Are Special Assessments Common in St. Armands?
Are Special Assessments Common in St. Armands?
Quick Answer
Special assessments are more common in St. Armands than many buyers expect, especially compared to mainland Sarasota. This is because St. Armands has a high concentration of condos and HOAs, which are governed by Florida Statute 718 and Florida Statute 720, both of which allow associations to levy special assessments for unexpected repairs or capital projects. In my experience, buyers are often surprised to discover pending assessments for hurricane repairs or infrastructure upgrades – sometimes totaling $10,000 – $30,000 per unit. If you find out about a special assessment after you’re under contract, you could be on the hook for thousands or even lose financing if your lender balks at the added cost. Missed or undisclosed assessments can kill deals, force last-minute renegotiations, or drain your reserves right after closing. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
Risk #1 – Undisclosed or Pending Special Assessments
Undisclosed or pending special assessments are a leading deal killer in St. Armands, especially in condo transactions governed by Florida Statute 718. Sellers are legally required to disclose any special assessments levied or pending in the last 12 months, but I’ve seen deals where this information was missed or delayed. In one case, a buyer learned three days before closing about a $15,000 assessment for roof repairs – forcing a scramble to renegotiate who would pay, and nearly causing the buyer to walk away.
When my husband Mike and I bought our condo at Seaplace212 in 2018, we were fortunate that we had the Renick Team on our side. Eric & Mike are very Professional and honest with full disclosure. I am a licensed Real Estate agent in Florida. I feel comfortable referring my clients to Eric and Mike. I know that they will receive competent representation.
– Marge Nuzzo, Google Review
Inadequate reserves in St. Armands condo associations often trigger frequent special assessments, putting ongoing financial strain on owners. According to the Florida Condo HOA Law Blog, special assessments are becoming more frequent as associations face rising insurance costs and deferred maintenance. I’ve seen buyers close on what looked like a well-priced condo, only to get hit with a $20,000 assessment for seawall repairs six months later – money they hadn’t budgeted, leading to financial stress or forced sales.
Risk #2 – Improperly Noticed or Approved Assessments
Improperly noticed or approved special assessments can delay closings and create legal headaches. Florida law requires at least 14 days’ notice for assessment meetings, with clear disclosure of purpose and estimated cost. If an association skips steps or fails to get proper approval, buyers may face delays as attorneys sort out the mess, or worse, become liable for an assessment that could have been challenged. I’ve seen a closing delayed by over a month because the board failed to follow the correct process, putting both buyer and seller at risk of contract default.
How to Protect Yourself Before You Commit
- Demand Full Disclosure: Require written confirmation of all pending and recently levied special assessments before making an offer.
- Review Association Financials: Analyze reserve studies and recent budgets for signs of underfunding or deferred maintenance.
- Request Meeting Minutes: Ask for the last 12 months of board meeting minutes to spot discussions about upcoming assessments.
- Get Estoppel Certificates Early: Order the official estoppel certificate as soon as possible to catch any undisclosed assessments.
- Consult a Local Attorney: Have a Florida real estate attorney review the condo documents and assessment history before you sign.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
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What a Local Agent Catches That You Won’t See in the Listing
A local agent who knows St. Armands can spot red flags that never show up in the MLS. I once had a buyer interested in a waterfront condo that looked perfect on paper – until I dug into the board minutes and found talk of a $25,000 seawall assessment coming up for a vote. We renegotiated the contract so the seller paid the full amount at closing, saving my client from a nasty surprise. In another deal, I caught that the association had failed to give proper notice for a recent assessment, which allowed us to challenge the charge and delay payment until the legal process was sorted out.
When we discuss Florida real estate our sentence always begins with “We have friends who sell real estate in Longboat Key “ . Mike and Eric didn’t start off as our personal friends but after working with them for three real estate transactions, we feel they are not just “ our local real estate professionals” , but our friends as well. Team Renick – Mike Renick and Eric Teoh combined their years of real estate experience with their knowledge of the Longboat Key/Sarasota marketplace guiding us through every step of the buying and selling process with ease. They are easy to talk to, always available and quick to respond to all our calls almost immediately. After the sale has been just as important as the sale itself, especially since we don’t live in Longboat Key full time, from simple tasks that only a friend would help with to answering involved real estate investment questions. We have recommended Mike and Eric to our family and friends, and recommend them to you. If we ever choose to buy or sell again they will be our first choice in real estate professionals.
– Mindy Shapiro, Google Review
Questions Clients Actually Ask
How do I know if there’s a special assessment on a St. Armands property?
You can confirm special assessments by reviewing the seller’s disclosure, the estoppel certificate, and recent board meeting minutes. Florida contracts require sellers to disclose any assessments levied or pending in the last 12 months, but you should always double-check with the association.
Can a special assessment ruin my financing or closing?
Yes, a large special assessment can derail your loan approval or force you to come up with extra cash at closing. Lenders may require proof that assessments are paid in full or adjust your debt-to-income ratio, which can kill the deal if discovered late.
Are special assessments more common in St. Armands than other Sarasota areas?
Special assessments are more common in St. Armands than in single-family neighborhoods on the mainland, because the area is dominated by condos and HOAs that face frequent hurricane, flood, and infrastructure costs.
What To Do Right Now
Before you make an offer on any St. Armands condo or HOA property, request all association documents, recent meeting minutes, and the official estoppel certificate.
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Michael Renick · Licensed Florida Real Estate Broker
License #BK3241900 · Verify on Florida DBPR
Mangrove Realty Associates Inc / Team Renick · Serving Sarasota & Manatee Counties since 2011
About the Author
I’m Michael Renick — a Florida West Coast broker with over 15 years guiding families through some of the biggest decisions of their lives. I’ve built my practice on hard work, honesty, and total transparency. No shortcuts, no spin — just straight answers, deep market knowledge, and the dedication my clients deserve from start to close.
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