ORLANDO, Fla. – Residents of Regency Gardens Condominiums are worried they’ll either lose or have to sell their properties after a recent notice revealing a shortfall of over $17 million in the condominium association’s reserves.
The announcement, coupled with looming assessments, has left many feeling blindsided and financially vulnerable.
Craig Hrabchak, a long-time resident of Regency Gardens, is worried about the fate of his finances.
“It’s just not right,” he said.
He is among the many owners grappling with the news.
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The notice highlights the impact of Florida’s previous laws, which allowed chronic underfunding of reserves, leaving associations unprepared for emergencies.
Current state law now mandates that condo boards have fully funded reserves by Dec. 31 to cover maintenance, inspections, and potential repairs.
This follows the tragic collapse of the Surfside condos in 2021, which resulted in the death of dozens of people.
Regency Gardens Monthly HOA dues are projected to increase by approximately $900, in addition to flat assessments based on condo size.
Smaller homes face payments of just over $11,000, while larger homes could be charged more than $22,000.
Jon Epstein, a concerned resident, questioned the feasibility of these assessments for working-class families.
“I just don’t know how they’re expected to afford that,” Epstein said.
He asked, “What happens if they don’t pay?”
Attorney Keith Skorewicz, representing the condo association, said this in response:
“The goal is to adequately fund reserves to keep the property safe and comply with the law. The Association understands its commitment. The declaration (which controls the Association) and Florida law provide a process for both notice and an opportunity for owners to make payment. And the Florida legislature controls both the computation for reserves and the process as to how assessments are collected.”
Attorney Keith Skorewicz
“That’s not really an answer,” Epstein said. “The answer is: we’re going to foreclose on them, we’re going to kick these people out of their home.”
For residents wondering why they have to pay in full by July, Skorewicz had this to say:
“Safety. The Unit Owners have enjoyed artificially low assessments for years because the law permitted waiver of saving such funds for a rainy day. The rainy day is here. Again, the property needs work and certainly the residents agree. Many of the items of deferred maintenance, including but not limited to, building exterior, wood siding, and certain electrical systems have zero remaining years left according to the engineers, so the work must be funded, staged and completed on a short timeline. The reserve study, and indeed all association official records, have been and are always available for inspection at any time under Florida law. Unit Owners may simply make the request and the Association will be happy to provide.”
Attorney Keith Skorewicz
Epstein said if this continues to happen at condos around Orlando, there will be a mass exodus.
“The lesson I’m learning is don’t buy property in Florida, don’t buy property in Orlando,” he said.
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