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Article Courtesy of Channel
Fox 35 Orlando
By
FOX Staff
Published December 19, 2024
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The Brief
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Residents at Winter Park Woods condo complex are facing
massive increases in HOA fees, with some seeing charges rise from $400 to
over $2,000 a month.
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The hikes are largely due to new state regulations
requiring larger reserves for infrastructure repairs following the Surfside
collapse.
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Experts advise condo owners to be more involved in their
HOA decisions to help control costs.
WINTER PARK - Residents at a local condo complex are grappling with skyrocketing
HOA fees, with some seeing their monthly costs increase from $400 to more than
$2,000 in just a few years.
Cindi Moran, a condo owner at Winter Park Woods, says her fees have surged
dramatically since she purchased her unit in 2022. Despite spending significant
time and money on renovations, she has not seen any substantial improvements to
the property.
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"Renovated it, gutted both bathrooms,
gutted the kitchen, repainted everything, redid all the
trim, doors, everything," she said.
The HOA fees were $400 a month when she moved in, and now
they are rising to $2,081 going into 2025, she told us.
Retiree Alexander Austriaco, another resident, also faces
similar increases and says he may need to return to work to
cover the rising costs.
Insurance expert Karl Susman attributes the hikes to new
state regulations implemented after the Surfside building
collapse, which require HOAs to maintain larger funds for
infrastructure repairs.
"The inspector comes out and says, ‘We have to shore the
building up, do other upgrades and improvements to bring it
to code to be more weather-resistant.’
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The HOA is basically forced to go forward with that, which means a lot of money
to the individual homeowners," he said.
He
advises owners to get more involved with their associations and ensure the
legitimacy of contractors and inspectors.
"Be sure that the person coming out and giving the bids is legitimate," he
explained. "Get one or two different bids out there. But remember the law won't
let you pick just anybody; it has to be a licensed contractor for that type of
business."
The Winter Park Woods HOA has not yet responded to requests for comment.
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