The tragic Surfside condo collapse in 2021 has had far-reaching consequences for Florida’s condo owners, leading to stricter inspection requirements and a surge in costly repairs. These changes are pushing some Floridians to the financial brink, as special assessments—sometimes reaching six figures—are levied to cover necessary improvements. For many, these unexpected expenses are making it difficult, if not impossible, to stay in their homes.
A Widow’s Struggle: Facing a Six-Figure Special Assessment
Janet Stone, a former teacher and widow, moved to Ormond Beach to be closer to her grandchildren, hoping to enjoy her retirement in a peaceful setting. However, her dream turned into a financial nightmare when she was hit with a $100,000 special assessment for her condo. The hefty sum was meant to cover critical repairs, including concrete restoration, new windows, and reserve funds.
Faced with such a daunting bill, Stone considered selling her condo, but quickly realized that the market wasn’t on her side. Condos in her building were selling at deep discounts, making it unlikely that she could recoup her investment. With limited options, Stone made the difficult decision to return to work.