Fisher Island residents sue homeowners association, claiming $11M in losses
Seventeen Fisher Island owners have sued the tony enclave’s homeowners master association for a combined $11 million in losses, claiming some residents were unfairly exempted from paying dues.
The plaintiffs sued the Fisher Island Community Association late last month, claiming it has allowed owners to combine units, then undercharged them dues for the last five years. The action was first reported by the Daily Business Review.
The suit claims that owners of uncombined units have overpaid between $1,491.43 to $1,607.81 per year, depending on the annual assessments.
In 2021 terms, that means that owners of combined units should pay $60,752.56 instead of the standard $30,376.28 per year. Fisher Island is one of the nation’s wealthiest ZIP codes and has the country’s highest concentration of billionaires.
Joshua Alper, a lawyer with the Plantation-based Morgan & Morgan, is representing plaintiffs Thomas Axmacher, William and Susan Burton, Lauren Shapiro Deller, Seaford Investments LLC, Isola Bella Property LLC, Garsh Investments LLLP, Adam Riemer anda Mara Riemer Goldstein, Polmyra LLC, Alan Hassenfeld, Suzanne Irving, Reel Corporation, Benjamin Lewin, Winnie Moy, Joseph Reich and Bristtolle Management Company.
“If you kept letting people combine units improperly, the rate of assessment is going to be in a constant state of flux,” Alper said. “The vast majority are paying the expenses of very few. It effects real estate values on the island. It’s difficult to sell if you can’t tell your potential buyer what the assessments are. The purpose of this lawsuit is to put an end to this and have everyone pay one FICA per unit as constructed.”
Mauri Peyton, lawyer and founding member of the Fort Lauderdale-based PeytonBolin, who is representing the island association, declined to comment.
The association charges annual assessments for 840 unit owners and uses the payments to maintain shared amenities and public spaces, including the island’s ferries, security, paved roads, seawall and landscaping. The plaintiffs argue that it should charge assessments for 892 units — the uncombined count.
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The matter isn’t clear cut, according to Alessandra Stivelman, a partner at the Hollywood-based law firm Eisinger Law, which is not involved in the dispute. “There’s a lot to be dug up here. It’s a contract interpretation. It’s not going to be a factual dispute.”
The litigation is anticipated to last about two years, Alper said. Next up: the island association’s response to the suit.
It’s not the only legal dispute simmering on the island. In October, three residents of association its members filed a lawsuit against the association, Fisher Island Holdings and the Fisher Island Club for approving the construction of additional units without surveying residents.
This story was originally published February 8, 2021 at 7:00 AM.
