Rising HOA Fees: How Florida Condo Owners Are Coping

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Hey South Florida! If you’re living in a condo, you might be feeling the pinch from those rising homeowners association (HOA) fees. It seems like these costs are climbing higher and higher, leaving many condo owners in a tight spot. Here’s a look at why this is happening and how folks are managing the squeeze.

The story starts with a tragic event: the collapse of Champlain Towers South in Surfside in 2021, which claimed 98 lives. The disaster put a spotlight on condo associations’ policies, which allowed them to skip financial reserves and delay essential repairs. In response, Florida lawmakers stepped in with new regulations. They banned the waiver of financial reserves and now require condos to conduct detailed “structural integrity reserve studies” by January 2025. These changes are all about making sure buildings are safe and sound.

However, these new rules have led to a surge in HOA fees. Condo owners are now facing increases of hundreds of dollars to cover these new reserve requirements and, on top of that, rising homeowners insurance costs. It’s a double whammy that’s forcing many to rethink their living situations.

Take Dr. Rhonda Rosenberg and David Rosenberg, for instance. They live at The Grand Condominium in Edgewater and are among those feeling the financial strain. With HOA fees and insurance costs on the rise, they, like many others, are weighing their options. For some, the increase in fees has been a deal-breaker, prompting them to put their units up for sale. Others are struggling to balance these added expenses with their everyday lives.

The new regulations are designed to prevent another disaster like the Surfside collapse, but they’ve definitely come with a cost. As condo owners face these steep fee hikes, many are questioning whether they can stay in their current homes or if they need to start looking elsewhere.

If you’re a condo owner in South Florida dealing with these rising costs, we want to hear from you! How are you managing the increase in HOA fees? Have you had to make any tough decisions about your living situation? Drop us a line or fill out the form linked below. Rebecca San Juan from the Miami Herald would love to hear your story, and you can connect in both English and Spanish.

Share your experiences and let’s start a conversation about how we’re all navigating these changes together.