Florida Retiree Forced to Return to Work After Gov. DeSantis Demanded a $100,000 Homeowners Fee

The bill will drastically change the fees condo owners in the Sunshine State are required to pay this year specifically, and one woman has reported that the new costs are so high, she’s being forced to come out of retirement.

That year, the Champlain Towers, a 12-story condominium complex in Surfside, Florida, suddenly collapsed, killing 98 people. Investigation into the accident showed that the four-decade-old building hadn’t been constructed following the state’s requirements and was due for an assessment that year.

This means that associations responsible for looking after condos might hold back reserves for repairs and maintenance to keep residents safe. Unfortunately, this law came with a cost.

However, it quickly became clear that the Florida condo associations didn’t have nearly enough money to pay for the inspections, let alone keep enough funding in the reserves for future issues.

This means that there were no reserves to pay for needed and necessary maintenance to keep residents in the condos safe.

Many associations may face repairs and replacement costs that reach the millions, and residents are the ones who have to pay the price.

However, the monthly fee could make condo living too expensive for many people, especially retirees living on a fixed income.

Homeowners were furious, as they were already paying exorbitant prices for their mortgages, home insurance, property taxes, and homeowners association membership fees. They have been complaining for nearly two years, but then, in June 2024, things got even worse.

But while it does implement several specific HOA rules, it also clarified that every condo owner within an association would have to complete a home assessment by December 31, 2024. An assessment that they would have to pay for out of their own pocket.

Like almost every other Florida condo owner, Huffstetler certainly doesn’t have an extra $100,000 to give to his HOA, even if he wanted to.

For those who simply cannot pay, the homeowners association can either impose a fine or late fee, or even foreclose on the property completely.

“Little did I know, two years later, I was going to be hit with an assessment of $140,000 to fix the maintenance that the previous boards of directors neglected to fix throughout the building.”

Many are finding themselves with limited options: Either go back to work, live a more frugal retirement lifestyle, or move.

“This new law, even though, yes, it was well intended, is creating a significant amount of headaches and chaos throughout anyone that owns a condo in Florida; this is really bad,” Murray said.

Stone explained, “I’m a retired teacher, so we don’t have hundreds of thousands set aside somewhere that we can contribute. It put me in a position where I needed to return to work.”

However, with the fees now public knowledge, they will likely struggle to sell their condos for the asking price. Buyers will unquestionably want a discount seeing as they will have to immediately pay the HOA a whopping $100,000.

Florida real estate expert Ed DiMarco explained, “While a crash is not imminent, a market correction could begin in late 2024 or early 2025 as these pressures mount.”

While Americans arrived from all over, the majority moved from California in hopes of a more affordable life. However, with the new fees, added insurance costs, and climbing mortgage rates, Florida may not be cheaper than California for much longer.

If he can’t clean things up and improve Florida’s economy and housing market, DeSantis can all but give up on his dream to run for president in 2028.

Florida was once the most popular retirement destination due to its warm climate, tax benefits, and affordable cost of living. Now, the state finds itself in trouble as the cost of living rises and climate change threatens the coastal cities.

Considering cost of living taxes, housing expenses, and over quality of life, here are three other places that retirees can consider moving to if Florida is no longer the best choice.

While housing has increased in recent years, largely due to the mass exodus of people from California, the state is still the best place for retirees in the US to move to.

The Granite State has a tax-friendly reputation that will be a big draw with retirees who are living on a fixed income. Even now, the state has the lowest tax burden out of any US state.

Inexpensive housing aside, Vision Retirement highlighted North Carolina as having lower property taxes than average and reasonably priced homeowners insurance.