Condo residents in Florida are in uproar after being served a huge $21 million special assessment bill for repairs – just 16 years after construction.
Some residents of the two condo buildings in Brickell, Miami, face individual payments of more than $40,000, leaving them feeling blindsided and financially overwhelmed.
Some are even considering selling up as a result.
The condo board insists the repairs are urgent and required under law, and work is already underway on projects such as a roof replacement and a pool deck restoration.
But residents are questioning why, after construction finished less than two decades ago, this young building is in need of such dire repairs so quickly and with such a hefty bill attached.
‘I think it’s excessive,’ resident Nima Mahdjour told CBS News. ‘I feel like I’m being milked.’
Mahdjour, whose condo comes with views of downtown Miami and the ongoing construction, told the outlet the decision feels rushed and lacking transparency.
‘Absolutely left in the dark,’ Mahdjour added. ‘It was rammed through.’
It comes as condo owners in Florida are facing a perfect storm of rising homeowner’s association (HOA) fees, natural disasters, increasing insurance costs and new regulations – which is forcing many to try and flee.
This is one of the many reasons NEVER to buy a condo. Similarly, houses subject to Home Owners Associations. You pay for other people’s nonsense. Why does anyone put themselves in those situations?