{"id":2406,"date":"2026-06-29T15:02:07","date_gmt":"2026-06-29T15:02:07","guid":{"rendered":"https:\/\/floridamovingchronicle.com\/?p=2406"},"modified":"2026-06-29T15:02:07","modified_gmt":"2026-06-29T15:02:07","slug":"florida-condo-owners-face-mounting-costs-5-years-after-surfside-what-to-know-2","status":"publish","type":"post","link":"https:\/\/floridamovingchronicle.com\/?p=2406","title":{"rendered":"Florida condo owners face mounting costs 5 years after Surfside. What to know"},"content":{"rendered":"<article><!-- --><!-- --><!-- WPS-5038 -- removed the script from WPS and added the placeholder for trinity player --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- --><!-- CONTENT --><!--[--><!--[--><\/p>\n<p>Five years after the deadly Champlain Towers South collapse, Florida condo owners are still absorbing the financial fallout from the sweeping safety laws that were passed in response. Owners, particularly those in older buildings, are facing rising association fees, insurance hikes and special assessments that have upended the math of condo ownership.<\/p>\n<p>Read more <a href=\"https:\/\/floridamovingchronicle.com\/?p=2405\">Three South Florida Publix stores sold half of Sunday\u2019s lottery draw winners<\/a><\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p><b>FULL STORY:<\/b> \u2018Surfside changed everything\u2019: 5 years later, Miami condo market hasn\u2019t recovered<\/p>\n<p>Read more <a href=\"https:\/\/floridamovingchronicle.com\/?p=2404\">Riled up by red-light cameras? This South Florida city is scaling back enforcement<\/a><\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<p>Here are key takeaways:<\/p>\n<p><!-- --><!--]--><!--[--><\/p>\n<ul>\n<li><b>Inspections aren\u2019t a one-time hit.<\/b> Inspections are now mandatory every decade for buildings three stories or taller, meaning owners can probably expect decennial special assessments, said local condo market analyst Peter Zalewski. Buildings face their first required structural review at 30 years \u2014 or 25 if within 5 miles of the coast \u2014 which covers most of South Florida\u2019s aging condo stock.<\/li>\n<li><b>HOA fees in Miami are now the highest in the nation.<\/b> According to Realtor.com, the Miami metro area claims the most expensive homeowners association fees in the country, with a median of $617 last year \u2014 about 27% of a typical mortgage payment. Florida International University\u2019s Metropolitan Center estimates median association fees for Miami-Dade condos have climbed more than 70% since 2016, with fees on buildings three stories and taller up 42% between the start of 2022 and 2025.<\/li>\n<li><b>Insurance is a major driver of those fees.<\/b> The Metropolitan Center found commercial multi-peril premiums for Miami-Dade condo associations averaged $175,000 at the start of 2021 and jumped to $462,000 by the end of 2024 \u2014 a 164% increase. Individual homeowners insurance premiums also rose, hitting $2,300 at the end of 2024, up from $1,600 three years earlier.<\/li>\n<li><b>Selling has gotten harder.<\/b> Inventory stood at roughly 12 months as of May \u2014 well above the six to nine months that signals a balanced market \u2014 while median sale prices were down 3.5% on the year, according to the Miami Association of Realtors. Zalewski estimates the market won\u2019t fully correct until 2030, perhaps even 2032.<\/li>\n<li><b>The cost calculation has shifted.<\/b> Rising fees, insurance and assessment risk have \u201cfundamentally changed the math for buyers\u201d \u2014 with monthly costs and future liability now mattering as much as a unit\u2019s sticker price, said Nick Miceli, Southeast Metro regional president at TD Bank. Any prospective buyers should confirm the building has a signed inspection from a licensed architect or engineer and a funding source for structural repairs, advised Zalewski.<\/li>\n<\/ul>\n<p><!--]--><!--[--><\/p>\n<p><i>The summary points above were compiled with the help of AI tools and edited by journalists. The full story in the link at top was reported, written and edited entirely by journalists.<\/i><\/p>\n<p>Read more <a href=\"https:\/\/floridamovingchronicle.com\/?p=2402\">Florida condo owners face mounting costs 5 years after Surfside. What to know<\/a><\/p>\n<p><!-- --><!--]--><!--]--><!-- --><!-- --><!-- --><!-- --><!-- --><\/article>\n","protected":false},"excerpt":{"rendered":"<p>HOA fees, insurance premiums and special assessments are squeezing Florida condo owners five years after the Surfside building collapse reshaped state law.<\/p>\n","protected":false},"author":1,"featured_media":2401,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-2406","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Florida condo owners face mounting costs 5 years after Surfside. 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