L
uxury high-rise condo owners in South Beach face a $27.2 million special assessment for repairs and renovations, following a previous $30 million payment. Condo associations in South Florida are dealing with high repair costs, some increasing maintenance fees or passing multimillion-dollar assessments. The Murano at Portofino condo association approved the $27.2 million costs for phase two of renovations, including a pool deck project, elevator modernization, lobby renovation, and SIRS funding. The SIRS study is required by law for buildings three stories or taller, with budget adoption after Jan. 1, 2025 needing to fund SIRS reserves. Laws also mandate milestone inspections for older condo buildings. Unit owners at Murano at Portofino will pay varying amounts for the second phase, with construction work ongoing for years. Payments are typically scheduled, with a portion collected upfront and the rest amortized over time. Owners will need to pay a quarter of the second assessment upfront, with the remainder paid over 18 months and a balloon payment at the end, in addition to monthly dues.