It is not the HOA, it is the owners. People buy condos/townhouses whatever and somehow believe that 3K-5K a year covers the cost of maintenance, lawncare, insurance, pools and other nominal costs. In this case its 20 years of deferred maintenance. Welcome to reality. If you own a private stand alone home, who pays for the roof every 15-20 years? The homeowner and for 4000 sqft, you are on the hook for 45-50K. Pool construction: 100K, lawnmowing: 200 a month, Pool service: 150-200 a month. Paint: 10K I can keep going. People need to start coming to realization that things cost money and perhaps we all need to pay closer attention to what things cost, how much we make, and how much we give away.
Okay, and then who owns and maintains the exterior of the buildings, the roofs, the common areas? Your condo is worthless if the building which it's in falls down. These aren't single family homes. Please tell us how it's all so "simple".
This is what happened at my parents neighborhood. They dissolved the HOA and now no HOA and the common areas are taken care of by homeowners near the common areas.
@@waltblackadar4690 Hire and attorney and figure it out. The home owners actually do have a say and a vote in how their money is spent. If you have a management company or anyone not listening then take a petition around and file the act to dissolve with the county. It depends on the liability of the common areas. But it does not have to be out of control like so many are getting. I would consult with and attorney after getting the petition signed. You can hold a meeting outside the designated HOA meetings as well. TAKE BACK YOUR CONTROL>>
@@waltblackadar4690 they are already worthless now because of the HOA. The proposed monthly HOA dues would be on par with renting an apartment. The whole point of buying a home is that you no longer need to pay rent. If that is no longer true then to unit has no value
@@PhilNo-kh8bb neighborhood is the key word here. These people are in a condo. What happens if the roof goes and the people don’t want to chip in for a new one? Who pays, or do you just let the whole thing rot?
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
It’s like saying we should do a fraud investigation with all our past POTUS and Congress bc of the our US deficits and debt. Human beings will never change, we will always push off things to the next guy and use other ppls money and time bc nobody has the balls to fix things today. This development lacked accountability and was complacent with inflation which is not a crime to be st3pid.
What I don't understand, why did all of a sudden, out of the blue, did someone (HOA board members or the private property mgmt company) just wake up one morning and realized that there weren't enough funds in reserve. My HOA is audited every year. A print of that audit is provided to all the owners where I live.
There was a new state law passed in Florida recently which forced HOAs to become fully funded by a certain date if they weren't already so. Too many HOAs weren't even close to being fully funded and so when a major maintenance or repair was needed they would levy huge assessments to cover the cost and this was impacting the ability of many owners to hold onto their properties. The irony is that this law is having the same effect but it's statewide and all at once because the state is now forcing them to become fully funded.
@@krissimons1339 too much regulation! What happened to LIBERTY? This is Florida! DeSantis country… aren’t we all about the liberty to live free of government interference? Oh wait, that’s Federal interference. The 10th Amendment is all about giving the states the liberty to treat its citizens as serfs. That bit of snark aside, I have never grasped why anyone would buy in a condo, co-op, or HOA arrangement. As for audits, those never tell you much. Because an auditor who provides too much bad news will not be (re)hired by the organization that pays to be audited.
@@krissimons1339expect a housing crash like you wouldn’t believe in a few years. This is just one of the reasons why it’s about to happen. Who would dare buy these houses? And when they sell all together, that will bring down prices.
@@justSTUMBLEDupon That's one reason I bought in an older neighborhood with no HOA. No one to tell me I have too many weeds in my yard or what color I can paint my house and no HOA assessment!
This happens when any organisation is run by people who haven't a clue what the word "management" means. A business will go bankrupt if mismanaged like this, but a HOA only needs to milk its members for more money.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299 I accept that HOAs are a good idea. They pool the interests of home owners. But they are often run by people who have no experience managing an organisation worth tens and sometimes hundreds of thousand of dollars. It's too easy to spend other people's money and demand more from them when the coffers have been emptied. It sounds a bit like how communists run countries.
99% of all HOA communities are run by a professional management company. The board is responsible for implementing the management companies suggestions and voting on resolutions and budgets.
These are multi building condos - not homes. Condos share walls, roofs, and common areas. An HOA is responsible making sure there is enough money to properly maintain those items in the budget.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Doesn't the law apply to ANY bldg 3 stories or higher? And a former high rise condo without an HOA- who will hire elevator repair, roofer, painter, etc?
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
It’s not crazy at all. You own a condo you partake in contributions to property maintenance. If they couldn’t ultimately kick you out of the building, you’d find people in condos all the time saying no I’m not going to contribute while everybody else repairs the roof.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Maybe not totally. I would pay more for unit in an HOA that has 7 million dollars in the bank vs the same unit at a different complex that has 12 dollars in their HOA account. People need to look at the finances of these HOA's and assess a value to that.
@@karenpalladini5010 - The buyer is not responsible for the 60K special assessment - the current owner is - it will be deducted out of the sale price proceeds. IF the current owner doesn't have enough equity to cover it, then it becomes a lien and will make selling that unit very tough.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@jonathantaylor6926 They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
I moved here over 30 years ago and watched prices soar overnight. Sometime around 2005 Florida got greedy and rents went way up, food prices, insurance rates.... everything here has increased in price. Me and my family are looking to leave this state because it's only going to get worse...increased greed. AND, the jobs here stink. There's no diversity of work here...all the jobs are basically the same they just have a different title.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@patty109109 I haven't betrayed anyone. Go live in an HOA so you can experience the communism for yourself. I have a much better idea than you do. At least I can put together a sentence that makes sense.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
so the residents have been paying the HOA fee for the last 20yrs and that money has been flowing out into the Gulf of Mexico? where'd all that money go?
If people don't buy houses in HOA's they will get the message loud and clear. The houses will stand unsold and the builders will either dissolve the HOA or go bankrupt.
The problem is these HOA's tend to be underfunded. But one of the biggest reasons for this is a long standing theory that you never want to have too much in reserves. In the latter case the money tends to always disappear for many reasons.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
YUP!!!! If they want to infringe on your rights to your property in the beginning, ain't no good coming from that down the road. They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities. Share
People are predictable, they would rather kick it down the road hoping someone else either dies, loses all of their investment, or gets an even bigger assessment. It sounds like there were no reserves to repair or maintain the property. Given a choice between higher fees people would rather run the property 'into the ground' She didn't mention the obvious option is to sell before a foreclosure if she can't afford to maintain it. Don't buy an HOA chose freehold, and run the investment down, you still pay when selling.,
The members need to demand a forensic accounting/audit of the HOAs books/records. Something is not right, as in money being skimmed or improperly spent.
For those saying to dissolve the HOA, or don’t buy in an HOA, how are the common elements maintained without an HOA? If you live in a townhouse or condo, please explain how the property is maintained without a Homeowner’s Association. In my community, we share most of the utilities, which has to be budgeted and managed. Plus landscaping, insurance, trash collection, etc. would love to hear how those things are managed without the HOA.
These idiots who don't live in an HOA community don't understand why they are needed....They don't understand about common areas or shared roofs and walls and who manages the maintenance and repair of those areas.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Think of how happy any owners are who sold right before this new assessment, and unhappy any buyers. I would definitely never buy into an aged building.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
60K for each resident?!! Let me say that again.....$60,000 for each RESIDENT. Do you feel angered enough to call that useless State Attorney General, Ashley Moody?!!!
People in HOA's never pay attention to what's going on with THEIR community. The first HOA I lived in the management company stole $3M and left the country. The current one I have has no idea what the rules are and are having to refund fines they issued. These are volunteers stepping up to run things, but you as a member still have to pay attention to whats going on. If you're looking to move into an HOA, LOOK AT THEIR FINANCES BEFORE HAND.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
First step: FIRE the HOA Board. They have CLEARLY mismanaged and ignored the maintenance surveys they are REQUIRED by HOA Rules for these repairs that are NOT a surprise….they are REGULAR MAINTENANCE ITEMS. I work with Engineers who deal,with these condo HOA boards…when we make repair recommendations for critical items that aren’t doing anything to make the property “pretty” (concrete repairs…roof repairs…etc) they opt to use the reserves for fancy new grand entry doors on the clubhouse…or adding decorative fountains…or ripping out all the palm trees and replacing with something new. They are DERELICT
As long as the Board was funding according to law, then nothing was done wrong. Underfunding wasn't against the rules. Now that the funding rules have changed - all of these HOA boards are scrambling to fund what is now required and owners are required to make up the shortfalls. You do realize owners vote on yearly budgets. Boards can't have a underfunded budget without owners approval.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@d.c.3220 That a Board is neglecting required maintenance and upkeep IS a violation. Those issues addressed in the video are ALL conditions that develop over time - not over night. Stop defending the Board who CLEARLY either skipped over the annual surveys, or simply opted to “push off the repairs”. They need to GO
@@patty109109 No…all issues mentioned are things that take time to develop and fail. They either IGNORED the deterioration or decided to delay repair which wound up costing more in the long run. Take your car to,a mechanic when it’s got a few drips of oil…or wait until every drop is gone…which is more costly?
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
I don't understand, who are they mad at? They are the owners. Someone has to pay for maintenance and insurance. If the place needs more money that is the owners responsibility. Everyone always looking to skirt their resposibsility and point the finger.
Why weren't these thing dealt with when it started happening years ago ? Also where did all that HOA payment money go .. could it have gone into an HOA board members pocket ???
Its not the HOA, its the cost associated with operating the HOA and the willingness of the owners to participate in running the thankless job of an HOA board member. HOA documents should reflect inflation and rising cost. There should be a clause in all HOA documents that due's will increase yearly by a certain percent to match rising cost's.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Laws have been (or will be) enacted that forces condos to be fully funded in their reserves. This came out a few months ago. All condos will be under this new law. It will force many to abandon or sell their condo as the increase will be unmanageable, even for those who have paid off their condo.
It forces HOAs in condo buildings over 2 stories to fully fund which should have been the law many years ago. The new building insurance rules and increased costs also magnify the issue. Let's see if there is a flood of condo listings on the market this year.
This complex must have been really behind on reserves for it to get so out of whack. The new law mainly affects 3 story or higher communities so there is more to this story on why they special assessed so much. Could be unforeseen insurance costs.
I was a live-in manager of a high rise condo in a big PacNW city for close to 10 years. The building needed new windows so an assessment was imposed on all owners. It was not the same, top floors paid more because they were of more value. Up on 25th floor and above some units were assessed over 90K each. It was a nightmare. Some people had to sell, some took out loans, some paid cash. As a live-in manager I was in the thick of it, it cost about 4 million dollars and took 18 months to complete. It was a very busy 18 months but in the end everyone was very pleased, it increased the value of their condo's and extended the life of the building another 30 years. The building was in the middle of downtown, what an experience that was managing that project and still having all the general manager responsibilities. Old buildings are more challenging to manage, I can say that for sure.
Being a manager of a building that gets a large assessment can't be fun. Boards and management companies are just starting to feel the wrath from mainly condo owners in FL with this new law set to go into affect in January. A few boards have already quit and I see more of this happening this year.
The homeowners of this community are colossally stupid to allow their reserves to be funded this short. Don't feel sorry for them..... they deserve it. Another thing..... you CANNOT use special assessments to fund reserves or their budget. What they should do is raise their assessments substantially to fix this problem and special assess any projects that come due prior to funding fix. I would support raising assessments for one year to fully cover the shortage (shortage by end of year divided by 12 months). So add $5,000 a month in addition to their normal assessments for 1 year. What people don't understand is that they OWE this MONEY. They did it to themselves. And they're not alone. Nobody has taken their reserves seriously in all the HOA's I've lived in. My current HOA borrowed money for underfunded projects and now has a 10 year note (we have so many broke fixed income people that they would've never pulled off a special assessment). The irony of this is they knew their contributions were too low all along.
Never buy into an HOA without first checking the HOA's finances. Very simple to see what reserve funds are and there should be a fund for every area that will need maintenance.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Due to the unexpected cost of upgrades and code compliance the board will visit other similar condos located in other countries to familiarize themselves with improved management strategies. Thank you your board.
If you read the document that is shown in this video..... it states this community has voted to underfund their reserves for 20 years. Can anyone read? As you can tell..... this is very offensive.
i tend not to agree with HOA's but if you have balcony's that need to be fixed, and other concerns of disrepair over 20 years, etc lets you know homeowners are NOT taking care of the property the way they claim they will. homeownership is a responsibility and properties do need to be maintained. its the 60k fine OR you fine the houses that have left their home in disrepair...the houses have to be kept up. yea...while i think most HOA's are scammy, this sounds like a legitimate use of HOA.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
And it was never collected to start with. Members vote on this stuff. If you don't see any damage, then there is no damage until it "just" falls down one day. Buildings, like people, get old and worn out.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Remove the HOA and hire someone else with experience to workout a better outcome! People are lazy and typically just pay or run from these issues. This is what you do! Have a meeting of all residents. Find and hire an experienced HOA attorney! Vote in a new HOA board in and work thru these issues! You might also find that the existing HOA has pilfered you HOA funds or just miss managed them!
I sold my condo of 20 years but just so people understand, sometimes the lack of maintenance is not the HOA’s fault but the city/state. The last assessment I had before I sold was we were forced by the city to put in a new elevator system that was compliant to new city regulations. Nobody wanted to do it but we had to.
When we started looking for a house in 1995 (in California 🌴) I told my husband NO HOA he did not even know what an HOA is 😵 we live in a small town the only reason I knew what an HOA is is be cause I work for USPS mail lady and I had 2 HOA communities on my route and I always felt that they have to many RULES and that was not for us …..
Florida's Home Builders have been deferring payments for infrastructure and maintenance for decades. The current and future owners will now be responsible to pay the cost. When you ignore problems they don't go away.
Federal law should require that all homes are opted out of HOAs with the ability to opt in and out at any time. HOAs should offer actual value to people, otherwise should not be opted in to.
I would never ever ever ever ever ever by a home or condo with an HOA. Meetings don't mean crap.The HOA are like legal gangsters they do what they want when they want.
Can't the homeowners get an accounting or itemized list of why the HOA is doing an increase. Looking at that letter "We need to do this XYZ" is not a justified reason. The residence put a vote what needs to be fixed or not.
Someone is skimming this money and I would call the attorney general in Florida , they need to be audited . The management company needs to shop around for better pricing as well as regular repairs as well as insurance brokers.
If you on any kind of home, you will have to pay for regular maintenance and repairs. Roof don’t last forever for example. If your HOA dues are not high enough to allow for some of that money to go into reserves for major repairs and maintenance this is what happens. Expect that many people who purchased condominiums are under the impression that they will have low to no maintenance and that they will have a perpetually low monthly dues. This is not realistic and it’s a shame that purchasers of condominiums don’t better educate themselves on what condominium ownership, actually is. You’re bored has a fiduciary duty to ensure there are enough funds to make necessary repairs. You have to have the place tented for termites on a regular basis for one and if you have a swimming pool area needs to be cleaned regularly and when something breaks, it has to be fixed and that has to be paid for. You can’t expect a $350 a month Fee to be able to cover all of that in perpetuity. $60,000 is a lot of money and cannot be assessed without a vote of all owners. So this could not have come as any kind of a surprise. Also homeowners will often take out a HELOC on their condominiumto satisfy the assessment
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Why is this multiple choice? Option 0, dissolve this HOA entirely and divide its assets among the homeowners. Then they can replace their decks or not if they feel like it.
Or the building starts to fall apart. Buildings need money for maintenance and repairs. Unexpected things can happen not budgeted for. Mortgage companies won't loan on poorly maintained buildings.
Exactly. HOA fees mostly cover the reoccurring cost like landscaping, window cleaning, pool maintenance, insurance etc... but its not enough for larger long term repairs.. these HOA fees should really have a breakdown of what percent is going to current expenses vs a long term maintenance fund.. but its probably 100/0 and most HOA buyers do not care they just want a low monthly HOA bill.
Correct. You can pay a little more each month or a big chunk later and then more each month. Same as owning any building, car, boat, or motorcycle. Deferred maintenance always costs a lot to fix.
Why would any one want live in area with an HOA. All HOA's should be abolished !
Try to buy a home that's not in an HOA, it is almost impossible, unless you buy a really old home.
HOA’s are the spawn of the devil.
It is not the HOA, it is the owners. People buy condos/townhouses whatever and somehow believe that 3K-5K a year covers the cost of maintenance, lawncare, insurance, pools and other nominal costs. In this case its 20 years of deferred maintenance. Welcome to reality.
If you own a private stand alone home, who pays for the roof every 15-20 years? The homeowner and for 4000 sqft, you are on the hook for 45-50K. Pool construction: 100K, lawnmowing: 200 a month, Pool service: 150-200 a month. Paint: 10K I can keep going.
People need to start coming to realization that things cost money and perhaps we all need to pay closer attention to what things cost, how much we make, and how much we give away.
If you Google HOA satisfaction, you’ll find the majority of people like them.
@@patty109109 your crazy
it's mind boggling that HOA have more power than the gov
They don't they only have the power you give them. You can dissolve them with a vote. It is that simple.
@@cer2299 Really again!
@@AnnD135 Yep, you all need to know how easy it is or stop complaining.
Dissolve your HOA, problem solved. Take a vote and dissolve your HOA. It is that simple.
Okay, and then who owns and maintains the exterior of the buildings, the roofs, the common areas? Your condo is worthless if the building which it's in falls down. These aren't single family homes. Please tell us how it's all so "simple".
This is what happened at my parents neighborhood. They dissolved the HOA and now no HOA and the common areas are taken care of by homeowners near the common areas.
@@waltblackadar4690 Hire and attorney and figure it out. The home owners actually do have a say and a vote in how their money is spent. If you have a management company or anyone not listening then take a petition around and file the act to dissolve with the county. It depends on the liability of the common areas. But it does not have to be out of control like so many are getting. I would consult with and attorney after getting the petition signed. You can hold a meeting outside the designated HOA meetings as well. TAKE BACK YOUR CONTROL>>
@@waltblackadar4690 they are already worthless now because of the HOA. The proposed monthly HOA dues would be on par with renting an apartment. The whole point of buying a home is that you no longer need to pay rent. If that is no longer true then to unit has no value
@@PhilNo-kh8bb neighborhood is the key word here. These people are in a condo. What happens if the roof goes and the people don’t want to chip in for a new one? Who pays, or do you just let the whole thing rot?
HOA's are wicked
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
The HOA are the owners, and the owners are the HOA. What do you think the O stands for?
Yeah right… the whole community need to band together and take these fools to court
It still won’t change the HOA deficit and ongoing inflation.
The HOA is made from the community and for the community. Property maintenance won’t do itself.
@patty109109 off course not but those prices are insane. There needs to be a fraud investigation done in that community.
It’s like saying we should do a fraud investigation with all our past POTUS and Congress bc of the our US deficits and debt. Human beings will never change, we will always push off things to the next guy and use other ppls money and time bc nobody has the balls to fix things today. This development lacked accountability and was complacent with inflation which is not a crime to be st3pid.
Dissolve your HOA, problem solved. Take a vote and dissolve your HOA. It is that simple.
What I don't understand, why did all of a sudden, out of the blue, did someone (HOA board members or the private property mgmt company) just wake up one morning and realized that there weren't enough funds in reserve. My HOA is audited every year. A print of that audit is provided to all the owners where I live.
There was a new state law passed in Florida recently which forced HOAs to become fully funded by a certain date if they weren't already so. Too many HOAs weren't even close to being fully funded and so when a major maintenance or repair was needed they would levy huge assessments to cover the cost and this was impacting the ability of many owners to hold onto their properties. The irony is that this law is having the same effect but it's statewide and all at once because the state is now forcing them to become fully funded.
😂 HOA will take your house Away
@@krissimons1339 too much regulation! What happened to LIBERTY? This is Florida! DeSantis country… aren’t we all about the liberty to live free of government interference? Oh wait, that’s Federal interference. The 10th Amendment is all about giving the states the liberty to treat its citizens as serfs. That bit of snark aside, I have never grasped why anyone would buy in a condo, co-op, or HOA arrangement. As for audits, those never tell you much. Because an auditor who provides too much bad news will not be (re)hired by the organization that pays to be audited.
@@krissimons1339expect a housing crash like you wouldn’t believe in a few years.
This is just one of the reasons why it’s about to happen.
Who would dare buy these houses? And when they sell all together, that will bring down prices.
@@justSTUMBLEDupon That's one reason I bought in an older neighborhood with no HOA. No one to tell me I have too many weeds in my yard or what color I can paint my house and no HOA assessment!
This happens when any organisation is run by people who haven't a clue what the word "management" means. A business will go bankrupt if mismanaged like this, but a HOA only needs to milk its members for more money.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299 I accept that HOAs are a good idea. They pool the interests of home owners. But they are often run by people who have no experience managing an organisation worth tens and sometimes hundreds of thousand of dollars. It's too easy to spend other people's money and demand more from them when the coffers have been emptied. It sounds a bit like how communists run countries.
99% of all HOA communities are run by a professional management company. The board is responsible for implementing the management companies suggestions and voting on resolutions and budgets.
Abolish the HOA, there is no need for HOA to manage your home.
These are multi building condos - not homes. Condos share walls, roofs, and common areas. An HOA is responsible making sure there is enough money to properly maintain those items in the budget.
I believe they took down an HOA board and arrested them for stealing money recently. I would start there.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
NEVER buy a home or condo that has an H.O.A.
EVER - under ANY circumstance.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
NOT ALL HOAs are BAD YOU CLOWNS
99% of all condos are in an HOA community in FL.
Doesn't the law apply to ANY bldg 3 stories or higher? And a former high rise condo without an HOA- who will hire elevator repair, roofer, painter, etc?
Never ever get into a HOA.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Older non HOA homes need maintenance as well.
99% of new neighborhoods are established with an HOA now, go after the builders, they are responsible for allowing this system to become normalized.
@@info781 yea, and it sucks to have to live next to someone who does none!!! I'll take the HOA any day!!!
I feel them being able to foreclose on your home or put a lien is crazy
The bigger question should be is who gives them the power to do it that to begin with---- bought off politicians in state legislatures.
It’s not crazy at all. You own a condo you partake in contributions to property maintenance. If they couldn’t ultimately kick you out of the building, you’d find people in condos all the time saying no I’m not going to contribute while everybody else repairs the roof.
@@patty109109 so say you live there years and something they don’t agree on you would be like ok I will just sale my house and move. Really
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299 I have never lived in a HOA and was surprised when they said each home would have to pay $60,000 or sale their home
How are HOAs even allowed to do this? Huge reform is needed.
These are probably the same people who say they hate big government but insist on letting HOA's power over them is beyond me.
HOA is privatized government.
That's $10 million, are they building a whole new complex? Someone is lining their pockets with that money.
Take the current market price for your unit, minus $60k from the sales price, equals your new listing price. 4 Sale
Maybe not totally. I would pay more for unit in an HOA that has 7 million dollars in the bank vs the same unit at a different complex that has 12 dollars in their HOA account. People need to look at the finances of these HOA's and assess a value to that.
Who would want to buy? No one...
@@karenpalladini5010 - The buyer is not responsible for the 60K special assessment - the current owner is - it will be deducted out of the sale price proceeds. IF the current owner doesn't have enough equity to cover it, then it becomes a lien and will make selling that unit very tough.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@jonathantaylor6926 They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Look at whose hands are in the cookie jar and what companies are doing work for the HOA s and what favoritism is being used.
LoL 😂😀🤣😂😂😂😄 where is the Governor.
HOA's HAHAHAHAHAHAHAHAHAHAHAHAHA!!
And suddenly the fantasy of Cheap Florida living is OVER!!!!
Hasn’t been cheap to live in fl in 25 years.
I moved here over 30 years ago and watched prices soar overnight. Sometime around 2005 Florida got greedy and rents went way up, food prices, insurance rates.... everything here has increased in price. Me and my family are looking to leave this state because it's only going to get worse...increased greed. AND, the jobs here stink. There's no diversity of work here...all the jobs are basically the same they just have a different title.
It’s an HOA issue my HOA dues went from $0 to $0 this year cuz I refuse to live in an hoa
@@NalaRichenbachcare to explain what you mean by all jobs are the same?
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
HOA's are for those who aren't already being ruled hard enough and require further subjugation.
How do you turn them needing a new roof into something about this? 🤡
HOAs are the American communistic way of living. If you want that feel of living in a communist country, then an HOA is for you.
@@NalaRichenbach Thank you for betraying the fact you have no idea what the tenets of communism are.
@@patty109109 I haven't betrayed anyone. Go live in an HOA so you can experience the communism for yourself. I have a much better idea than you do. At least I can put together a sentence that makes sense.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
so the residents have been paying the HOA fee for the last 20yrs and that money has been flowing out into the Gulf of Mexico? where'd all that money go?
Mismanagement,not a one with any financial concept.
What independent adult would ever live in an HOA?
They are literally everywhere in Florida. All the new communities being built have them. It's hard to get away from
If people don't buy houses in HOA's they will get the message loud and clear. The houses will stand unsold and the builders will either dissolve the HOA or go bankrupt.
Any home built in Florida after 2005 is probably in a HOA.
@@onlyfacts077That’s why people are moving out of Florida in droves.
@@Mitzi73 what are you even talking about? Florida’s growing like a weed.
The problem is these HOA's tend to be underfunded. But one of the biggest reasons for this is a long standing theory that you never want to have too much in reserves. In the latter case the money tends to always disappear for many reasons.
Are they trying to kick you out?
They will if they don't kick out the current board and fix this.
Some will have no choice but to sell their homes, but finding a new buyer might be difficult.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Nice to hear. Saw this shit 40 years ago
YUP!!!! If they want to infringe on your rights to your property in the beginning, ain't no good coming from that down the road. They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities. Share
People are predictable, they would rather kick it down the road hoping someone else either dies, loses all of their investment, or gets an even bigger assessment. It sounds like there were no reserves to repair or maintain the property. Given a choice between higher fees people would rather run the property 'into the ground' She didn't mention the obvious option is to sell before a foreclosure if she can't afford to maintain it. Don't buy an HOA chose freehold, and run the investment down, you still pay when selling.,
The members need to demand a forensic accounting/audit of the HOAs books/records. Something is not right, as in money being skimmed or improperly spent.
I blame the homeowners. They probably don’t attend the meetings or look at the financials. They should’ve seen this comming.
You hit the nail on the head
This is no different from owning an older house, a new roof can be 30k, balcony repair is expensive.
For those saying to dissolve the HOA, or don’t buy in an HOA, how are the common elements maintained without an HOA? If you live in a townhouse or condo, please explain how the property is maintained without a Homeowner’s Association. In my community, we share most of the utilities, which has to be budgeted and managed. Plus landscaping, insurance, trash collection, etc. would love to hear how those things are managed without the HOA.
It is just some fool posting the same comment 109 times
These idiots who don't live in an HOA community don't understand why they are needed....They don't understand about common areas or shared roofs and walls and who manages the maintenance and repair of those areas.
HOA’s are just awesome aren’t they???
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Insane!! Another reason while I will never live in an HOA neighborhood!
Think of how happy any owners are who sold right before this new assessment, and unhappy any buyers. I would definitely never buy into an aged building.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299ok enough you have posted that over and over!
60K for each resident?!! Let me say that again.....$60,000 for each RESIDENT. Do you feel angered enough to call that useless State Attorney General, Ashley Moody?!!!
I suspect that is each residence and someone misspoke.
LOL... oh yeah they angry but will keep putting the useless people right back in office over and over and over... they get what they deserve here
@@JBoy340alol my 2 year old has to pay 60k
Good luck…you’re going to have to pay to fully fund your reserves…..per law.
People in HOA's never pay attention to what's going on with THEIR community. The first HOA I lived in the management company stole $3M and left the country. The current one I have has no idea what the rules are and are having to refund fines they issued. These are volunteers stepping up to run things, but you as a member still have to pay attention to whats going on. If you're looking to move into an HOA, LOOK AT THEIR FINANCES BEFORE HAND.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Florida gov . Signed to stop them from doing this . A quick search on RUclips for this new law will help !
Avoid buying a property with an HOA 😅
99% of new neighborhoods have them in place, it's the builders that need to be put in the spotlight for normalizing this, yet nobody talks about it.
First step: FIRE the HOA Board. They have CLEARLY mismanaged and ignored the maintenance surveys they are REQUIRED by HOA Rules for these repairs that are NOT a surprise….they are REGULAR MAINTENANCE ITEMS. I work with Engineers who deal,with these condo HOA boards…when we make repair recommendations for critical items that aren’t doing anything to make the property “pretty” (concrete repairs…roof repairs…etc) they opt to use the reserves for fancy new grand entry doors on the clubhouse…or adding decorative fountains…or ripping out all the palm trees and replacing with something new. They are DERELICT
This video is two minutes long and you’re jumping to an awful lot of conclusions.
As long as the Board was funding according to law, then nothing was done wrong. Underfunding wasn't against the rules. Now that the funding rules have changed - all of these HOA boards are scrambling to fund what is now required and owners are required to make up the shortfalls. You do realize owners vote on yearly budgets. Boards can't have a underfunded budget without owners approval.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@d.c.3220 That a Board is neglecting required maintenance and upkeep IS a violation. Those issues addressed in the video are ALL conditions that develop over time - not over night. Stop defending the Board who CLEARLY either skipped over the annual surveys, or simply opted to “push off the repairs”. They need to GO
@@patty109109 No…all issues mentioned are things that take time to develop and fail. They either IGNORED the deterioration or decided to delay repair which wound up costing more in the long run. Take your car to,a mechanic when it’s got a few drips of oil…or wait until every drop is gone…which is more costly?
Where do they think the money is going to come from??? I'll bet these people's income hasn't increased, yet their cost of living keeps increasing. 😮😮😮
You roll the dice buying into an HOA
I recently bought a house and my #1 requirement was NO HOA.
Exactly why I would never buy into a HOA community. I like my rights and freedoms.
Ours was over a million. In addition to that, they also raised our HOA fees over $325.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
I don't understand, who are they mad at? They are the owners. Someone has to pay for maintenance and insurance. If the place needs more money that is the owners responsibility. Everyone always looking to skirt their resposibsility and point the finger.
Why weren't these thing dealt with when it started happening years ago ? Also where did all that HOA payment money go .. could it have gone into an HOA board members pocket ???
Its not the HOA, its the cost associated with operating the HOA and the willingness of the owners to participate in running the thankless job of an HOA board member. HOA documents should reflect inflation and rising cost. There should be a clause in all HOA documents that due's will increase yearly by a certain percent to match rising cost's.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
Laws have been (or will be) enacted that forces condos to be fully funded in their reserves. This came out a few months ago. All condos will be under this new law. It will force many to abandon or sell their condo as the increase will be unmanageable, even for those who have paid off their condo.
It forces HOAs in condo buildings over 2 stories to fully fund which should have been the law many years ago. The new building insurance rules and increased costs also magnify the issue. Let's see if there is a flood of condo listings on the market this year.
This complex must have been really behind on reserves for it to get so out of whack. The new law mainly affects 3 story or higher communities so there is more to this story on why they special assessed so much. Could be unforeseen insurance costs.
Time to a serious state audit !!
I was a live-in manager of a high rise condo in a big PacNW city for close to 10 years. The building needed new windows so an assessment was imposed on all owners. It was not the same, top floors paid more because they were of more value. Up on 25th floor and above some units were assessed over 90K each. It was a nightmare. Some people had to sell, some took out loans, some paid cash. As a live-in manager I was in the thick of it, it cost about 4 million dollars and took 18 months to complete. It was a very busy 18 months but in the end everyone was very pleased, it increased the value of their condo's and extended the life of the building another 30 years. The building was in the middle of downtown, what an experience that was managing that project and still having all the general manager responsibilities. Old buildings are more challenging to manage, I can say that for sure.
Somehow I doubt the people that had to sell were very happy when all was said and done.
Being a manager of a building that gets a large assessment can't be fun. Boards and management companies are just starting to feel the wrath from mainly condo owners in FL with this new law set to go into affect in January. A few boards have already quit and I see more of this happening this year.
ALWAYS remember, "NO STATE TAXES‼️" 🤭🤭🤭🤭🤭🤭
What do state taxes have to do with HOA fees? LOL!!!
The homeowners of this community are colossally stupid to allow their reserves to be funded this short. Don't feel sorry for them..... they deserve it. Another thing..... you CANNOT use special assessments to fund reserves or their budget. What they should do is raise their assessments substantially to fix this problem and special assess any projects that come due prior to funding fix. I would support raising assessments for one year to fully cover the shortage (shortage by end of year divided by 12 months). So add $5,000 a month in addition to their normal assessments for 1 year. What people don't understand is that they OWE this MONEY. They did it to themselves. And they're not alone. Nobody has taken their reserves seriously in all the HOA's I've lived in. My current HOA borrowed money for underfunded projects and now has a 10 year note (we have so many broke fixed income people that they would've never pulled off a special assessment). The irony of this is they knew their contributions were too low all along.
Don’t buy a condo!
The hoa trying to get money before desantis passes the hoa law.
Never buy into an HOA without first checking the HOA's finances. Very simple to see what reserve funds are and there should be a fund for every area that will need maintenance.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299do you need to post this 100 times ? some group of people needs to maintain the common areas
@@info781 So pick. What do you really want.
@@cer2299 Too be able to read the comments without seeing the same post 100 times.
@@info781 Don't read it a 100 times. Move on.
Due to the unexpected cost of upgrades and code compliance the board will visit other similar condos located in other countries to familiarize themselves with improved management strategies. Thank you
your board.
I would demand a audit of those financials
If you read the document that is shown in this video..... it states this community has voted to underfund their reserves for 20 years. Can anyone read? As you can tell..... this is very offensive.
What fool would buy into a living situation with a HOA?!
People who think HOAs keep "undesirables" away. And lazy people who don't want to cut their lawns.
No way would I ever buy a home in an HOA community! No way! 😡
First rule of fight club: Never live under a HOA.
i tend not to agree with HOA's but if you have balcony's that need to be fixed, and other concerns of disrepair over 20 years, etc lets you know homeowners are NOT taking care of the property the way they claim they will. homeownership is a responsibility and properties do need to be maintained. its the 60k fine OR you fine the houses that have left their home in disrepair...the houses have to be kept up. yea...while i think most HOA's are scammy, this sounds like a legitimate use of HOA.
This is outrageous.
They agreed to allow an HOA to govern them, this is their own fault.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
I have just paid $120k special assessment for my one bedroom condo in Seattle area last month, crazy 😢
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299 This guy is a moron. He doesn't understand why HOAs are required in shared building communities. IE, Condos and Townhouses.
Wonder where the money
Went people pay HOA fees every month…
A community can not borrow money, they must self fund.
Landscaping, pool maintenance, insurance etc.
And it was never collected to start with. Members vote on this stuff.
If you don't see any damage, then there is no damage until it "just" falls down one day.
Buildings, like people, get old and worn out.
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
The issue is the HOA was not collecting enough money to meet all the new state standards for HOAs.
Remove the HOA and hire someone else with experience to workout a better outcome! People are lazy and typically just pay or run from these issues. This is what you do! Have a meeting of all residents. Find and hire an experienced HOA attorney! Vote in a new HOA board in and work thru these issues! You might also find that the existing HOA has pilfered you HOA funds or just miss managed them!
I sold my condo of 20 years but just so people understand, sometimes the lack of maintenance is not the HOA’s fault but the city/state. The last assessment I had before I sold was we were forced by the city to put in a new elevator system that was compliant to new city regulations. Nobody wanted to do it but we had to.
When we started looking for a house in 1995 (in California 🌴) I told my husband NO HOA he did not even know what an HOA is 😵 we live in a small town the only reason I knew what an HOA is is be cause I work for USPS mail lady and I had 2 HOA communities on my route and I always felt that they have to many RULES and that was not for us …..
This is what happens when boards don’t do the responsible thing and raise the dues to cover anticipated expenses. They kick the can down the road.
Florida's Home Builders have been deferring payments for infrastructure and maintenance for decades. The current and future owners will now be responsible to pay the cost. When you ignore problems they don't go away.
My HOA increases every year for this issue. Keep the reserves up as we progress along with increases.
Federal law should require that all homes are opted out of HOAs with the ability to opt in and out at any time. HOAs should offer actual value to people, otherwise should not be opted in to.
I would never ever ever ever ever ever by a home or condo with an HOA. Meetings don't mean crap.The HOA are like legal gangsters they do what they want when they want.
Can't the homeowners get an accounting or itemized list of why the HOA is doing an increase. Looking at that letter "We need to do this XYZ" is not a justified reason. The residence put a vote what needs to be fixed or not.
Someone is skimming this money and I would call the attorney general in Florida , they need to be audited . The management company needs to shop around for better pricing as well as regular repairs as well as insurance brokers.
If you on any kind of home, you will have to pay for regular maintenance and repairs. Roof don’t last forever for example. If your HOA dues are not high enough to allow for some of that money to go into reserves for major repairs and maintenance this is what happens. Expect that many people who purchased condominiums are under the impression that they will have low to no maintenance and that they will have a perpetually low monthly dues. This is not realistic and it’s a shame that purchasers of condominiums don’t better educate themselves on what condominium ownership, actually is. You’re bored has a fiduciary duty to ensure there are enough funds to make necessary repairs. You have to have the place tented for termites on a regular basis for one and if you have a swimming pool area needs to be cleaned regularly and when something breaks, it has to be fixed and that has to be paid for. You can’t expect a $350 a month Fee to be able to cover all of that in perpetuity. $60,000 is a lot of money and cannot be assessed without a vote of all owners. So this could not have come as any kind of a surprise. Also homeowners will often take out a HELOC on their condominiumto satisfy the assessment
I’d move
THAT'S ALMOST 10 MILLION DOLLARS, WHAT?
Don’t EVER buy property subject to an HOA
It is not the HOA! It is the new Florida regulation that is forcing HOA to have the reserved cash and to do the maintenance
Voting for your politions have put you here.
MAKE BETTER CHOICES!
$60,000 each???? That’s a solid downpayment for a house in many parts of the country
You should see what the assessments are for some condos down in the Miami area... 200K, 300K, or higher.
Some one one on the HOA wants a few free vacations
HOA Financial mismanagement
🤺💐
They can be dissolved with a simple vote of the people who own in the HOA, sometimes only needing 20% of the vote. Another reason people who live in HOA's need to be careful with allowing corporations to buy up too many homes in their communities.
@@cer2299 a mini government.
🤺💐
@@cer2299 a mini government
🤺💐
Arent the board member also subject to the special assessment? It’s not like they avoid it.
Sounds to me like the management team has not done their job and need to be replaced.
Lease was signed didn't include past things not paid for 60 years ago.
Stop paying HOA take them to court
You signed a contract saying you would pay normal and special assessment when you purchased
Audit the HOA!!!
Why is this multiple choice? Option 0, dissolve this HOA entirely and divide its assets among the homeowners. Then they can replace their decks or not if they feel like it.
Ho, Ho, Hey, Hey, HOA's must go away.
I dont understand why HOAs even need funds for. What are they assessing? The house/land is already covered by the owners HOs insurance.
forget about selling. no one is buying condos in florida
No one is buying in FL period. I have a small cleaning business and almost all of our airbnbs are trying to sell… but nobody is buying!!!
@@sammyp9514 Good to know! I'm thinking things are going to get much worse : (
It requires a vote by the membership, can't be a requirement... check your documents!
who has 60k to cough up? those HOA people are crazy.
Or the building starts to fall apart. Buildings need money for maintenance and repairs. Unexpected things can happen not budgeted for. Mortgage companies won't loan on poorly maintained buildings.
I don’t have $60,000 extra and would have to “find” it somewhere
lol, they be living for cheap and now the chickens have come home
Exactly. HOA fees mostly cover the reoccurring cost like landscaping, window cleaning, pool maintenance, insurance etc... but its not enough for larger long term repairs.. these HOA fees should really have a breakdown of what percent is going to current expenses vs a long term maintenance fund.. but its probably 100/0 and most HOA buyers do not care they just want a low monthly HOA bill.
Correct. You can pay a little more each month or a big chunk later and then more each month. Same as owning any building, car, boat, or motorcycle. Deferred maintenance always costs a lot to fix.
Condo's have necessary expenses which get shared by all,.. Get out while you can,
For those renting there, renting doesn't seem so expensive now. Owning/maintaining properties is not cheap. Some one has to pay for the upkeep.
Vote them out . Vote!! We did it!! That’s only 5,000 dollars in repairs. Hire your own repairman/woman .