Special assessments are a big issue for Florida condo owners these days, even here around Stuart. After the collapse of a high-rise condo building in Surfside a few years ago, killing almost 100 people, a law was passed in Florida requiring all structures 3 stories or higher over 30 years old to be inspected, and reserves collected to fund the necessary repairs. This, combined with high property insurance costs, has led to a huge decline in condo sales in Florida. In nearby Jensen Beach, a condo complex on the ocean called Villa del Sol was inspected and 3 of their 6 buildings were found to be structurally deficient and uninhabitable. The special assessment to repair them will cost each owner $86,000, and much more if the three buildings need to be rebuilt. The only other option would be to sell the property to a developer, but all 72 owners would need to agree, which is unlikely. My sister Susan and I took back the Stuart, Florida condo we inherited from our mother Mary, located at the Monterey Yacht and Country Club and seen in the photograph above, from renters last year. The complex has a 9-hole golf course and a yacht club, although no yachts, since the developer was not allowed to dredge the St. Lucie River. Since the buildings are only two stories, I thought we were safe, but evidently there are structural issues here too, requiring special assessments over the next 5 years. Maintenance deferral was evidently the rule rather than the exception here in Florida until now. Our assessment is nothing like at Vista Del Sol, thank God, but still irritating. But evidently also necessary. Reality is a bummer, isn't it?
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