DAYTONA BEACH -- Many are still rebuilding after hurricanes Ian and Nicole caused widespread destruction in Daytona Beach Shores.

"We ended up having to replace the roofs on both of our buildings. We had to put in a brand new seawall," said Nanette Mckeel Petrella, Castaways Beach Resort condo owner.

Mckeel Petrella said there were millions of dollars worth of damage. Residents had to pay a $20,000 special assessment fee to help get this fixed, but it was too much for some. "We did see a lot of units go up for sale," she added. Now, a new state law is the reason condo owners are once again getting hit with special assessment fees. Condos over three stories high are required to complete a structural integrity reserve study. This study will tell them how much money they need to have in their reserves for the long-term maintenance of their buildings. This is leading to increases in association dues for renters.

 

"Communities that have no reserve money, not done repairs and basically done everything on the lowest cost method they can, are now faced with huge increases to cover those costs," said John Cadden with Condominium Advisory Group.

 

Cadden suggests these high rates are partly condo associations' fault.

"It used to be, you did a reserve study, but you could vote as a condominium to waive reserves and not reserve any money," he said. "And of course, when people are asked to spend less money, they always agreed."

The fees for many homeowners now range from hundreds to thousands of dollars. Many are choosing to sell because they can't afford it.

"There's more units on the market year over year now, almost twice as many," he added. "There's more coming on the market every month."

The study must be completed by Dec. 31 or the association could face financial penalties. Many have already completed them, while others are still waiting.