South Florida condo owners face skyrocketing association fees due to increasing insurance costs, repair bills, and new state laws. Over the past five years, Miami-Dade County’s median monthly condo fee rose by over 59% to $900, while Broward County saw a 56% increase to $613. This surge is mainly driven by high insurance costs, partly due to frequent hurricanes and lawsuits. The 2021 Surfside condo collapse has led to new legislation requiring higher reserve funds for structural repairs, further increasing costs. Condo owners, especially those on fixed incomes, are struggling to keep up, with some taking additional jobs or considering selling their units. The rising costs have also led to a decline in condo sales and increased financial strain for residents.
