$19 Million HOA Fees? The Devastating Assessments Crushing California Condo Owners

What would you do if you received an unexpected $26,000 HOA bill? Residents of the Vilamoura condominium complex in San Clemente, CA, are facing that exact dilemma. The condo owners were recently hit with a $26,000 special assessment for roof replacement.The residents were given three options: Pay in full, split it into two payments, or pay around $2,000 a month for six months, then $400 a month until the balance is paid off.The condo owners argue that the HOA labeled it an emergency assessment, a designation they say is inaccurate because the association had long known the roofs needed repairs.And this sort of issue keeps popping up. Over in Torrance, CA, residents were hit with assessments of more than $49,000 each to help pay for sweeping repairs to their condominium complex, ABC7 reports.The 499-unit property is facing at least $19 million in work, including a $13 million overhaul of the building’s podium, along with repiping and elevator repairs.Special assessments can hit any homeowner living in an HOA community. Knowing your options can help you make a more informed choice about how to cover the bill and minimize fees.Loading...Condos in Ventura County in Southern California...