Homeowners in the Villas of Carillon, a quiet townhome community nestled in Feather Sound, Florida, are reeling after their Homeowners Association (HOA) board dropped a bombshell: a $60,000 special assessment.
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The shock wave hit the residents hard when they received notices in early June explaining the grim reality that their HOA's reserves, which had never been fully funded in the neighborhood's 20-year history, were on the verge of depletion. The looming financial challenge threatened to snowball, leaving every household facing a hefty bill.
The notice sent shivers through the community, with each household expected to pay around $60,000. A vote was scheduled for late June to determine the payment plan, but the news didn't sit well with many residents.
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"I was in shock. I immediately started texting other neighbors," said Tammy Rodeffer, a concerned homeowner, in a conversation with local station WTSP. "We're talking about people having to sell, facing liens, even foreclosures. It's terrifying."
As the special meeting date loomed, homeowners rallied. The mood was tense as the residents packed the meeting, eager to persuade the board to halt the decision.
"You've got to pull together on this," urged Robert Regan, another resident, at the meeting. "This problem isn't going to just disappear. And for condos, 100% reserves are a must."
But just when the community thought the dust might settle, the unexpected happened. In an email sent out right after the vote on June 21, the entire HOA board announced their immediate resignation. The vote was tabled indefinitely, leaving the residents in limbo as they scrambled to figure out their next move.
The big question lingering in everyone's mind: What exactly is driving these sky-high special assessment fees?
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The story takes a twist when you dig into recent history. Ever since the tragic Surfside condo collapse in 2021, which claimed 98 lives due to shoddy construction, Florida has tightened building inspection regulations. Condo associations across the state are hiking fees to bulk up reserves for essential repairs. New state laws now require regular reserve studies and annual contributions, but they only apply to buildings three stories or taller. The Villas at Carillon? Just two stories.
The now-defunct HOA board had argued that insurance companies would eventually refuse to cover the complex without the necessary reserves, particularly with aging roofs that would soon need replacing. Yet, not everyone is convinced that the steep assessment is the only way forward.
Patricia Staebler, a seasoned reserve specialist from Sarasota, pointed out that special assessments should be avoidable if a project's cost is planned over time. "Reserves should be built gradually," she explained. "With annual increases spread out over 30 years, you don't need 100% funding right away, but you do need to meet your yearly targets."
Staebler's 15 years in the field taught her that perfect funding is a myth. "I've never seen an association with 100% funding," she admitted, "but meeting your annual reserve requirements is critical."
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As the dust settles, town house owners are left searching for answers. They hope the delay will buy them time to investigate the numbers and determine why the assessment ballooned to such an eye-watering figure.
"We need to see the paperwork, go through all the financials, and understand how they arrived at these numbers," Rodeffer said, echoing the community's sentiment.
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This article Florida Homeowners Association Board Resigns En Masse Over $60,000 Special Assessment Dispute – Find Out What Sparked the Crisis originally appeared on Benzinga.com
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