GET READY FOR SOME STICKER SHOCK

By Eric Glazer, Esq.

Published November 8, 2021

 

In the last 24 hours I was told of two different association annual budgets going up massively for the coming year.  We are talking about over 35% increases in the budget.  Think about that.  If your assessments are already $600.00 per month, you probably can expect going to $850.00 per month.  If youíre already at $800.00 per month, youíre about to go over a thousand.

 

Itís actually worse though, on a smaller scale.  People that are only paying $400.00 per month will now be going to around $550.00 per month.  Itís going to hurt them the most.  It always hurts the poorer people the most.

 

Add this on to the rising costs of gasoline, food, utilities and insurance and we are looking at a real crisis coming up.  Just remember, we can also expect that The Florida Legislature will likely be passing laws this year making it impossible to completely waive the funding of your reserve accounts.  So, on top of everything we just mentioned, get ready for your assessments to go up even hire when you are forced to pay in advance for future repairs.

 

For those of you that have not started addressing your budget for next year yet, I would get busy immediately.  Youíre fooling yourself if you think that by avoiding it, things wonít change.  They will.  Unfortunately, all of these causes are coming together like a perfect storm.  Thank heavens most people donít have adjustable rate mortgages any longer because if they did and mortgage rates started going up, things would be even worse.

 

Iím telling you whatís definitely coming.  The question isÖ..are there any solutions to prevent these increases.  I donít think there are.  What things can you cut from your budget to offset these increases?  What steps can you take to curb costs?  Iím open to suggestions but I just donít see good things on the horizon.  I can tell you that at least in my office, itís starting to feel like foreclosures and delinquencies are already on the rise.  How do we put the brakes on another foreclosure crisis?

 

I would love to read some intelligent answers today.


HTML Comment Box is loading comments...
 

About HOA & Condo Blog

Eric Glazer

Eric Glazer graduated from the University of Miami School of Law in 1992 after receiving a B.A. from NYU. He has practiced community association law for three decades and is the owner of Glazer and Sachs, P.A. a five attorney law firm with offices in Fort Lauderdale and Orlando.

Eric is Board Certified by The Florida Bar in Condominium and Planned Development Law.

 

Since 2009, Eric has been the host of Condo Craze and HOAs, a weekly one hour radio show that airs at 11:00 a.m. each Sunday on 850 WFTL.

   

See: www.condocrazeandhoas.com.

   

Eric is the first attorney in the State of Florida that designed a course that certifies condominium and HOA residents as eligible to serve on a Board of Directors and has now certified more than 20,000 Floridians all across the state. He is certified as a Circuit Court Mediator by The Florida Supreme Court and has mediated dozens of disputes between associations and unit owners. Eric also devotes significant time to advancing legislation in the best interest of Florida community association members.



Join Our CondoCraze & HOAs Email List
Email:  
For Email Marketing you can trust