6k Special Assessment On Units Priced Between 12-19k

When things go bad, they go bad – we have a 40 years old seniors complex (55+) Inlet House in Fort Pierce Florida that has been foreclosing on units that haven’t paid the special assessment of 6,000 (USD) to do a major replacement of plumbing. This repair is also requires the vacation of the units during some of the repairs.

What I found interesting was looking at realty listings for the complex; they average $30.50/sq. foot. Please sir, can I have 12 of them! 726sq. feet for $11,900 – list. A little negotiation and I’m sure you can get it for less.

It comes back to the issue that sometimes a “small” special assessment (6k in this case) is still beyond the keen of the owner to pay – especially in this case where the building is a senior’s residence and many are likely on fixed income. That also means they have less flexibility or ability to absorb the costs of vacating their unit for the repair. It also represents 1/3 of the unit’s equity.

What also has me concerned is the tv report which indicates that Florida is looking at making it harder for corporations to foreclose on deadbeat unit owners. Giving unit owners the ability to pass on paying the costs of their common area and corporate bills is always a bad thing.