An HOA story that stopped me in my tracks

[Ronda Gerry]

I am considering buying a vacation/resort investment property in Myrtle beach and a friend told me a story about his colleague who bought an oceanfront condo in Florida. All went well, and a year into it, the HOA concluded that the whole building needed to be reinforced (blamed on sea-air) and each resident needed to pay 60,000 or a lien would be placed on their property. Can this actually happen?