due diligence. The HOA’s conflict of interest is outrageous.
Many homeowner associations are mismanaging funds. We had reserves of almost $1 million but the association, on behalf of all of the homeowners, took out a $5 million loan, and raised our monthly association dues. There needs to be regulations prohibiting such.
Repairs should be done at the time they are first needed, and paid for by the monthly HOA dues that are already being paid. This definitely needs to be investigated.
This is why I live in an RV out in the woods. Nobody bothers me or asks for money.
Board members should be sued for not saving for this beginning 40 years ago
I had a condo for 16 years. We hired & fired 4 different HOA management companies in that period. Same story every time... HOA identifies a problem, quotes an exorbitant price, and wants to give the contract to a subsidiary. Every. Single. Time.
I was considering a condo, thanks for putting it out of my mind
The greed is disgusting.
I've been doing property managment for 30 years now and here in germany you need a resolution for almost every repair over a certain amount of costs.
Sue the hoa for negligence and endangerment as the repairs should be addressed yearly!
I talked to a guy that owned a nice condo, elevator repairs $13k each. Front brick repairs $10k each, garage repairs $8k each all in a 3 year period. Be really careful with condo's and townhouses.
That type of corruption is far more common than people realize. A friend of mine lived in one such condominium, and when he spoke out, the building management company obtained some type of gag order and threatened him with legal action.
Someone(s) on this board need to be arrested and charged with fraud