Florida Condominium Offers Stark Lesson on Effect of Deferred Maintenance
The cable television provider in a Florida association recently refused to provide service because its service technicians had been robbed at gunpoint. Nine buildings have been demolished by the city in the 60 unit association and the association had received millions of dollars in fines for code violations. This association is likely the end result of unchecked defered maintenance. When an association has failed to maintain long enough, it crosses a tipping point. Any owner who is financially capable of catching up the maintenance or with the talent and leadership to work through serious maintenance problems will have moved. The only people left will be those people financially unable to correct the problems and without the motivation or talent for serious maintenance projects. The inevitable result is a catestrophic loss of property values and eventual condemnation. Every association with any signficant common area infrastructure is at risk for this problem, particularly condominium and townhome associations. Morris Sperry can provide good legal and busineses advice on the issues of deferred maintenance and reserves. Don't let your association cross the tipping point!