There are growing concerns about the affordability of living in condos in South Florida, especially for those who live in buildings 30 years and older. NBC6’s Alina Machado reports
It’s been 14 years since Thereza Teixeira purchased her condo in Aventura, but she doesn’t hesitate to tell you exactly why she loves it.
“Beautiful views,” she said. “Location, beautiful neighborhood.”
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It is a place she plans to live in for a long time. But she said the cost of keeping that long-term investment is increasing.
In addition to her mortgage, she pays $1,390 in monthly fees. Those monthly fees include $967.70 in maintenance dues and two assessments – one imposed just last year after the Surfside tragedy.
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“We still needed more money to bring us up to the 40-year,” she said. “That’s what hit us.”
That assessment was for over $81,000 spread out over 20 years, breaking down to about $338 a month.
“The financial cost to all of us – it’s amazing,” she said. “Yes, we’re going to have a safer building, but we might not be able to eat for the next 10 years.”
“I’m extremely concerned,” said Jeff Brandes, a former Republican state senator out of Pinellas County.
Brandes helped pass condo reforms after the Champlain Towers South collapse in June of 2021. Last week, he asked the state legislature on X to hold a special session urgently, sharing a previous NBC6 story on the looming condo crisis.
“Right now, we’re kind of given this choice of either buildings are gonna fall down or we’re gonna bankrupt seniors that are living in these condo units,” he said. “I don’t think it’s a bifurcated choice like that. I think there is probably a reasonable and rational solution to this problem that does not create catastrophic consequences to the condo market overall.”
Brandes encouraged his former colleagues to talk to people in their districts about the financial impacts of the reforms so they can figure out ways to help alleviate the burden.
“We set arbitrary deadlines,” Brandes said. “There is no science behind the deadlines we’ve set. We can be flexible on those deadlines until we have more information about how to resolve this.”
Thereza, meanwhile, said she has had to make adjustments to her budget to cover the increase in fees, but worries about the potential for more assessments.
“I’ll make it work because I know eventually it’ll be worth it,” she said. “I’m not moving out anytime soon but it is like a bad marriage – it’s too expensive to get a divorce.”
NBC6 asked the governor’s office about the growing concerns over special assessments and their impacts on the condo market. His office did not address our request for an interview or answer our specific questions. Instead, a spokesperson sent a link to a press conference from late July where the governor encouraged state lawmakers to explore ways to make this “more sensible for people.”
On Friday afternoon, Florida Senate President Kathleen Passidomo sent a lengthy memorandum to her colleagues, explaining why she opposes a special session “… to address or alter existing safety and reserve funding requirements and other related issues.”
“I have no intention at the present time of utilizing my authority as Senate President to convene a special session,” she wrote.
“In my view, no law is perfect. Some issues arise during implementation, and there is often room for improvement. However, the legislative process best serves Floridians when there is analysis, collaboration, and input from all stakeholders. I believe the upcoming committee weeks and regular session following our post-election reorganization provide the best opportunity for this type of dialogue,” she wrote, adding “I look forward to being a part of the solution.”
You can read the entire memo below.
