Increasing Costs of Home Owners Association Dues at Lakewood Park Condominiums

In the community of Lakewood Park Condos in Altamonte Springs, Florida, homeowners are grappling with a significant change – a nearly 100% increase in their Homeowners Association (HOA) fees. This decision, made independently by the Board, has sparked concerns and discussions among residents.

The monthly fee for the smallest units has risen to $712.93, while the largest units now cost $1,017.19. This increase, while not exceeding the 115% threshold set by Florida Statute 718.112(2)(a), has still strained the budgets of many homeowners.

Resident Hannah Lucero expressed disbelief and frustration, suspecting potential mismanagement of funds. Another resident, Mario Catalfamo, fears the economic impact, noting that many may struggle to cope with the increase. The concern extends beyond individual homeowners, with some residents worrying about potential rent hikes or displacement.

The Board, however, used data from the reserve study as a basis for their financial planning. The Structural Integrity Reserve Study provided a detailed projection of Replacement Cost amounts over several years. This study, along with the annual budget planning process, forms the foundation for HOA fee adjustments in Florida.

In response to the situation, our website has taken the initiative to educate both the Board and the community about the nuances of the reserve study and the HOA fee increase. We are also conducting a Special Webinar on pooled funding to empower homeowners with knowledge and involvement in future financial planning.

The goal of our efforts is to ensure that homeowners and the Board are well-informed and can make decisions that are in the best interest of the community. We believe that proactive community engagement and informed decision-making are key to navigating the complexities and responsibilities inherent in condominium living.

It's important to note that Florida law does not impose strict limits on HOA fee increases. However, homeowners do have the right to request a substitute budget if assessments increase by more than 115%.

We encourage residents to attend meetings and engage with the Board to understand the financial decisions being made. By working together, we can strive for a more transparent and collaborative community.