Photo by Miami-Dade Fire Rescue Department
Sunday, August 11, 2024 – Ormond Beach, FL – Retired school teacher and administrator Janet Stone of Las Vegas, NV could have avoided this misfortune by conducting proper homeowner association due diligence BEFORE she made the mistake of investing $400K in a 53-year-old Ormond Beach, FL condominium.
https://news.yahoo.com/news/reckoning-coming-floridas-condo-owners-120000653.html
Better yet, she should have purchased a CIDA REPORT™ from CIDAnalytics. If she had, I can assure everyone that Stone would have known what she was getting herself into back in 2021. Furthermore, there is a high probability that she would NOT have purchased a condominium in a 53-year-old, concrete-reinforced building that is within shouting distance of the Atlantic Ocean.
Inquiring minds want to know if Ms. Stone made the fateful decision to purchase her condo by the beach before the collapse of Champlain Tower South Condominium on June 24, 2021, or AFTER.
As bad as things may seem for Janet Stone, the reality is that her predicament is becoming more commonplace, especially in states such as Florida. In an era when more than 70% of the HOA housing inventory is well on the way to being 30 years old (or older), $100K in special assessments are not all that uncommon.
This is why we say Because You’re Buying MORE Than a Home!
