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group of Florida condo owners is fighting back against a potential $3,000 hike in monthly fees due to new state regulations. The Harborage Condos in Palm Beach are leading the charge, with residents banding together to scrutinize the Structural Integrity Reserves Study (SIRS) that requires condo owners to undergo surveys for repairs. According to Darlene VanRiper, who is spearheading the effort, an engineer recommended $6,480,000 worth of repairs to meet SIRS needs, which would translate to an extra $3,000 per home each month.
"We need to do something, and we need to do it now," VanRiper told NBC affiliate WPTV. "It's unsustainable" when considering the current economic climate, including inflation, insurance costs, and rising fees. The condo owners are hiring a lobbyist to give them a voice at the state level and highlight the practical problems with the new legislation.
Resident Candy Raulerson expressed concern about the impact on seniors living on Social Security, saying "I would have to budget and rethink everything" if the fees continue to rise. Top investor Grant Cardone estimates that 80 percent of condo owners in Florida are at risk of losing money on their properties due to the new laws.
Florida's condo owners have been forced to slash prices by up to 40 percent to sell their properties rather than pay huge repair costs. An estimated 360,000 property owners in south Florida may not be able to afford the repairs required by the new law. Cardone predicts that the crisis will spread across America, with condo associations reserves at risk of filing for bankruptcy if the federal government doesn't intervene.
The state legislation was introduced following the 2021 collapse of the Champlain Tower South in Surfside, which killed 98 people and highlighted widespread neglect of old condominiums. The new law requires all state condos aged 30 years or older to undergo an inspection by the end of the year, with repairs and maintenance works to be completed within a year of receiving the report.
