Thursday, March 23, 2023

Condo owners will have to shell out big bucks for repairs

Thousands of condo and apartment owners in South Florida deal with the high cost of maintenance and repairs, and so does the Palm Bay Yacht Club in Miami, where owners say they have to pay $175,000 to add the requested 46 million will be from Organization,

“It’s a lot of money,” said Sarah, a neighbor at the condominium on NE Miami’s 69th street.

“The (market) value of my condo is $400,000, and paying $175,000 is like buying almost half the apartment next door,” he reasoned.

Laws in both Miami-Dade County and Florida require evaluation of structures to avoid worse evils, such as the Champlain Tower tragedy in Surfside, which killed 98 people.

Starting in 2025, state law building security This would require condo boards to set aside money to cover future repairs, subject to the financial health of the associations and the finances of the owners.

In fact, Tallahassee legislators talk about creating a general fund to help those in need, but in the meantime, condominium associations and owners must deal with additional payments (special assessments) that often exceed $100,000.

In fact, the Palm Bay Yacht Club Homeowners Association must comply with the reform law.

“They told us the repairs would cost us $46 million, while the building is only worth $50 million,” Sarah said.

“Later, we did a second inspection and they told us it would cost 23 million, ie half that,” he insisted.

The building owners hired a lawyer to settle the difference in the amount to be paid.

DIARIO LAS AMERICAS contacted the company that manages the condominium, AKAM, and is awaiting a response to clarify the situation.


In Miami-Dade and Broward, where the largest number of condominiums in Florida are concentrated, inspection costs between $20,000 and $40,000 for a 15- to 20-story building, and between $2,000 and $4,000 for a smaller one. Any repair work, which can range from thousands to lakhs, will be added to that price.

In the case of Champlain Towers South, Miami-Dade’s 40-year recertification process required repairs totaling $15 million, according to the condominium association.

Documents showed that more than two years after association members received reports on “major structural damage,” the association began the process of paying for necessary repairs.

In 2017, the state Congress, under the initiative of a group of senators led by José Javier Rodríguez, created the Office of Business and Professional Regulation Supervisory Office with a branch at 8240 NW 52 Terr., Suite 520, in Doral.

Miami-Dade condo owners can bring their complaints or concerns about the management of their condos to this office, but there is little they can do given their limited operating budgets.

Nation World News Desk
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