Many Southwest Florida condo owners are in trouble financially as they face thousands of dollars in special assessments.There is a rush of people putting their condos up for sale, and buyers are shying away.Florida is now facing a condo crisis as more condos are on the market than there have been in years.North Fort Myers residents in the Foxmoor Lakes neighborhood are seeing special assessments added to their already high-priced insurance.Kristen Moos and her husband are retired and face a special assessment of $2,450, which is due in August.She and many of her neighbors are scrambling to come up with the extra cash.“It’s very difficult because we didn’t budget for this. We just paid at the beginning of the year, $2,000 for flood insurance … and now we’re hit with this assessment,” Moos said.According to realtor listings, more than 6,500 condos are currently on the market in just Lee and Collier counties, and more are being added daily.“I hear from everybody. ‘I can’t afford it. I’m not going to be able to afford it in another year, and what happens if we get hit again,'” Moos said. A condo in her neighborhood has been on the market for more than six months, and the owner has been forced to lower the price to below $180,000.Real estate agent Claudia Springgay said there were 1,000 more condos on the market this May than compared to last year.“But also, I think it has to do with association fees. They have increased somewhere between 20 and 25% on average,” Springgay said.New state laws also require condo associations to be fully funded in case of disaster.Real estate agent Sue Christiano of Engel & Volkers Realty in Fort Myers points out a lot of communities have had assessments.“People have become very nervous about the fact they’re buying a condo and getting hit with another assessment, and there are pending assessments, and sometimes they go to the new buyer,” Christiano said.Potentially forcing more people to try and sell in a market that’s become overly saturated.While these special assessments can be on average a couple of thousands of dollars, realty experts say in pricey coastal areas condo owners are seeing special assessments upwards of tens of thousands of dollars.
Many Southwest Florida condo owners are in trouble financially as they face thousands of dollars in special assessments.
There is a rush of people putting their condos up for sale, and buyers are shying away.
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Florida is now facing a condo crisis as more condos are on the market than there have been in years.
North Fort Myers residents in the Foxmoor Lakes neighborhood are seeing special assessments added to their already high-priced insurance.
Kristen Moos and her husband are retired and face a special assessment of $2,450, which is due in August.
She and many of her neighbors are scrambling to come up with the extra cash.
“It’s very difficult because we didn’t budget for this. We just paid at the beginning of the year, $2,000 for flood insurance … and now we’re hit with this assessment,” Moos said.
According to realtor listings, more than 6,500 condos are currently on the market in just Lee and Collier counties, and more are being added daily.
“I hear from everybody. ‘I can’t afford it. I’m not going to be able to afford it in another year, and what happens if we get hit again,'” Moos said.
A condo in her neighborhood has been on the market for more than six months, and the owner has been forced to lower the price to below $180,000.
Real estate agent Claudia Springgay said there were 1,000 more condos on the market this May than compared to last year.
“But also, I think it has to do with association fees. They have increased somewhere between 20 and 25% on average,” Springgay said.
New state laws also require condo associations to be fully funded in case of disaster.
Real estate agent Sue Christiano of Engel & Volkers Realty in Fort Myers points out a lot of communities have had assessments.
“People have become very nervous about the fact they’re buying a condo and getting hit with another assessment, and there are pending assessments, and sometimes they go to the new buyer,” Christiano said.
Potentially forcing more people to try and sell in a market that’s become overly saturated.
While these special assessments can be on average a couple of thousands of dollars, realty experts say in pricey coastal areas condo owners are seeing special assessments upwards of tens of thousands of dollars.
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