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Subject: Collapsed Florida Condo: President Sought $15 <illion Special Assessment in April
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Author Messages
MelissaP1
(Alabama)

Posts:10595


07/05/2021 11:08 AM  
Reportedly the HOA board has changed over 5 times in the last 5 years. Atleast the President position has changed. So it was something that got kicked down the line to the next and next... Plus no one was most likely on board to vote someone in that was in favor of the special assessment/work. It took a lawsuit in the past. Which I am sure they were still dealing with that aftermath.

It is interesting to note that if you look at it's "Twin sister" building how much nicer it looks. Plus their COA seemed to be a bit more involved. Their building has been cleared to be safe as well. It goes to show how a good board and member involvement can make all the difference.

Former HOA President
AugustinD


Posts:1937


07/05/2021 11:23 AM  
Posted By DonnaR5 on 07/05/2021 10:58 AM
I just don't get it. How could they put off the work so long? That engineer's report would have lit a fire under me.
I think all the former directors and current directors here feel as you do. I also think the folks here are the exception. Many boards nationwide take pride in keeping assessments low (while the walls of common areas are crumbling). They blatantly ignore that which they do not understand. Leading the way of that which they do not understand are Reserve Studies.

BTW, I don't see how the engineering firm has any fault in this. But I think law firms just paint with a broad brush and sue everyone involved, regardless.
I tend to agree. The attorneys are doing what they are paid to do and probably these days more importantly: The attorneys want a quick, easy big pay-day for themselves.

More and more I think the challenges of finding an attorney are due to the fact that attorneys tend to consider only cases where the pockets are deep. The attorneys want /wealth/, not a middle class income, for their labor.

On the other hand, I think the city of Surfside deserves to be shredded by the plaintiffs' attorneys here. Someone at the condo should have reported Prieto big-time to the city, and the city should have corrected his ignorant statements.

Meanwhile, back in paeon world: God bless those attorneys doing non-profit and pro bono work.
EricN3
(California)

Posts:16


07/11/2021 10:33 AM  
i think that all condo's need to have a reserve fund by law no matter where they are. it's not like the hoa coulnd't build it into the monthly fee every month. i also think that it would be lees of a sticker shock when they need that nasty word special assesments. i also think that hoa's should not be allowed to wade the funds also oh let's improve the lobby to make it look nice so we can sell more units ect ect. i think the legislature needs to step up and change alot of things with most of these hoa's as alot that are piss poorly ran!!!
JohnC46
(South Carolina)

Posts:11667


07/11/2021 11:02 AM  
Posted By EricN3 on 07/11/2021 10:33 AM
i think that all condo's need to have a reserve fund by law no matter where they are. it's not like the hoa coulnd't build it into the monthly fee every month. i also think that it would be lees of a sticker shock when they need that nasty word special assesments. i also think that hoa's should not be allowed to wade the funds also oh let's improve the lobby to make it look nice so we can sell more units ect ect. i think the legislature needs to step up and change alot of things with most of these hoa's as alot that are piss poorly ran!!!



Eric

Whose job is it to save people from themselves?
SheliaH
(Indiana)

Posts:4296


07/11/2021 1:11 PM  
Posted By EricN3 on 07/11/2021 10:33 AM
i think that all condo's need to have a reserve fund by law no matter where they are. it's not like the hoa coulnd't build it into the monthly fee every month. i also think that it would be lees of a sticker shock when they need that nasty word special assesments. i also think that hoa's should not be allowed to wade the funds also oh let's improve the lobby to make it look nice so we can sell more units ect ect. i think the legislature needs to step up and change alot of things with most of these hoa's as alot that are piss poorly ran!!!





You're not wrong, but as John noted you can't always protect people from themselves. Sadly it appears these homeowners were told things were getting to a tipping point and the still fought over special assessments. I'm also certain blame can be placed on the developer who built this thing on sand, the local and state legislatures who let the developers say and do whatever in exchange for a fat campaign contribution and perhaps the building inspectors - something could have been missed or someone told him/her to soften the report less the condo sale for $1 million plus fall through.

Let's face it - living in a HOA community requires people pay more attention to who the board members are, what they're doing and why, and they need to be realistic and hold themselves and their neigh accountable - alter all that's what board members are. Unfortunately, too many think they can pay assessments and go home because someone else will get the reserve study done, set the budget, hire the pool maintenance contractor, schedule the relaxing in the parking lot, clean up the dog poo, etc.

Say it with me - HOMEOWNERSHIP IS NOT A SPECTATOR SPORT!! I'll say it again for the people in the back - every once in a while, you need to take a look at those board meeting minutes and attend a few so you can hear the discussions, then ask questions about anything you don't understand. At the very least, go to the annual meeting to see who you're voting for. No one will care for your home the way you do, so you have to be realistic and understand what things cost.

AugustinD


Posts:1937


07/11/2021 1:40 PM  
Posted By EricN3 on 07/11/2021 10:33 AM
i think that all condo's need to have a reserve fund by law no matter where they are.
A number of states require reserve studies. But does any state require that HOA/COA reserves be funded to at least 70% of what a reserve study specifies? I do not think so. Granted maybe this is because the numbers and components in a reserve study are somewhat subjective.
CathyA3
(Ohio)

Posts:2607


07/12/2021 11:19 AM  
While Florida legislators wring their hands and vow to clean up the problems with condos in their states, we have the following:

https://www.msn.com/en-us/news/us/florida-state-legislature-diverted-40-25-of-condo-owner-association-fees-into-general-fund-since-2008-report/ar-AALZ3Np

This helps support my contention that the current state of condo affairs suits the Big Money folks just fine, they have no incentive to "clean up" anything, and that condo owners (and boards) are the poor, dumb schnooks who are left holding the bag.
MaxB4
(California)

Posts:1614


07/12/2021 11:20 AM  
Posted By CathyA3 on 07/12/2021 11:19 AM
While Florida legislators wring their hands and vow to clean up the problems with condos in their states, we have the following:

https://www.msn.com/en-us/news/us/florida-state-legislature-diverted-40-25-of-condo-owner-association-fees-into-general-fund-since-2008-report/ar-AALZ3Np

This helps support my contention that the current state of condo affairs suits the Big Money folks just fine, they have no incentive to "clean up" anything, and that condo owners (and boards) are the poor, dumb schnooks who are left holding the bag.



You really think state legislators are going to solve the problem?
AugustinD


Posts:1937


07/12/2021 11:27 AM  
Posted By CathyA3 on 07/12/2021 11:19 AM
While Florida legislators wring their hands and vow to clean up the problems with condos in their states, we have the following:

https://www.msn.com/en-us/news/us/florida-state-legislature-diverted-40-25-of-condo-owner-association-fees-into-general-fund-since-2008-report/ar-AALZ3Np

This helps support my contention that the current state of condo affairs suits the Big Money folks just fine, they have no incentive to "clean up" anything, and that condo owners (and boards) are the poor, dumb schnooks who are left holding the bag.
From the article CathyA3 linked:

"The year before a 12-story building collapsed in south Florida that left at least 79 dead and 61 still unaccounted for, the state collected $13.7 million in fees from condominium owners associations, vacation timeshares and mobile home parks, but swept $5 million into the state's general fund, the Daytona Beach News-Journal reported.

Those funds, collected at the beginning of every year, are supposed to go toward educating board members and reviewing complaints, but the state has made a habit of siphoning off the funds.

Since 2008, the state has diverted $65 million of the $167 million that has been taxed, nearly 40%, into the general fund, according to the Daytona Beach News-Journal."


[AugustinD shakes head, tsk tsk]

Is the state of Florida another potential defendant in the lawsuits?
CathyA3
(Ohio)

Posts:2607


07/12/2021 11:33 AM  
Posted By MaxB4 on 07/12/2021 11:20 AM
Posted By CathyA3 on 07/12/2021 11:19 AM
While Florida legislators wring their hands and vow to clean up the problems with condos in their states, we have the following:

https://www.msn.com/en-us/news/us/florida-state-legislature-diverted-40-25-of-condo-owner-association-fees-into-general-fund-since-2008-report/ar-AALZ3Np

This helps support my contention that the current state of condo affairs suits the Big Money folks just fine, they have no incentive to "clean up" anything, and that condo owners (and boards) are the poor, dumb schnooks who are left holding the bag.



You really think state legislators are going to solve the problem?



Of course not.
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Forums > Homeowner Association > HOA Discussions > Collapsed Florida Condo: President Sought $15 <illion Special Assessment in April



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