Homeowners association fees keep rising. How are South Florida condo owners managing?
Rising homeowners association fees are financially squeezing condo owners in South Florida, forcing many to rethink their lifestyle. For others, the increases mean having to sell.
Homeowners association fees, or HOA fees, have skyrocketed since the collapse of Champlain Towers South in Surfside in 2021. The collapse of the 12-story beachfront condominium killed 98 people. After facing scrutiny for policies allowing condo associations to forgo reserves and delay repairs, Florida lawmakers banned condo associations from waiving financial reserves. Condominiums also are required to conduct “structural integrity reserve studies” by January 2025 to understand how much funding is needed for structural repairs.
The policies are meant to ensure the safety of condo dwellers. Ahead of its 40-year recertification, the Surfside building needed $15 million-worth of repairs. Condo owners delayed repairs because of the cost and lack of reserves.
Still, the new legislation means some owners are facing huge increases in HOA fees and — another challenge for Florida residents — homeowners insurance. We at the Miami Herald want to learn how condo owners are managing, what have these changes meant for them, and what plans do they have to stay in place or move on.
Fill out our form below and real estate reporter Rebecca San Juan will connect with you. Prefer to connect by email? Reach her at rsanjuan@miamiherald.com. San Juan can connect in both English and Spanish.
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This story was originally published July 18, 2024 at 5:00 AM.
