Florida condo owners hammered by soaring insurance, dues, special assessments — but some are taking a stand
In St. Petersburg, Point Brittany condo communities are pushing back against rising HOA fees and special assessments. Many say the increasing costs are pricing them out of their homes, yet major repairs remain unaddressed.
“I’ve been here for about three years, and my assessments have doubled,” resident Diana Smith told WFLA NBC Channel 8 reporter Linnie Supall.
Smith has paid an extra $20,000 over two years for special assessments at her Point Brittany building, money meant to cover unexpected or major repairs that cannot be paid via the condo association’s reserve fund. Another resident said the financial strain has left them with little more than food and gas money.
At first, Point Brittany residents accepted the increased fees, believing they would fund critical repairs to the buildings, which date back to the 1970s. But some condo owners told WFLA that structural issues and other concerns — like a crumbling ceiling in an activity room — are not being addressed.
Now a small but increasingly vocal group believes the money is being mismanaged by their condo association.
They’ve complained to the Florida Department of Business and Professional Regulation (DBPR), which is responsible for licensing and regulating businesses and ensuring real estate agents and businesses follow regulations.
According to WFLA, the department sent a letter to residents confirming that it would launch an investigation based on the complaints, with the following wording:
“Based upon an evaluation of the alleged statutory violation and the submitted documentation, the Division has determined that it will proceed by conducting an investigation specifically regarding potential violations.”
Read more: 82% of Americans are missing out on a savings account that pays over 10 times the national average
While condo residents struggle with rising costs and slow repairs, a broader trend may be at play. Homeowners Association (HOA) fees are rising nationwide, particularly on condos.
Realtor.com reports that HOA dues are more common for condos, with HOA fees levied on 83.8% of condos for sale in 2024 compared to 33.6% of single-family homes. HOA fees on condos are also higher, averaging $375 per month compared to just $58 per month on a single family home.
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