Miami Condos Hit Owners With 40% Special Fee
Special Assessments Surge Amid Regulatory Changes Miami condominium owners face a financial crisis of unprecedented proportions as special assessments rise dramatically in South Florida's aging building stock. Monthly condo fees now range from $600 to $800, with some Miami Beach properties exceeding $1,000 due to these assessments. The financial strain is exacerbated by a 15% median fee increase in Florida, more than double the national average. New regulations requiring reserve funding and mandatory repairs contribute to these soaring costs, leading associations to impose special assessments up to 40% above previous levels. Owners at 1060 Brickell face special assessments from $30,000 to $110,000 per unit. These come from mandated inspections for buildings at least three stories tall and 30 years old. Miami-Dade and Broward properties older than 40 years need thorough recertification inspections. The regulatory landscape shifted after the Surfside collapse, with stricter safety ma...