Florida Disaster Highlights Challenges with Condo Special AssessmentsPosted by Hank Miller on
The tragic disaster and loss of life at the Champlain Towers South in Seaside, FL brings to the forefront the challenge of special assessments for condominiums and attached homes. Much remains to be investigated in that case; but at this point it’s clear that major structural problems were known to have existed for several years. The current repair estimate was $15M; with 135 units in the building, that special assessment would be a staggering $111K+- each. The calamity however, is a vivid reminder of the cost of not doing required work. It’s also a warning to any buyer considering units in “apartment style” buildings and even town homes; it is critical to evaluate the health of the community.
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