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A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from ...
In St. Petersburg, Point Brittany condo communities are pushing back against rising HOA fees and special assessments. Many say the increasing costs are pricing them out of their homes, yet major ...
Parks Huffstetler, a snowbird who bought a condo unit at SurfSide Club South in late 2021, told News 6 he had no idea about the upcoming assessment fees — and he certainly hadn’t budgeted for ...
Miami-Dade County’s median monthly condo assessment fee of $900 from April through June this year is up 59% from the $567 fee over the same stretch in 2019, according to data from Redfin.
Special assessments often require a homeowner-vote if the amount exceeds a prescribed limit established in the association's by-laws. In California, for example, a special assessment can be imposed by a board, without a membership vote, only when the total assessment is five percent or less of the association's annual budget. Therefore, in the ...
Today, he pays $340 a month for a special assessment and $897 a month for monthly condo HOA fees. Starting in January, the association expects him to contribute another $731 a month toward reserves.
What’s creating exorbitant special assessment fees? ... — which killed 98 people in Miami due to construction flaws — regulations now require more frequent inspections of condo buildings, ...
Condo owners must begin reserve contributions in 2025 or 2026. Monthly condo assessment fees jumped by nearly 60% over the past five years in South Florida. Then there are the special assessments ...