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NO ASSOCIATION WEBSITE? WHAT ARE YOU WAITING FOR?

NO ASSOCIATION WEBSITE? WHAT ARE YOU WAITING FOR?

  • Posted: Mar 02, 2022
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When the original bill was filed that required condominiums to have a website, the statute was only going to apply with condominiums of 500 units or more. In effect, the statute would have applied to less than one percent of all condominiums in the state. I met with the legislator who drafted the bill and suggested that the bill be revised to apply to all condominiums with 50 units or more. The compromise was 150 units.

As we know, The Florida Legislature does not like to regulate HOAs, so for whatever reason, HOAs with 150 homes or more are not required to have a website. Instead, if a homeowner wants access to records, they must make the request by certified mail, return receipt requested. If the association ignores them, the unit owner has to ask for pre-suit mediation. If that fails, the unit owner has to file a lawsuit. All because they wanted copies of some of the official records. It’s ridiculous.

Why not make your community more transparent and accessible now? Who cares if you’re an HOA and you’re not requited by law to have a website? Set one up anyway, regardless of the number of homes you have. Are homeowners in a 50 home community less entitled to see the records than an owner in a 150 home community? Of course not.
If you’re in a condominium of less than 150 units, I understand that the law does not require your condominium association to have a website containing the official records. So what? Create one anyway. I can tell you that over the past two years, as least as far as the larger condominiums go, there has been less arguments between owners and the board when it comes to being able to access the official records, simply because the association is required to have these official records on an association website.

I will also warn condominium associations that the DBPR is not fooling around when making sure that condominium associations with 150 units or more comply with the law. They will investigate any complaint received from an owner who claims their association is not complying with the law. They want those records posted on-line. The association’s failure to do so can and will result in a fine for several thousand dollars.

Placing the records on-line frees up the manager’s valuable time because now they are less likely to have to respond to unit owner requests for access to records. I’m looking forward to see how Rafael feels about the law. Have you had success in your community with the association’s website? If your community doesn’t have one, would you want one?

SFPMA suggests even if you are not required to have a website HAVE ONE BUILT FOR YOUR CONDO OR HOA.

Search our directory find the top companies to help you. 

The New York Times was doing a story about the incredible number of condominiums in Miami and how fast they were all built read it here!

The New York Times was doing a story about the incredible number of condominiums in Miami and how fast they were all built read it here!

  • Posted: Jan 31, 2022
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HOW IN THE WORLD DID WE  GET HERE?

By Eric Glazer, Esq.

So, I get a call a few weeks ago from a reporter at The New York Times.  He was doing a story about the incredible number of condominiums in Miami and how fast they were all built.  How the entire skyline on the coast changed dramatically in the past 40 years or so and if it’s possible that The Champlain Towers in Miami was just a freak occurrence, or something that we need to start thinking about regarding all condominiums that were rushed through and given the green light.  Is it possible for other similarly situated buildings to start falling down?

The story is somewhat startling but not surprising.  It’s a story about greed, out of control construction, tampering with Mother Nature, little to no inspections, rushed through permits,  law firms and politicians helping developers  and The Florida Legislature turning a blind eye towards all of it.

If you’re living in a building in Miami, this is a must read.  If you don’t live in Miami, but are concerned about whether or not your building was built properly, it’s a must read as well.  Besides myself, there are politicians, builders, developers and other experts that tell their side of the story in detail.  Some of it is shocking.

Because so many turned their backs years ago, no wonder the story is called THE TICKING CLOCK OF MIAMI’S CONDO EMPIRE.  You should also know that coincidentally, Robert Lisman, who is the resident from Champlain Towers East, is the producer of our Condo Craze You Tube channel.  It’s a long article but again, it’s a must read.  To read it, click the Towers and the Ticking Clock below:

The Towers and the Ticking Clock

 

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FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

  • Posted: Jan 25, 2022
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FANNIE AND FREDDIE ARE ABOUT TO MAKE IT MUCH TOUGHER TO GET A LOAN TO BUY A CONDO.

By Eric Glazer, Esq

 

IT MAY BECOME IMPOSSIBLE TO GET A NEW MORTGAGE IN MANY CONDOS

As if condos didn’t have enough problems, Fannie Mae and Freddie Mac have just come out with new guidelines that condos must follow.  Fannie Mae and Freddie Mac are government-sponsored agencies that purchase large quantities of home loans to keep money circulating throughout the home mortgage economy.   They won’t purchase these loans any longer unless:

Delinquent assessments for Established Condominium Projects

No more than 15% of the total number of units in a project are 60 or more days delinquent in the payment of their HOA assessments.

The Condo Must Have a Reserve Study

The reserve study must comply with the following requirements:

  1. The reserve study generally must include:
  • An inventory of major components of the project
  • Financial analysis and evaluation of current reserve fund adequacy, and
  • Proposed annual reserve funding plan
  1. A reserve study’s financial analysis must validate that the project has appropriately allocated the recommended reserve funds to provide the Condominium Project with sufficient financial protection comparable to Freddie Mac’s standard budget requirements for replacement reserves
  2. The reserve study’s annual reserve funding plan, which details total costs identified for replacement components, must meet or exceed the study’s recommendation and conclusion
  3. The most current reserve study (or update) must be dated within 36 months of the Seller’s determination that a Condominium Project is eligible
  4. The reserve study must be prepared by an independent expert skilled in performing such studies (such as a reserve study professional, a construction engineer, a certified public accountant who specializes in reserve studies or any professional with demonstrated experience and knowledge in completing reserve studies)
  5. The reserve study must meet or exceed requirements set forth in any applicable state statutes
  6. The reserve study must comment favorably on the project’s age, estimated remaining life, structural integrity and the replacement of major components

If the Seller relies on a reserve study that meets the requirements of this section, the project’s budget must contain appropriate allocations to support the costs identified in the study.

 

 

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THERE MAY BE LOTS OF NEW SHERIFFS IN TOWN IF THIS BILL PASSES By Eric Glazer, Esq.

THERE MAY BE LOTS OF NEW SHERIFFS IN TOWN IF THIS BILL PASSES By Eric Glazer, Esq.

  • Posted: Jan 17, 2022
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THERE MAY BE LOTS OF NEW SHERIFFS IN TOWN IF THIS BILL PASSES

By Eric Glazer, Esq.

Senator Anna Maria Rodriguez filed our mandatory condo education bill in Florida’s Senate.  But if you think she’s done trying to change additional condominium laws, you would be very wrong.  She also filed Senate Bill 274 which creates the Condominium Fraud Investigation Pilot Program.

According to the bill itself, the purpose of the program is to investigate condominium-related fraud and corruption in Broward, Miami-Dade, and Monroe Counties. The DBPR may contract with a private entity that employs retired law enforcement officers who have subject matter expertise in financial fraud to achieve the purpose of the program. The DBPR shall hire five law enforcement officers to carry out the purpose of the program. If the DBPR does not contract with a private entity, the DBPR must hire three financial investigators, five investigators with previous law enforcement experience, and three clerical employees to staff the program.

A person may submit a complaint to the Office of the Condominium Ombudsman. The ombudsman shall review all complaints submitted to the office and determine which complaints to forward to the DBPR for additional analysis and investigation under the program. If a complaint submitted to the office does not contain allegations of fraud or corruption, the ombudsman must forward the complaint to the Division of Florida Condominiums, Timeshares, and Mobile Homes.

 The DBPR has the power to subpoena, audit, and investigate for the purposes of the program. The DBPR may administer oaths, subpoena witnesses, and compel the production of books, papers, or other records relevant to investigations it conducts. If, after reviewing a complaint under the program, the DBPR finds sufficient evidence for criminal prosecution, it must refer the case to the appropriate state attorney for prosecution.

The program must be funded annually from the Division of Florida Condominiums, Timeshares, and Mobile Homes Trust Fund with funds specifically appropriated in the General  Appropriations Act.

This section is repealed October 2, 2027, unless reviewed and saved from repeal through reenactment by the Legislature.

 

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ANOTHER STUNNING GRAND JURY REPORT ABOUT FLORIDA CONDOMINIUMS By Eric Glazer, Esq.

ANOTHER STUNNING GRAND JURY REPORT ABOUT FLORIDA CONDOMINIUMS By Eric Glazer, Esq.

  • Posted: Jan 11, 2022
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ANOTHER STUNNING GRAND JURY REPORT ABOUT FLORIDA CONDOMINIUMS

By Eric Glazer, Esq.

I’ll tell you something – I give a lot of credit to Kathy Fernandez Rundle, The State Attorney for Miami-Dade County.  She actually prosecutes cases of condo fraud, years ago she assembled a grand jury to make recommendations to the state legislature regarding condo crimes, kickbacks, conflicts of interest and the grand jury’s findings turned into legislation ———- and now, in light of the tragedy in Surfise at The Champlain Towers collapse where 98 innocent people lost their lives —– she assembled another fact finding grand jury, this time to investigate the laws regarding inspections of our buildings and how we waive  reserve funds.

The last Miami Dade Grand Jury wrote a scathing report regarding condo crime, saying it was rampant — and people get on the board just to divert the condo’s business to their relatives or even their own companies.  Well, this Grand Jury pulled no punches either.

As you know, the current law allows all condos the opportunity to waive the full funding of reserve accounts for major repairs or replacements.  All it takes is a lousy vote of a majority of a quorum of the owners who attend a meeting.  So, if in your 100 unit condo, a quorum of owners is typically 50 or less.  So, if 50 or more people show up either in person or by proxy, a majority of them can change the budget to completely exclude reserves, and as we know it’s typically done year after year after year.

Here is what the Grand Jury said about that:

“We Are At A Loss To Understand Why Such Language Would Even Be Included In The Florida Condominium Act.”  They eventually said that at a minimum, it should at least require a 70% vote of the owners to waive reserves.  So, you can rest assured that this one finding by the grand jury will work its way into new condo legislation in the next 2 months as the Florida Legislature is now in session. It’s going to become real difficult real soon, to completely refuse to fund your reserve account.  Surprisingly,  the grand jury didn’t say a word about requiring properly licensed personnel to do the reserve  account analysis each year., instead of joe the butcher, fred the cab driver and joan the teacher, each of whom are not qualified to do the reserve analysis.

In terms of the 40 year certification process for Dade and Broward, The Grand Jury recommended that buildings should be given a  2 year advanced notice to perform the 40 year inspection.  And of course 40 years is way too long for the first inspection.   The first inspection and certification should be 10 – 15 years after the building is constructed , and the condominium inspection should be updated every 10 years.  I think you can rest assured  that The Florida Legislature will probably make this a law throughout the state, not only in d\Dade and Broward counties.  In fact, a bill has already been filed in the senate that would require the inspection of all condos in the state over 3 stories, after 30 years and every ten years thereafter.

As the law stands right now in Dade and Broward —- for the 40 year certification — the inspection only involves the structural and electrical issues.  Well, you can throw that right out the window according to this grand jury.  going forward,

 

The Grand Jury recommends that all of the following components must pass inspection:

roof, structure, fireproofing and fire protection systems, elevators, heating and cooling systems, plumbing, electrical systems, swimming pool or spa and equipment, seawalls, pavement and parking areas, drainage systems, painting, irrigation systems.  This is a much more comprehensive and much more expensive inspection report than what we have now.   Condos better get ready to put these costs into their budgets if this legislation passes.

Even the qualifications of the people doing the certifying would change.    The Grand Jury wants any engineer certifying a building in connection with an inspection —— must have previously designed and inspected at least 3 buildings of the same or greater height as the building to which is to be recertified.

The Grand Jury opined that building officials must require proof of waterproofing and painting every 10 years.  They specifically found that ” a failure of condo boards to implement much needed repairs and maintenance has led to unsafe building structures throughout South Florida.  They reminded everyone that associations who don’t comply with the insurance company’s requirement of routine maintenance may result in a denial of the claim.”

They even recommended that building officials should check to see if the condominium is performing routine maintenance and condo boards should be required to file a document certifying that regular routine maintenance has been conducted in the last 12 months.

And thankfully, The Grand Jury believes that the education requirement for board members be expanded.  As you know, I drafted Senate Bill 394 filed by Anna Maria Rodriguez and House Bill 547 filed by Representative David Borerro, The bill would require board members to get certified by taking an educational class rather than getting certified by signing a silly form.  Florida would be the first state in the country to require that.  That would be my legacy and I have my fingers crossed.

All I can say is……when you factor in the insane rise in the price of insurance, and the changes we know are coming in this legislative session, it’s about to get a lot more expensive to live in your condominium.  Get ready to buckle up and hold on.  It’s going to be a bumpy ride.

To view the actual Grand Jury report click here.

 

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Condo Craze and HOAs Radio Show on 850 WFTL every Sunday 11am – 12pm  Is now live on YouTube!

Condo Craze and HOAs Radio Show on 850 WFTL every Sunday 11am – 12pm  Is now live on YouTube!

  • Posted: Jan 10, 2022
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Condo Craze and HOAs Radio Show on 850 WFTL every Sunday 11am – 12pm  Is now live on YouTube!

Condo and HOA Boards and Owners you can now watch the show ask questions.  Each Sunday morning we will bring to you topics and discussions for out industry.

Subscribe to our YOU TUBE PAGE. 

Condo Craze and HOAs In 2009, Eric began a career in radio, starting and hosting the weekly Condo Craze and HOAs Radio Show on 850 WFTL. Eric answers questions from the callers week in and week out and the show has become incredibly popular throughout the state. For more information, and to listen to past shows.

Eric M. Glazer is a native of Brooklyn, New York Mr. Glazer obtained his B.A. in Political Science at New York University. While at N.Y.U., Mr. Glazer was employed in the Kings County District Attorney’s Office. Mr. Glazer obtained his Juris Doctorate at the University of Miami School of Law. In 1994 he established Glazer and Associates, P.A. and has focused his career on representation of community associations and their members.

Visit our Website: https://www.condocrazeandhoas.com Board Certification Classes Eric has certified over 12,000 board members in the State of Florida, who are now eligible to serve on either a condominium or homeowner association board.

 

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ONLINE MEETINGS EQUAL… By Rafael Aquino

ONLINE MEETINGS EQUAL… By Rafael Aquino

  • Posted: Dec 16, 2021
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ONLINE MEETINGS EQUAL…

By Rafael Aquino

Online meetings were common practice within the business community; however, it was less seen in the association world.  Some would say because the technology was too difficult for many, others would say, our owners wouldn’t allow it, etc. The reasons against certain groups were plentiful.  However, after the challenges we dealt with Covid, many Board Members quickly realized the vast benefits of hosting online meetings.  Some advantages are increased attendance, more accessible access to foreign/out-of-state buyers, and more transparency.

From a management perspective, there have been many advantages as well.  It is much easier for management to present to the membership, invite vendors/contracts to attend meetings, and provide a better quality of life for the CAM.  For instance, the CAM no longer has to worry about staying after work for a Board meeting; now, they can drive home, spend some time with the family and then jump on the meeting from home.  Further, they don’t have to worry about the potential drive home after the meeting.  These small perks are enormous for the quality of life for the CAM.  Happier CAM equals happier staff and higher productivity for the association’s operations.

As the Co-Founder and CEO of Affinity Management Services, Rafael P. Aquino leads his team to redefine excellence. They serve community associations efficiently

and effectively with dedication and passion. Rafael’s energy and positive spirit is the foundation of Affinity Management Services’ company culture, which instills enthusiasm and excitement when providing expert advice to its board members and relieving the day-to-day burdens of running a community association.

Since 2007, Rafael has developed a work culture that values responsive and high-quality services. He has led his team by following a proactive vs reactive philosophy. The same approach Rafael instills in the day to day operations of each association. Today, Affinity Management Services maintains its success and benefits as a result of the foundation Rafael has built and continues to foster by providing educational seminars, continuing education classes for association managers and board members alike.Rafael and his team help condominium and homeowners’ associations save money and improve their communities. His calm, personable, and service-oriented nature helps him to establish strong relationships with ease. Rafael is known as a sincere and honest leader who looks out for the best interests of his clients and communities, and he strongly advocates for their needs. His role requires coordination and communication, as such he takes logical and intelligent steps to approach challenges head-on.As a graduate of Florida International University’s electrical engineering program and a licensed community association manager, Rafael’s education and skills equip him with unique insights to tackle complex problems through critical thinking. He understands how each component within a system works together in order to effectively arrive at solutions, techniques, and conclusions. Therefore, as he manages the multiple challenges of running a community association management company, he understands how each property is its own unique system and tailors’ specific services to assure that all their needs are met.

For more information about Rafael P. Aquino and Affinity Management

Services please visit www.ManagedByAffinity.com or call 1-800-977-6279

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GET BOARD CERTIFIED AND FULFILL YOUR 2021 LEGAL UPDATE CREDITS FROM YOUR HOME! December 16th – 6:00 p.m.

GET BOARD CERTIFIED AND FULFILL YOUR 2021 LEGAL UPDATE CREDITS FROM YOUR HOME! December 16th – 6:00 p.m.

  • Posted: Dec 13, 2021
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GET BOARD CERTIFIED AND FULFILL YOUR 2021 LEGAL UPDATE CREDITS FROM YOUR HOME!

December 16th – 6:00 p.m.

GUEST SPEAKERS:
C.P.A. MARC GERSTLE
INSURANCE EXPERT: GREG WALTZ
L.C.A.M.: RAFAEL AQUINO

Managers: Our Course is now approved for Three 2021 Legal Update Credits.

Course Number: 9630640

CONDO AND HOA EDUCATION IS ON-LINE! GET BOARD CERTIFIED FROM THE COMFORT OF YOUR OWN HOME.
REMEMBER, IF YOU DON’T GET CERTIFIED WITHIN 90 DAYS OF GETTING ON THE BOARD – YOU ARE OFF THE BOARD.
GET CERTIFIED BY TAKING OUR ON-LINE CLASS. WE HAVE CERTIFIED OVER 20,000 FLORIDIANS ALL ACROSS THE STATE. LEARN ALL ABOUT CERTIFICATION, THE AS AMENDED FROM TIME TO TIME LANGUAGE, BUDGETS, RESERVES, FLORIDA’S NEW EMOTIONAL SUPPORT ANIMAL LAWS, MANAGER DO’S AND DON’TS, SCREENING AND APPROVING, ACCESS TO RECORDS AND MUCH MUCH MORE.

NEXT CLASS:

THURSDAY, DECEMBER 16th, 6:00 P.M.

TO REGISTER: CLICK HERE:

OR CALL OUR OFFICE AT: 954-983-1112

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DEVELOPERS ARE ON THE PROWL

DEVELOPERS ARE ON THE PROWL

  • Posted: Dec 08, 2021
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DEVELOPERS ARE ON THE PROWL

by Condo craze @HOAs

I got a call this week from The Sun Sentinel.  They asked if I had heard about the prominent developer who approached the owners of the other Champlain Towers buildings that are still standing, offering to buy out all of their units.  I had not, but I’m not surprised in the least about it.  In fact, it’s going to be happening more and more.  Developers are going to be approaching lots of owners in condominiums that are distressed.

Why approach the owners in the remaining Champlain Towers condominiums?  I’m sure the developer is thinking that these owners may now have a hard time selling their condo units on the open market because there may not be many buyers interested in purchasing a unit in a condominium by that name.  The Champlain Towers will forever be remembered as the building that collapsed and where nearly a hundred innocent people died.  I think the developer is right.  It will be tough to sell your units in the remaining Champlain Towers condominiums.

The truth is……if that’s the case…and it is next to impossible to now sell your condo unit in these buildings, the developer can look like a knight in shining armor, if the price they offer is fair and reasonable.  It may very well make sense for the owners to seriously consider the developer’s offer.  At the remaining Champlain Towers buildings, the developer’s offer is contingent upon 95% of the owners agreeing to sell to the developer.  If less than 95% of the owners agree to sell, the deal is off the table.  That’s because if at least 5% of the owners vote against a plan of “termination” the developer’s plan to “terminate” the condominium, knock it down and build a more expensive one fails.  So, the developer needs to acquire at least 95% to ensure their plan succeeds.

We know that it’s about to get more expensive to live in a condominium because it looks like it will become more difficult to waive reserves and buildings will be undergoing more frequent inspections.  Repairs will be needed more than ever before which means money will be needed like never before.  When unit owners don’t have the money or don’t want to spend the money on a building that’s already old, rest assured that developers will be there ready to make an offer to everyone so that the property can be bought, knocked down, rebuilt and sold.

Over the last few years the law has made it more difficult to terminate a condominium.  As a result of the tragedy at The Champlain Towers I certainly expect the pendulum to swing back the other way.  Terminations will become easier.  Developers will use their eyes and airs searching for the most vulnerable properties, meaning the ones that will require the greatest cost to repair.  The laws regarding termination continue to evolve, but if I am a developer I may want to be cautious about buying units in a condominium that requires 100% of the owners to agree to termination and that does not have Kaufman language or “as amended from time to time” language.  In these types of condominiums, one owner who refuses to sell may wind up screwing up the developer’s grand plans.

 

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There is plenty of time to let the community members know what the new monthly assessments will be for the coming year.

There is plenty of time to let the community members know what the new monthly assessments will be for the coming year.

  • Posted: Dec 02, 2021
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Budgets: Boards How are you doing?

Most community associations have their budget meeting in the month of November for the upcoming year.  By doing it in November there is plenty of time to print new coupon books and let the community members know what the new monthly assessments will be for the coming year.

In terms of notice, in a condominium the budget must be sent to the owners at least 14 days before the budget meeting.  In an HOA, The association shall provide each member with a copy of the annual budget or a written notice that a copy of the budget is available upon request at no charge to the member.

Don’t forget that in a condominium, in addition to annual operating expenses, the budget must include reserve accounts for capital expenditures and deferred maintenance. These accounts must include, but are not limited to, roof replacement, building painting, and pavement resurfacing, regardless of the amount of deferred maintenance expense or replacement cost, and any other item that has a deferred maintenance expense or replacement cost that exceeds $10,000.

Condo boards need to be well aware of the reserve requirement.  To be clear, the Board MUST send out a budget that includes fully funded reserves.  That is all they are required to do.  However, if they want to, they can give the owners the opportunity to vote for an alternative budget such as a budget that contains no reserves or partially funded reserves.  Remember that if a majority of a quorum of owners does not vote for a budget that does not contain full reserves, fully funded reserves shall go into effect.

In a post Champlain Towers world, I think things may be a little different this year.  I think lots of Board members will want to have fully funded reserves in their budget.  They don’t want to be short millions of dollars when the time comes, and it will, for millions of dollars in repairs.

Delinquencies are starting to pick up as well.  So, make sure you have a line item in your budget for “bad debt.”   For example, if your assessments are $6,000.00 per year and you’re pretty sure that 5 owners won’t pay  a dime, you should put $30,000.00 as an line item in your budget for bad debt.  That way you collect enough money to pay the bills.

Keep in mind that electricity prices are expected to rise 18%.  Also remember that some of your long term contracts may have clauses requiring automatic rate increases every single year.  F I still get the same question all the time…who passes the budget; the board or the unit owners? The answer is…the board and only the board.  Food prices are going up, the cost of materials are going up, electricity is going up, the cost of labor is going up, and worst of all, insurance rates for condominiums are simply skyrocketing, with some associations complaining that their rates have tripled.  So, all this means in no uncertain terms, that condo assessments are about to go up as well.  It also seems pretty clear that it will become extremely difficult if not impossible to waive reserves starting next year.  Yes, it’s about to get a lot more expensive to live in a condominium, especially if you were kicking the can down the road and always waiving reserves.  I don’t envy condo boards at their next budget meetings where they will be forced to tell the members of their community that their monthly assessments are about to go up, in fact way up.  Buckle up everyone in a condo, you’re in for a bumpy ride going forward.

 

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THANKSGIVING IS BECOMING A TOUGH HOLIDAY By Eric Glazer, Esq.

THANKSGIVING IS BECOMING A TOUGH HOLIDAY By Eric Glazer, Esq.

  • Posted: Nov 24, 2021
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THANKSGIVING IS BECOMING A TOUGH HOLIDAY

By Eric Glazer, Esq.

Who doesn’t love the tradition of Thanksgiving?  It starts off with The Macys Thanksgiving Day Parade from the morning to noon.  By noon the house starts to smell great, football comes on the tube, the family gets together, fights about politics break out and everyone eventually goes home both full and angry.  You gotta love Thanksgiving.

The last two years have been tough though.  Thanksgiving in 2020 kept almost all families apart because of the Covid 19 situation.  More families probably had Thanksgiving by ZOOM than they did in person.  It was sad, countless other families had an empty plate or two at the dinner table because of loved ones they lost due to the virus.  It really was a nightmare for almost all of us.

This year, while Covid certainly seems to be far less of a factor, we can’t help but think about the tragic loss of lives at the Champlain Towers in Surfside.  I had to see it for myself and I will tell you that the scene was indescribable.  I saw the 9-11 destruction in person and while certainly on a smaller scale, Champlain Towers was no less dramatic when you realized how many lost their lives in the rubble.  How many were simply unaccounted for.

So what will Thanksgiving 2022 be like in our condominium associations?  I don’t want to be a downer on the holidays, but for many, it’s not going to go well.  Of course we will still be happy that we are sitting with our families for another year.  If we have good health, we will be happy for that.  But I guarantee this, this time next year many Florida condominium unit owners may not be able to afford to make a turkey dinner in their homes.

As I said on the show last week, it’s as if a perfect storm is coming together all at once.  Food prices and gasoline are soaring, the price of insurance in our condominiums and the cost of labor are soaring.

Insurance in some condominiums is tripling in price resulting in incredible increases in monthly assessments.  And of course, by this time next year, rest assured that there will be laws in place making it impossible to waive reserve funding in your community at least for your roof, electrical and structural components.  In other words, besides the cost of insurance, the fact that you won’t be able to waive reserves will make your monthly assessments skyrocket even more.  Next Thanksgiving there are going to be many people sitting at their Thanksgiving tables wondering if this is the last Thanksgiving they will be spending in a condominium that they may have been living in for decades.  They’re simply getting out priced and won’t be able to afford it any longer.  And it’s sad.

But have no fear……we know how much Florida loves to treat its developers.  So look forward to laws that will allow developers to buy up units, kick out the old folks and build more buildings that people from mostly foreign countries can buy and put tenants in.

So to all of you and your families….I wish a happy and healthy Thanksgiving Holiday, and I hope it’s not the last one you get to spend in your current home.

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