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Subject: Meanwhile in FL - Another crazy condo board
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09/07/2021 1:34 AM  
It looks like this condo board is staring down having their building condemned and unwilling to pass a special assessment to make needed repairs. Seems like they are holding out for a loan to cover repairs. If they have made it to this point with their current dues how do they think they are going to be able to use current dues to maintain the building and repay their loa;?
(North Carolina)


09/07/2021 4:44 AM  
There are 9 MLS real estate listings for this complex, some listed in the past 3 weeks. 3 are contingent. Buyer beware.

Board members are volunteers. Many have no idea what they're doing. Educate them. Don't beat them up.


09/07/2021 7:27 AM  
Posted By ChrisP5 on 09/07/2021 1:34 AM
Great article, and dated just a few days ago.

I think there are heroes here. First, the most recent management company does appear to have urged the board to pass a special assessment in coordination with seeking a loan. Second, an owner (who is not a director) at the condo wrote the following to all owners this past Saturday, Sep 4, 2021:

“Good morning, fellow unit owners and residents, my name is Keith Kline. I have owned #716 since 2014. Like so many of you, I’m trying to make sense and stay abreast of what is happening. … The fingers are pointing, the blame is flying, all manner of actions to take are being discussed. To be sure, all of it matters.

“Firstly, I’ll say this, I always disregarded the letter saying it was ‘time to vote for the board members.’ Busy, commitments, whatever. We voted the board in. We have to accept some responsibility. We live here.

“Having said that, this board is clearly in breach of its fiduciary responsibilities so much so it borders on criminal negligence. As horrific as that sounds, with the pending condemnation of our homes hanging over our head, that is a matter for later.

“Currently our only priority should be prevailing at the [city/county condemnation] hearing on 9/13. To do this the Board must present a plan that has funding, and a serious timetable to address the construction priorities. As unfortunate as it sounds, this means a special assessment and quickly. We can debate the merits of all manner of courses of action. If the city decides to proceed, 250-300 people are out on the street.

“…To suggest [ICAMCO] terminated its contract out of ‘guilt’ makes little sense. Just leaving doesn’t mean you can hide that you did something.

“I believe they left because their advice went unheeded over and over. The former engineer for the building and the city are all doing the same thing, covering themselves. The Board chose to continue to avoid the inevitable. Whether it was to protect cash flow or just good intentions, we live in a building barely a mile from the ocean, concrete maintenance and putting off assessments is what has us here now.

“Selling the building and land? This is a non-starter, as every owner would have to agree on all the terms.

“Previous permits, financial impropriety? If you believe it should be looked at, so be it.

“Our priority should be being able to stay in our homes, getting the assessment/financing or whatever in place and getting work started or at least a timetable that satisfies the city.

“They do not want to condemn the building, but they will.

“…Thank you to all for being involved. I will even say thank you to the Board for their service, but they should have listened and should now put pride aside and get this done.

Thank you for your consideration, Keith.”



09/11/2021 5:42 AM  
I agree the most recent management group seemed to be giving sound advice. It also sounds like this owner may be one of the more rationale owners; I can only imagine the nightmare they are facing right now but I hope he and others step up to help right this ship. It will be interesting to see what happens with the city this week.
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Forums > Homeowner Association > HOA Discussions > Meanwhile in FL - Another crazy condo board

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