A group of Florida condo owners is fighting back after facing a possible $3,000 increase in fees each month amid the housing crisis.
Residents of Harborage Condos in Palm Beach are banding together to take on state regulations that could saddle them with exorbitant costs by the end of the year.
According to the Structural Integrity Reserve Study (SIRS), Florida requires condo owners to undergo repair studies to comply with new state laws passed after the Champlain Tower South collapse in Miame-Dade County , in which 98 people died.
Darlene VanRiper, who leads Harborage Condos’ efforts to examine the new laws, said an engineer recommended $6.48 million in repairs to the buildings to meet SIRS needs, or an additional $3,000 per home each month.
“We need to do something, and we need to do it now,” Darlene VanRiper told the NBC affiliate. WPTV. ‘It’s time to unite. You’d be surprised what people can do when they’re united.
‘When you consider everything that people have on their hands right now, inflation, insurance and now this? “It’s unsustainable,” he added.
A group of Florida condo owners is fighting back after facing a possible $3,000 increase in fees each month amid the housing crisis. In the photo: Miami
Darlene VanRiper (pictured), who is leading Harborage Condos’ efforts to analyze the new laws, said an engineer recommended $6,480,000 in repairs to the buildings to meet SIRS needs, or an additional $3,000 per home each month.
‘We have seen that this legislation can be passed practically overnight. It was imposed on us. We are hiring a lobbyist so we have a voice at the table. “We really need to let them know what the practical problems are.”
“If those rates keep going up like that, I’m not sure I can do it,” resident Candy Raulerson also told WPTV. “I would have to make a budget and rethink everything.”
‘If we don’t express our opinions to the State, how are we going to achieve change?’ Raulerson added. ‘You also think about older people. …It’s going to impact them a lot. I can’t imagine that someone who lives on Social Security can afford it.
Condo owners’ fight against rising fees comes as top investor Grant Cardone, who owns 15,000 properties, told Dailymail.com that 80 percent of condo owners in Florida are at risk of losing money on their properties, in part thanks to the new laws.
“If those rates keep going up like this, I’m not sure I can do it,” said resident Candy Raulerson (pictured).
Major investor Grant Cardone, who owns 15,000 properties, told Dailymail.com that 80 percent of condo owners in Florida are at risk of losing money on their properties, in part thanks to the new laws.
Florida condo owners have been forced to reduce prices by up to 40 percent to sell their properties rather than pay huge repair costs to comply with SIRS.
It is estimated that in South Florida alone some 360,000 homeowners will not be able to afford the repairs required by the new law.
Cardone predicted that because a staggering 80 percent of condo owners in Florida are affected, the crisis is likely to spread throughout the United States.
“It has already started and will continue to spread to the point where residential homeowners associations and condominium properties will be penalized,” he told DailyMail.com.
Cardone said that if the federal government does not “step in,” condo association reserves across the United States would be “at risk” of filing for bankruptcy.
“There is no time left to solve this problem; it is a bigger issue than global warming,” Cardone warned.
‘I have always been against investing in condominiums because of the endless cost increases from taxes, insurance, and out-of-control fees and dues from condo associations.’
ISG World has reported that there were a staggering 20,293 condos for sale in Palm Beach, Broward and Miami-Dade in the second quarter of this year, up from 8,353 in 2023.
State legislation enacted following the 2021 Champlain Tower South collapse in Surfside (pictured)
The tragedy killed 98 people, meaning hundreds of thousands of condo owners must now shell out considerable sums for previously neglected maintenance.
The properties with the largest price declines occurred in St. Petersburg, Sarasota and Venice on the west coast and Miami, Fort Lauderdale, Boca Raton and West Palm Beach on the south and east coasts.
The Champlain Tower disaster highlighted widespread neglect of older condominiums, and associations postponed crucial repairs to save money.
The collapse led lawmakers to introduce SB 4-D in May 2022, requiring all state-owned condominiums 30 years or older to undergo an inspection by the end of the year.
Condominium owners and associations must begin the repair and maintenance work indicated in the report within one year of receipt.
Nearly 90 percent of the more than 20,000 units listed for sale in Palm Beach, Broward and Miami-Dade are in buildings that are at least 30 years old.
Miami real estate agent Steven Kupchan told DailyMail.com earlier this month that people are flocking to Georgia, Texas, the Carolinas and even leaving the country to places like Mexico or Central America.