It is not the HOA, it is the owners. People buy condos/townhouses whatever and somehow believe that 3K-5K a year covers the cost of maintenance, lawncare, insurance, pools and other nominal costs. In this case its 20 years of deferred maintenance. Welcome to reality. If you own a private stand alone home, who pays for the roof every 15-20 years? The homeowner and for 4000 sqft, you are on the hook for 45-50K. Pool construction: 100K, lawnmowing: 200 a month, Pool service: 150-200 a month. Paint: 10K I can keep going. People need to start coming to realization that things cost money and perhaps we all need to pay closer attention to what things cost, how much we make, and how much we give away.
This happens when any organisation is run by people who haven't a clue what the word "management" means. A business will go bankrupt if mismanaged like this, but a HOA only needs to milk its members for more money.
@@cer2299 I accept that HOAs are a good idea. They pool the interests of home owners. But they are often run by people who have no experience managing an organisation worth tens and sometimes hundreds of thousand of dollars. It's too easy to spend other people's money and demand more from them when the coffers have been emptied. It sounds a bit like how communists run countries.
99% of all HOA communities are run by a professional management company. The board is responsible for implementing the management companies suggestions and voting on resolutions and budgets.
What I don't understand, why did all of a sudden, out of the blue, did someone (HOA board members or the private property mgmt company) just wake up one morning and realized that there weren't enough funds in reserve. My HOA is audited every year. A print of that audit is provided to all the owners where I live.
There was a new state law passed in Florida recently which forced HOAs to become fully funded by a certain date if they weren't already so. Too many HOAs weren't even close to being fully funded and so when a major maintenance or repair was needed they would levy huge assessments to cover the cost and this was impacting the ability of many owners to hold onto their properties. The irony is that this law is having the same effect but it's statewide and all at once because the state is now forcing them to become fully funded.
@@krissimons1339 too much regulation! What happened to LIBERTY? This is Florida! DeSantis country… aren’t we all about the liberty to live free of government interference? Oh wait, that’s Federal interference. The 10th Amendment is all about giving the states the liberty to treat its citizens as serfs. That bit of snark aside, I have never grasped why anyone would buy in a condo, co-op, or HOA arrangement. As for audits, those never tell you much. Because an auditor who provides too much bad news will not be (re)hired by the organization that pays to be audited.
@@krissimons1339expect a housing crash like you wouldn’t believe in a few years. This is just one of the reasons why it’s about to happen. Who would dare buy these houses? And when they sell all together, that will bring down prices.
@@justSTUMBLEDupon That's one reason I bought in an older neighborhood with no HOA. No one to tell me I have too many weeds in my yard or what color I can paint my house and no HOA assessment!
It’s like saying we should do a fraud investigation with all our past POTUS and Congress bc of the our US deficits and debt. Human beings will never change, we will always push off things to the next guy and use other ppls money and time bc nobody has the balls to fix things today. This development lacked accountability and was complacent with inflation which is not a crime to be st3pid.
These are multi building condos - not homes. Condos share walls, roofs, and common areas. An HOA is responsible making sure there is enough money to properly maintain those items in the budget.
It’s not crazy at all. You own a condo you partake in contributions to property maintenance. If they couldn’t ultimately kick you out of the building, you’d find people in condos all the time saying no I’m not going to contribute while everybody else repairs the roof.
@@patty109109 I haven't betrayed anyone. Go live in an HOA so you can experience the communism for yourself. I have a much better idea than you do. At least I can put together a sentence that makes sense.
Exactly. People now agree so easily to subjugation in all sorts of ways, large and small, that it's unlikely they'll mind the corporate totalitarianism currently under construction for the entire globe but still unnoticed by most. ("Hey, the UN and the IMF are going to provide perks. though!")
Maybe not totally. I would pay more for unit in an HOA that has 7 million dollars in the bank vs the same unit at a different complex that has 12 dollars in their HOA account. People need to look at the finances of these HOA's and assess a value to that.
@@karenpalladini5010 - The buyer is not responsible for the 60K special assessment - the current owner is - it will be deducted out of the sale price proceeds. IF the current owner doesn't have enough equity to cover it, then it becomes a lien and will make selling that unit very tough.
For some owners yes, but others who don't have enough equity to cover the 60K, then a sale won't help. They are probably heading to a short sale or even foreclosure by their mortgage bank.
I moved here over 30 years ago and watched prices soar overnight. Sometime around 2005 Florida got greedy and rents went way up, food prices, insurance rates.... everything here has increased in price. Me and my family are looking to leave this state because it's only going to get worse...increased greed. AND, the jobs here stink. There's no diversity of work here...all the jobs are basically the same they just have a different title.
I really want to know who the heck ever thought living in Florida was cheap!?! I was born in Orlando over 60yrs ago and its NEVER been cheap to live here. It got more expensive once stupid Disney came in and has gotten astronomically worse in the last 2 decades! And HOAs and COAs are only driving it up even higher. In Orlando, you need 3 full time incomes in order to rent an apartment, not counting the massive deposits and perfect credit to qualify! Oh and that is for a 1 bedroom apartment ONLY!
If people don't buy houses in HOA's they will get the message loud and clear. The houses will stand unsold and the builders will either dissolve the HOA or go bankrupt.
First step: FIRE the HOA Board. They have CLEARLY mismanaged and ignored the maintenance surveys they are REQUIRED by HOA Rules for these repairs that are NOT a surprise….they are REGULAR MAINTENANCE ITEMS. I work with Engineers who deal,with these condo HOA boards…when we make repair recommendations for critical items that aren’t doing anything to make the property “pretty” (concrete repairs…roof repairs…etc) they opt to use the reserves for fancy new grand entry doors on the clubhouse…or adding decorative fountains…or ripping out all the palm trees and replacing with something new. They are DERELICT
As long as the Board was funding according to law, then nothing was done wrong. Underfunding wasn't against the rules. Now that the funding rules have changed - all of these HOA boards are scrambling to fund what is now required and owners are required to make up the shortfalls. You do realize owners vote on yearly budgets. Boards can't have a underfunded budget without owners approval.
@@d.c.3220 That a Board is neglecting required maintenance and upkeep IS a violation. Those issues addressed in the video are ALL conditions that develop over time - not over night. Stop defending the Board who CLEARLY either skipped over the annual surveys, or simply opted to “push off the repairs”. They need to GO
@@patty109109 No…all issues mentioned are things that take time to develop and fail. They either IGNORED the deterioration or decided to delay repair which wound up costing more in the long run. Take your car to,a mechanic when it’s got a few drips of oil…or wait until every drop is gone…which is more costly?
@@lizzieb6311 -The segment didn't state anything was neglected. This is about not having enough funds stored away to do FUTURE scheduled maintenance. Like a roof, paint, balconies, etc. The new law requires a reserve study - previously they weren't required. This new reserve study requirement is hitting some complexes like a ton of bricks because now they are severely underfunded per the new law funding requirements for such future maintenance projects. So, the unit owners are required to make up the shortfall. I am on a HOA board. We went fully funded last year when we got word about this law was probably going to pass.
so the residents have been paying the HOA fee for the last 20yrs and that money has been flowing out into the Gulf of Mexico? where'd all that money go?
The problem is these HOA's tend to be underfunded. But one of the biggest reasons for this is a long standing theory that you never want to have too much in reserves. In the latter case the money tends to always disappear for many reasons.
The members need to demand a forensic accounting/audit of the HOAs books/records. Something is not right, as in money being skimmed or improperly spent.
Florida's Home Builders have been deferring payments for infrastructure and maintenance for decades. The current and future owners will now be responsible to pay the cost. When you ignore problems they don't go away.
People in HOA's never pay attention to what's going on with THEIR community. The first HOA I lived in the management company stole $3M and left the country. The current one I have has no idea what the rules are and are having to refund fines they issued. These are volunteers stepping up to run things, but you as a member still have to pay attention to whats going on. If you're looking to move into an HOA, LOOK AT THEIR FINANCES BEFORE HAND.
Its not the HOA, its the cost associated with operating the HOA and the willingness of the owners to participate in running the thankless job of an HOA board member. HOA documents should reflect inflation and rising cost. There should be a clause in all HOA documents that due's will increase yearly by a certain percent to match rising cost's.
Think of how happy any owners are who sold right before this new assessment, and unhappy any buyers. I would definitely never buy into an aged building.
If you read the document that is shown in this video..... it states this community has voted to underfund their reserves for 20 years. Can anyone read? As you can tell..... this is very offensive.
I don't understand, who are they mad at? They are the owners. Someone has to pay for maintenance and insurance. If the place needs more money that is the owners responsibility. Everyone always looking to skirt their resposibsility and point the finger.
I sold my condo of 20 years but just so people understand, sometimes the lack of maintenance is not the HOA’s fault but the city/state. The last assessment I had before I sold was we were forced by the city to put in a new elevator system that was compliant to new city regulations. Nobody wanted to do it but we had to.
Why weren't these thing dealt with when it started happening years ago ? Also where did all that HOA payment money go .. could it have gone into an HOA board members pocket ???
"The can was kicked down the road "a little bit"??? Lady, are you out of your mind?!! You had 20 years to fix this and the board, not wanting to ruffle any feathers probably squashed the idea of raising money. And here you are. Think Surfside Condos. This is where it came from. And while you are at it, thank your Republican Reps in the Florida House!
@@williammorgan7769 Democrats have ZERO to do with over building in Florida. The Republicans have had a majority for the last 25 years so any problems with overbuilding and shotty design are owned by Republicans. They are going to turn Florida into a concrete desert. WATCH!!
Or maybe the residents would vote “no” every single year? And now that its a law to have certain reserves they’re screwed for kicking this can down??? Not everything is the hoa’s fault
Laws have been (or will be) enacted that forces condos to be fully funded in their reserves. This came out a few months ago. All condos will be under this new law. It will force many to abandon or sell their condo as the increase will be unmanageable, even for those who have paid off their condo.
It forces HOAs in condo buildings over 2 stories to fully fund which should have been the law many years ago. The new building insurance rules and increased costs also magnify the issue. Let's see if there is a flood of condo listings on the market this year.
Someone is skimming this money and I would call the attorney general in Florida , they need to be audited . The management company needs to shop around for better pricing as well as regular repairs as well as insurance brokers.
For those saying to dissolve the HOA, or don’t buy in an HOA, how are the common elements maintained without an HOA? If you live in a townhouse or condo, please explain how the property is maintained without a Homeowner’s Association. In my community, we share most of the utilities, which has to be budgeted and managed. Plus landscaping, insurance, trash collection, etc. would love to hear how those things are managed without the HOA.
These idiots who don't live in an HOA community don't understand why they are needed....They don't understand about common areas or shared roofs and walls and who manages the maintenance and repair of those areas.
HOA's will be the death of many homeowners especially in Florida where builders have bought Republicans 100's of times over. In a way you get what's coming. People been living on the Cheap in Florida for years, now it's catching up. If you are thinking of retiring to Florida, DO NOT!!!!
i tend not to agree with HOA's but if you have balcony's that need to be fixed, and other concerns of disrepair over 20 years, etc lets you know homeowners are NOT taking care of the property the way they claim they will. homeownership is a responsibility and properties do need to be maintained. its the 60k fine OR you fine the houses that have left their home in disrepair...the houses have to be kept up. yea...while i think most HOA's are scammy, this sounds like a legitimate use of HOA.
60K for each resident?!! Let me say that again.....$60,000 for each RESIDENT. Do you feel angered enough to call that useless State Attorney General, Ashley Moody?!!!
Never buy into an HOA without first checking the HOA's finances. Very simple to see what reserve funds are and there should be a fund for every area that will need maintenance.
And it was never collected to start with. Members vote on this stuff. If you don't see any damage, then there is no damage until it "just" falls down one day. Buildings, like people, get old and worn out.
The homeowners of this community are colossally stupid to allow their reserves to be funded this short. Don't feel sorry for them..... they deserve it. Another thing..... you CANNOT use special assessments to fund reserves or their budget. What they should do is raise their assessments substantially to fix this problem and special assess any projects that come due prior to funding fix. I would support raising assessments for one year to fully cover the shortage (shortage by end of year divided by 12 months). So add $5,000 a month in addition to their normal assessments for 1 year. What people don't understand is that they OWE this MONEY. They did it to themselves. And they're not alone. Nobody has taken their reserves seriously in all the HOA's I've lived in. My current HOA borrowed money for underfunded projects and now has a 10 year note (we have so many broke fixed income people that they would've never pulled off a special assessment). The irony of this is they knew their contributions were too low all along.
More likely, the HOA fees were too low, so people would buy these homes. But as the Surfside collapse showed, you can only defer maintenance for so long.
This complex must have been really behind on reserves for it to get so out of whack. The new law mainly affects 3 story or higher communities so there is more to this story on why they special assessed so much. Could be unforeseen insurance costs.
@@georgekraus9357 or can get an additional loan for the 60k because the "value of the house was significantly lower." could be a heloc, could be home loan, or a mixture of cash and loan. I.e If the condo is actually worth 200k but they sell it to someone for 130 to 140k the equity is still there. The only person that would technically be at a "loss" is the seller... assuming they bought it recently but if they had it for decades they would still make profit just no where near as much.
@@georgekraus9357 - No the fee comes out of the sellers equity at closing. Its the current owner (sellers) responsibility. If there isn't enough equity, then a lien is attached and then it becomes very hard to sell.
Due to the unexpected cost of upgrades and code compliance the board will visit other similar condos located in other countries to familiarize themselves with improved management strategies. Thank you your board.
Can't the homeowners get an accounting or itemized list of why the HOA is doing an increase. Looking at that letter "We need to do this XYZ" is not a justified reason. The residence put a vote what needs to be fixed or not.
When we started looking for a house in 1995 (in California 🌴) I told my husband NO HOA he did not even know what an HOA is 😵 we live in a small town the only reason I knew what an HOA is is be cause I work for USPS mail lady and I had 2 HOA communities on my route and I always felt that they have to many RULES and that was not for us …..
Exactly. HOA fees mostly cover the reoccurring cost like landscaping, window cleaning, pool maintenance, insurance etc... but its not enough for larger long term repairs.. these HOA fees should really have a breakdown of what percent is going to current expenses vs a long term maintenance fund.. but its probably 100/0 and most HOA buyers do not care they just want a low monthly HOA bill.
Correct. You can pay a little more each month or a big chunk later and then more each month. Same as owning any building, car, boat, or motorcycle. Deferred maintenance always costs a lot to fix.
I would never ever ever ever ever ever by a home or condo with an HOA. Meetings don't mean crap.The HOA are like legal gangsters they do what they want when they want.
HOAs are a necessary evil with buildings. Maintenance has to be done as it would on a non-HOA house. The bad part is you have to do it on their timeline not yours.
Remove the HOA and hire someone else with experience to workout a better outcome! People are lazy and typically just pay or run from these issues. This is what you do! Have a meeting of all residents. Find and hire an experienced HOA attorney! Vote in a new HOA board in and work thru these issues! You might also find that the existing HOA has pilfered you HOA funds or just miss managed them!
It is likely they never collected the money needed for the reserves to deal with big-ticket items like a leaky pool, re-roofing, etc. Instead, they just what they needed to deal with day-to-day maintenance.
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Why would any one want live in area with an HOA. All HOA's should be abolished !
Try to buy a home that's not in an HOA, it is almost impossible, unless you buy a really old home.
HOA’s are the spawn of the devil.
It is not the HOA, it is the owners. People buy condos/townhouses whatever and somehow believe that 3K-5K a year covers the cost of maintenance, lawncare, insurance, pools and other nominal costs. In this case its 20 years of deferred maintenance. Welcome to reality.
If you own a private stand alone home, who pays for the roof every 15-20 years? The homeowner and for 4000 sqft, you are on the hook for 45-50K. Pool construction: 100K, lawnmowing: 200 a month, Pool service: 150-200 a month. Paint: 10K I can keep going.
People need to start coming to realization that things cost money and perhaps we all need to pay closer attention to what things cost, how much we make, and how much we give away.
If you Google HOA satisfaction, you’ll find the majority of people like them.
@@patty109109 your crazy
HOA's are wicked
The HOA are the owners, and the owners are the HOA. What do you think the O stands for?
This happens when any organisation is run by people who haven't a clue what the word "management" means. A business will go bankrupt if mismanaged like this, but a HOA only needs to milk its members for more money.
@@cer2299 I accept that HOAs are a good idea. They pool the interests of home owners. But they are often run by people who have no experience managing an organisation worth tens and sometimes hundreds of thousand of dollars. It's too easy to spend other people's money and demand more from them when the coffers have been emptied. It sounds a bit like how communists run countries.
99% of all HOA communities are run by a professional management company. The board is responsible for implementing the management companies suggestions and voting on resolutions and budgets.
What I don't understand, why did all of a sudden, out of the blue, did someone (HOA board members or the private property mgmt company) just wake up one morning and realized that there weren't enough funds in reserve. My HOA is audited every year. A print of that audit is provided to all the owners where I live.
There was a new state law passed in Florida recently which forced HOAs to become fully funded by a certain date if they weren't already so. Too many HOAs weren't even close to being fully funded and so when a major maintenance or repair was needed they would levy huge assessments to cover the cost and this was impacting the ability of many owners to hold onto their properties. The irony is that this law is having the same effect but it's statewide and all at once because the state is now forcing them to become fully funded.
😂 HOA will take your house Away
@@krissimons1339 too much regulation! What happened to LIBERTY? This is Florida! DeSantis country… aren’t we all about the liberty to live free of government interference? Oh wait, that’s Federal interference. The 10th Amendment is all about giving the states the liberty to treat its citizens as serfs. That bit of snark aside, I have never grasped why anyone would buy in a condo, co-op, or HOA arrangement. As for audits, those never tell you much. Because an auditor who provides too much bad news will not be (re)hired by the organization that pays to be audited.
@@krissimons1339expect a housing crash like you wouldn’t believe in a few years.
This is just one of the reasons why it’s about to happen.
Who would dare buy these houses? And when they sell all together, that will bring down prices.
@@justSTUMBLEDupon That's one reason I bought in an older neighborhood with no HOA. No one to tell me I have too many weeds in my yard or what color I can paint my house and no HOA assessment!
Yeah right… the whole community need to band together and take these fools to court
It still won’t change the HOA deficit and ongoing inflation.
The HOA is made from the community and for the community. Property maintenance won’t do itself.
@patty109109 off course not but those prices are insane. There needs to be a fraud investigation done in that community.
It’s like saying we should do a fraud investigation with all our past POTUS and Congress bc of the our US deficits and debt. Human beings will never change, we will always push off things to the next guy and use other ppls money and time bc nobody has the balls to fix things today. This development lacked accountability and was complacent with inflation which is not a crime to be st3pid.
To a river
I believe they took down an HOA board and arrested them for stealing money recently. I would start there.
Abolish the HOA, there is no need for HOA to manage your home.
These are multi building condos - not homes. Condos share walls, roofs, and common areas. An HOA is responsible making sure there is enough money to properly maintain those items in the budget.
NEVER buy a home or condo that has an H.O.A.
EVER - under ANY circumstance.
NOT ALL HOAs are BAD YOU CLOWNS
99% of all condos are in an HOA community in FL.
I feel them being able to foreclose on your home or put a lien is crazy
The bigger question should be is who gives them the power to do it that to begin with---- bought off politicians in state legislatures.
It’s not crazy at all. You own a condo you partake in contributions to property maintenance. If they couldn’t ultimately kick you out of the building, you’d find people in condos all the time saying no I’m not going to contribute while everybody else repairs the roof.
@@patty109109 so say you live there years and something they don’t agree on you would be like ok I will just sale my house and move. Really
@@cer2299 I have never lived in a HOA and was surprised when they said each home would have to pay $60,000 or sale their home
Never ever get into a HOA.
Older non HOA homes need maintenance as well.
99% of new neighborhoods are established with an HOA now, go after the builders, they are responsible for allowing this system to become normalized.
@@info781 yea, and it sucks to have to live next to someone who does none!!! I'll take the HOA any day!!!
That's $10 million, are they building a whole new complex? Someone is lining their pockets with that money.
HOA's are for those who aren't already being ruled hard enough and require further subjugation.
How do you turn them needing a new roof into something about this? 🤡
HOAs are the American communistic way of living. If you want that feel of living in a communist country, then an HOA is for you.
@@NalaRichenbach Thank you for betraying the fact you have no idea what the tenets of communism are.
@@patty109109 I haven't betrayed anyone. Go live in an HOA so you can experience the communism for yourself. I have a much better idea than you do. At least I can put together a sentence that makes sense.
Exactly. People now agree so easily to subjugation in all sorts of ways, large and small, that it's unlikely they'll mind the corporate totalitarianism currently under construction for the entire globe but still unnoticed by most. ("Hey, the UN and the IMF are going to provide perks. though!")
Take the current market price for your unit, minus $60k from the sales price, equals your new listing price. 4 Sale
Maybe not totally. I would pay more for unit in an HOA that has 7 million dollars in the bank vs the same unit at a different complex that has 12 dollars in their HOA account. People need to look at the finances of these HOA's and assess a value to that.
Who would want to buy? No one...
@@karenpalladini5010 - The buyer is not responsible for the 60K special assessment - the current owner is - it will be deducted out of the sale price proceeds. IF the current owner doesn't have enough equity to cover it, then it becomes a lien and will make selling that unit very tough.
For some owners yes, but others who don't have enough equity to cover the 60K, then a sale won't help. They are probably heading to a short sale or even foreclosure by their mortgage bank.
These are probably the same people who say they hate big government but insist on letting HOA's power over them is beyond me.
HOA is privatized government.
How are HOAs even allowed to do this? Huge reform is needed.
HOA's HAHAHAHAHAHAHAHAHAHAHAHAHA!!
And suddenly the fantasy of Cheap Florida living is OVER!!!!
Hasn’t been cheap to live in fl in 25 years.
I moved here over 30 years ago and watched prices soar overnight. Sometime around 2005 Florida got greedy and rents went way up, food prices, insurance rates.... everything here has increased in price. Me and my family are looking to leave this state because it's only going to get worse...increased greed. AND, the jobs here stink. There's no diversity of work here...all the jobs are basically the same they just have a different title.
It’s an HOA issue my HOA dues went from $0 to $0 this year cuz I refuse to live in an hoa
@@NalaRichenbachcare to explain what you mean by all jobs are the same?
I really want to know who the heck ever thought living in Florida was cheap!?! I was born in Orlando over 60yrs ago and its NEVER been cheap to live here. It got more expensive once stupid Disney came in and has gotten astronomically worse in the last 2 decades! And HOAs and COAs are only driving it up even higher. In Orlando, you need 3 full time incomes in order to rent an apartment, not counting the massive deposits and perfect credit to qualify! Oh and that is for a 1 bedroom apartment ONLY!
What independent adult would ever live in an HOA?
They are literally everywhere in Florida. All the new communities being built have them. It's hard to get away from
If people don't buy houses in HOA's they will get the message loud and clear. The houses will stand unsold and the builders will either dissolve the HOA or go bankrupt.
Any home built in Florida after 2005 is probably in a HOA.
@@onlyfacts077That’s why people are moving out of Florida in droves.
@@Mitzi73 what are you even talking about? Florida’s growing like a weed.
First step: FIRE the HOA Board. They have CLEARLY mismanaged and ignored the maintenance surveys they are REQUIRED by HOA Rules for these repairs that are NOT a surprise….they are REGULAR MAINTENANCE ITEMS. I work with Engineers who deal,with these condo HOA boards…when we make repair recommendations for critical items that aren’t doing anything to make the property “pretty” (concrete repairs…roof repairs…etc) they opt to use the reserves for fancy new grand entry doors on the clubhouse…or adding decorative fountains…or ripping out all the palm trees and replacing with something new. They are DERELICT
This video is two minutes long and you’re jumping to an awful lot of conclusions.
As long as the Board was funding according to law, then nothing was done wrong. Underfunding wasn't against the rules. Now that the funding rules have changed - all of these HOA boards are scrambling to fund what is now required and owners are required to make up the shortfalls. You do realize owners vote on yearly budgets. Boards can't have a underfunded budget without owners approval.
@@d.c.3220 That a Board is neglecting required maintenance and upkeep IS a violation. Those issues addressed in the video are ALL conditions that develop over time - not over night. Stop defending the Board who CLEARLY either skipped over the annual surveys, or simply opted to “push off the repairs”. They need to GO
@@patty109109 No…all issues mentioned are things that take time to develop and fail. They either IGNORED the deterioration or decided to delay repair which wound up costing more in the long run. Take your car to,a mechanic when it’s got a few drips of oil…or wait until every drop is gone…which is more costly?
@@lizzieb6311 -The segment didn't state anything was neglected. This is about not having enough funds stored away to do FUTURE scheduled maintenance. Like a roof, paint, balconies, etc. The new law requires a reserve study - previously they weren't required. This new reserve study requirement is hitting some complexes like a ton of bricks because now they are severely underfunded per the new law funding requirements for such future maintenance projects. So, the unit owners are required to make up the shortfall. I am on a HOA board. We went fully funded last year when we got word about this law was probably going to pass.
Look at whose hands are in the cookie jar and what companies are doing work for the HOA s and what favoritism is being used.
so the residents have been paying the HOA fee for the last 20yrs and that money has been flowing out into the Gulf of Mexico? where'd all that money go?
Mismanagement,not a one with any financial concept.
The problem is these HOA's tend to be underfunded. But one of the biggest reasons for this is a long standing theory that you never want to have too much in reserves. In the latter case the money tends to always disappear for many reasons.
I blame the homeowners. They probably don’t attend the meetings or look at the financials. They should’ve seen this comming.
You hit the nail on the head
This is no different from owning an older house, a new roof can be 30k, balcony repair is expensive.
The members need to demand a forensic accounting/audit of the HOAs books/records. Something is not right, as in money being skimmed or improperly spent.
Are they trying to kick you out?
They will if they don't kick out the current board and fix this.
Some will have no choice but to sell their homes, but finding a new buyer might be difficult.
Ours was over a million. In addition to that, they also raised our HOA fees over $325.
forget about selling. no one is buying condos in florida
No one is buying in FL period. I have a small cleaning business and almost all of our airbnbs are trying to sell… but nobody is buying!!!
@@sammyp9514 Good to know! I'm thinking things are going to get much worse : (
Florida gov . Signed to stop them from doing this . A quick search on TH-cam for this new law will help !
This is what happens when boards don’t do the responsible thing and raise the dues to cover anticipated expenses. They kick the can down the road.
Florida's Home Builders have been deferring payments for infrastructure and maintenance for decades. The current and future owners will now be responsible to pay the cost. When you ignore problems they don't go away.
People in HOA's never pay attention to what's going on with THEIR community. The first HOA I lived in the management company stole $3M and left the country. The current one I have has no idea what the rules are and are having to refund fines they issued. These are volunteers stepping up to run things, but you as a member still have to pay attention to whats going on. If you're looking to move into an HOA, LOOK AT THEIR FINANCES BEFORE HAND.
Its not the HOA, its the cost associated with operating the HOA and the willingness of the owners to participate in running the thankless job of an HOA board member. HOA documents should reflect inflation and rising cost. There should be a clause in all HOA documents that due's will increase yearly by a certain percent to match rising cost's.
Nice to hear. Saw this shit 40 years ago
Think of how happy any owners are who sold right before this new assessment, and unhappy any buyers. I would definitely never buy into an aged building.
@@cer2299ok enough you have posted that over and over!
Avoid buying a property with an HOA 😅
99% of new neighborhoods have them in place, it's the builders that need to be put in the spotlight for normalizing this, yet nobody talks about it.
If you read the document that is shown in this video..... it states this community has voted to underfund their reserves for 20 years. Can anyone read? As you can tell..... this is very offensive.
I recently bought a house and my #1 requirement was NO HOA.
I have just paid $120k special assessment for my one bedroom condo in Seattle area last month, crazy 😢
@@cer2299 This guy is a moron. He doesn't understand why HOAs are required in shared building communities. IE, Condos and Townhouses.
I don't understand, who are they mad at? They are the owners. Someone has to pay for maintenance and insurance. If the place needs more money that is the owners responsibility. Everyone always looking to skirt their resposibsility and point the finger.
LoL 😂😀🤣😂😂😂😄 where is the Governor.
ALWAYS remember, "NO STATE TAXES‼️" 🤭🤭🤭🤭🤭🤭
What do state taxes have to do with HOA fees? LOL!!!
I sold my condo of 20 years but just so people understand, sometimes the lack of maintenance is not the HOA’s fault but the city/state. The last assessment I had before I sold was we were forced by the city to put in a new elevator system that was compliant to new city regulations. Nobody wanted to do it but we had to.
HOA’s are just awesome aren’t they???
Why weren't these thing dealt with when it started happening years ago ? Also where did all that HOA payment money go .. could it have gone into an HOA board members pocket ???
"The can was kicked down the road "a little bit"??? Lady, are you out of your mind?!! You had 20 years to fix this and the board, not wanting to ruffle any feathers probably squashed the idea of raising money. And here you are.
Think Surfside Condos. This is where it came from. And while you are at it, thank your Republican Reps in the Florida House!
Blame the Democrats behind it.
@@williammorgan7769 Democrats have ZERO to do with over building in Florida. The Republicans have had a majority for the last 25 years so any problems with overbuilding and shotty design are owned by Republicans. They are going to turn Florida into a concrete desert. WATCH!!
Or maybe the residents would vote “no” every single year? And now that its a law to have certain reserves they’re screwed for kicking this can down???
Not everything is the hoa’s fault
@@williammorgan7769 Yes! Always blame the democrats, even when they couldn't possibly be the reason.
Laws have been (or will be) enacted that forces condos to be fully funded in their reserves. This came out a few months ago. All condos will be under this new law. It will force many to abandon or sell their condo as the increase will be unmanageable, even for those who have paid off their condo.
It forces HOAs in condo buildings over 2 stories to fully fund which should have been the law many years ago. The new building insurance rules and increased costs also magnify the issue. Let's see if there is a flood of condo listings on the market this year.
Someone is skimming this money and I would call the attorney general in Florida , they need to be audited . The management company needs to shop around for better pricing as well as regular repairs as well as insurance brokers.
Insane!! Another reason while I will never live in an HOA neighborhood!
For those saying to dissolve the HOA, or don’t buy in an HOA, how are the common elements maintained without an HOA? If you live in a townhouse or condo, please explain how the property is maintained without a Homeowner’s Association. In my community, we share most of the utilities, which has to be budgeted and managed. Plus landscaping, insurance, trash collection, etc. would love to hear how those things are managed without the HOA.
It is just some fool posting the same comment 109 times
These idiots who don't live in an HOA community don't understand why they are needed....They don't understand about common areas or shared roofs and walls and who manages the maintenance and repair of those areas.
HOA's will be the death of many homeowners especially in Florida where builders have bought Republicans 100's of times over. In a way you get what's coming. People been living on the Cheap in Florida for years, now it's catching up. If you are thinking of retiring to Florida, DO NOT!!!!
It was all Democrats controlling Florida when most of these buildings were approved.
Exactly why I would never buy into a HOA community. I like my rights and freedoms.
Ho, Ho, Hey, Hey, HOA's must go away.
i tend not to agree with HOA's but if you have balcony's that need to be fixed, and other concerns of disrepair over 20 years, etc lets you know homeowners are NOT taking care of the property the way they claim they will. homeownership is a responsibility and properties do need to be maintained. its the 60k fine OR you fine the houses that have left their home in disrepair...the houses have to be kept up. yea...while i think most HOA's are scammy, this sounds like a legitimate use of HOA.
Lease was signed didn't include past things not paid for 60 years ago.
You roll the dice buying into an HOA
60K for each resident?!! Let me say that again.....$60,000 for each RESIDENT. Do you feel angered enough to call that useless State Attorney General, Ashley Moody?!!!
I suspect that is each residence and someone misspoke.
LOL... oh yeah they angry but will keep putting the useless people right back in office over and over and over... they get what they deserve here
@@JBoy340alol my 2 year old has to pay 60k
What fool would buy into a living situation with a HOA?!
People who think HOAs keep "undesirables" away. And lazy people who don't want to cut their lawns.
Good luck…you’re going to have to pay to fully fund your reserves…..per law.
Never buy into an HOA without first checking the HOA's finances. Very simple to see what reserve funds are and there should be a fund for every area that will need maintenance.
@@cer2299do you need to post this 100 times ? some group of people needs to maintain the common areas
@@cer2299 Too be able to read the comments without seeing the same post 100 times.
@@info781This CER poster is a moron. Has no idea why they are required in most multi unit communities.
The hoa trying to get money before desantis passes the hoa law.
Wonder where the money
Went people pay HOA fees every month…
A community can not borrow money, they must self fund.
Landscaping, pool maintenance, insurance etc.
And it was never collected to start with. Members vote on this stuff.
If you don't see any damage, then there is no damage until it "just" falls down one day.
Buildings, like people, get old and worn out.
The issue is the HOA was not collecting enough money to meet all the new state standards for HOAs.
The homeowners of this community are colossally stupid to allow their reserves to be funded this short. Don't feel sorry for them..... they deserve it. Another thing..... you CANNOT use special assessments to fund reserves or their budget. What they should do is raise their assessments substantially to fix this problem and special assess any projects that come due prior to funding fix. I would support raising assessments for one year to fully cover the shortage (shortage by end of year divided by 12 months). So add $5,000 a month in addition to their normal assessments for 1 year. What people don't understand is that they OWE this MONEY. They did it to themselves. And they're not alone. Nobody has taken their reserves seriously in all the HOA's I've lived in. My current HOA borrowed money for underfunded projects and now has a 10 year note (we have so many broke fixed income people that they would've never pulled off a special assessment). The irony of this is they knew their contributions were too low all along.
Where do they think the money is going to come from??? I'll bet these people's income hasn't increased, yet their cost of living keeps increasing. 😮😮😮
My HOA increases every year for this issue. Keep the reserves up as we progress along with increases.
Sounds like someone been dipping into the piggy bank
More likely, the HOA fees were too low, so people would buy these homes. But as the Surfside collapse showed, you can only defer maintenance for so long.
I’d move
The HOA will just foreclose on a few of these houses. That's the beauty of an HOA is you don't actually own your own home.
Nothing to do with the HOA. If you bought there, you know what you are getting into and that you need to live by the rules.
@@JBoy340a You must be on the HOA board. I'll tell you where you can stick the HOA rules LOL
Don’t buy a condo!
This complex must have been really behind on reserves for it to get so out of whack. The new law mainly affects 3 story or higher communities so there is more to this story on why they special assessed so much. Could be unforeseen insurance costs.
Nope. $60,000 each to maintain the status quo?
HOA Financial mismanagement
🤺💐
@@cer2299 a mini government.
🤺💐
@@cer2299 a mini government
🤺💐
HOAs are just as bad as time shares.
It will be hard to sell a condo with a $60,000 assessment attached to it.
unless you reduce you asking price by that amount. then probably could sell
@@Teknomanslade2 It doesn't matter, the 60k cash has to be paid, so the buyer has to fork it over cold hard cash.
@@georgekraus9357 or can get an additional loan for the 60k because the "value of the house was significantly lower." could be a heloc, could be home loan, or a mixture of cash and loan. I.e If the condo is actually worth 200k but they sell it to someone for 130 to 140k the equity is still there. The only person that would technically be at a "loss" is the seller... assuming they bought it recently but if they had it for decades they would still make profit just no where near as much.
@@georgekraus9357 - No the fee comes out of the sellers equity at closing. Its the current owner (sellers) responsibility. If there isn't enough equity, then a lien is attached and then it becomes very hard to sell.
@@georgekraus9357 the buyer negotiated the price down to cover this 60K, and likely even more because the stink is on this "distressed" property.
They should sue because what have they been doing for 20 years
Time to a serious state audit !!
Due to the unexpected cost of upgrades and code compliance the board will visit other similar condos located in other countries to familiarize themselves with improved management strategies. Thank you
your board.
I would demand a audit of those financials
I don’t have $60,000 extra and would have to “find” it somewhere
This is outrageous.
They agreed to allow an HOA to govern them, this is their own fault.
Stop paying HOA take them to court
You signed a contract saying you would pay normal and special assessment when you purchased
I'd pay double for a similar property if it did not come with an HOA.
Voting for your politions have put you here.
MAKE BETTER CHOICES!
It is not the HOA! It is the new Florida regulation that is forcing HOA to have the reserved cash and to do the maintenance
I smell lawsuit!
Can't the homeowners get an accounting or itemized list of why the HOA is doing an increase. Looking at that letter "We need to do this XYZ" is not a justified reason. The residence put a vote what needs to be fixed or not.
When we started looking for a house in 1995 (in California 🌴) I told my husband NO HOA he did not even know what an HOA is 😵 we live in a small town the only reason I knew what an HOA is is be cause I work for USPS mail lady and I had 2 HOA communities on my route and I always felt that they have to many RULES and that was not for us …..
lol, they be living for cheap and now the chickens have come home
Exactly. HOA fees mostly cover the reoccurring cost like landscaping, window cleaning, pool maintenance, insurance etc... but its not enough for larger long term repairs.. these HOA fees should really have a breakdown of what percent is going to current expenses vs a long term maintenance fund.. but its probably 100/0 and most HOA buyers do not care they just want a low monthly HOA bill.
Correct. You can pay a little more each month or a big chunk later and then more each month. Same as owning any building, car, boat, or motorcycle. Deferred maintenance always costs a lot to fix.
I would never ever ever ever ever ever by a home or condo with an HOA. Meetings don't mean crap.The HOA are like legal gangsters they do what they want when they want.
For those renting there, renting doesn't seem so expensive now. Owning/maintaining properties is not cheap. Some one has to pay for the upkeep.
HOA: An open-ended ability to assess whatever they want, with the ability to take your home away.
Arent the board member also subject to the special assessment? It’s not like they avoid it.
How about they just get rid of the HOA
And then who maintains the peoplerty?
@GregLakatosChradm We don't have an HOA. We are fine. I saved a lot of money too. Feel free to pay if you'd like
Florida is ridiculous!!!
Everybody is price gauging everybody else now. It is horrible.
That’s why I hate HOAs.
HOAs are a necessary evil with buildings. Maintenance has to be done as it would on a non-HOA house. The bad part is you have to do it on their timeline not yours.
SELL< SELL< SELL
Too late - but for those who just did it's basically insider trading!
Remove the HOA and hire someone else with experience to workout a better outcome! People are lazy and typically just pay or run from these issues. This is what you do! Have a meeting of all residents. Find and hire an experienced HOA attorney! Vote in a new HOA board in and work thru these issues! You might also find that the existing HOA has pilfered you HOA funds or just miss managed them!
if they pay the assessment and then later sell the condo do they get the $60K back?
nope.
Don’t EVER buy property subject to an HOA
$60,000 each???? That’s a solid downpayment for a house in many parts of the country
You should see what the assessments are for some condos down in the Miami area... 200K, 300K, or higher.
My question is where is the money because if there was money in the reserves, where did it go. and why does it feel like HOA are ran by law firms
It is likely they never collected the money needed for the reserves to deal with big-ticket items like a leaky pool, re-roofing, etc. Instead, they just what they needed to deal with day-to-day maintenance.