Special assessments and mandatory repairs are forcing many South Florida condo owners to cough up thousands for unexpected expenses.
It’s a reality resulting in some condo owners choosing to sell their buildings.
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WATCH HEREResidents at the Springbrook Gardens Condo building in Fort Lauderdale have made the decision to sell instead of making costly repairs, according to condo owner Warren Sackler.
Back in September, the City of Fort Lauderdale put up notices at Springbrook Gardens deeming the condo unsafe.
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At the time, an engineer told the city's building department the foundation in one section of the building was in bad condition.
“The progressive deterioration in the western portion of the structure has made the building no longer safe," the engineer wrote.
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These are issues that were not noted on the building’s 40-year inspection, which noted only minor structural issues in 2019.
According to Sackler, residents were told temporary repairs would cost around $4 million.
“We hired a lawyer. From West Palm, and we hired a real estate agent,” Sackler said.
Across South Florida, condo owners are grappling with higher special assessments and some are making the decision on whether to stay or leave.
“And we have been hit with assessments, to comply with the new code to the excess of $1 million with engineering and restoration work,” condo owner Bill Brown said.
Brown lives in a condo building on Birch Road and says the residents in his building could afford to make the repairs. But he says more options should be available for residents who can’t.
“To ensure the safety and help residents remain and maintain their condominiums,” said Alex Ballina, the director of the Miami-Dade County Department of Public Housing and Community Development.
He says the county’s Condo Special Assessment Program can help residents pay for hefty repair expenses with low-interest loans.
“The program provides 0% interest loans with a 40-year repayment term, making it very affordable for eligible homeowners to cover the significant expenses that we're seeing,” Ballina said.
The program is only open to Miami-Dade residents who make less than 140% of the area’s median income. You could qualify for up to $50,000 in assistance.
As for Sackler and the other Springbrook Garden residents, they are on the hook for their expenses at the condo building until the building sells, and after that, he plans on buying a new place.
“I'm looking now. It's, you know, I have to start over to find a place,” Sackler said.
