Florida condo owners face hefty fees under new structural reserve laws
MIAMI - New regulations for Florida condominium owners have gone into effect, requiring condo associations to maintain reserve funds specifically for structural repairs and maintenance.
At 1060 Brickell, residents face a $21 million assessment fee as a result of the new rules, with 25% of the fee due this past Wednesday.
Condo owner Evan Cohn must pay $45,000 to cover his share of the assessment.
"I mean, this is still a relatively new building. This isn't an old, dilapidated structure," Cohn said.
The condo association sent out an itemized list showing what repairs needed to be made. Some of those include:
He explained that, according to an engineering report from a structural integrity reserve study, the repairs are not immediately critical.
The condo association's lawyer, Marc Haltern, declined to comment but previously told CBS Miami in November that the assessment was a legal necessity.
The law, passed in the wake of the Champlain Towers collapse, prioritizes safety, Haltern stated.
Now that the law is in effect, residents at 1060 Brickell must pay their share of the $21 million, though many argue the repairs ar not urgent.
"If we had that situation, I think everybody in the community would contribute, obviously. We don't want to live in something unsafe," said resident Marthin Chan.
A hearing is scheduled for January 24, as residents seek an injunction to delay or reduce the costs.
Developer Daniel Kodsi, of Paramount Miami Worldcenter, emphasized that buildings constructed today are designed with improved structural safety. However, once developers complete a project, ongoing maintenance falls to condo associations.
"If they're not maintaining the building properly, then you get into an issue where there are exorbitant costs because they haven't done certain things they should've done," Kodsi explained.
The assessment fees at 1060 Brickell have left some residents considering selling their units.
"What the government really needs to think about is affordability," said Kodsi. "How are you going to continue to build affordable housing? At the end of the day, people can only afford so much."
While Miami-Dade County offers a loan program for those earning less than 140% of the median income, funding for these loans is dwindling.
