Ten years ago, Howard and Sheila Konetz bought themselves a Florida dream: an 1,820-square-foot condo in a leafy gated community north of Miami, complete with access to a country club, tennis courts and swimming pools. The $478,500 purchase would usher them into blissful semiretirement, they thought. With enough cash in the bank, the couple didn’t need a mortgage and downsized from their house in Miami Beach.
Seven years later, on June 24, 2021, the Champlain Towers South condo building in the nearby town of Surfside partially collapsed when its corroded concrete and steel supports buckled, killing 98 people. Florida lawmakers responded by requiring condominiums that are at least 30 years old to undergo inspections, make critical improvements and amass reserve funds for future repairs.
Suddenly, the Konetzes found themselves facing a $224,000 bill — their share of a special assessment to renovate and repair their 36-year-old building. Unable to secure a loan or sell the unit, the couple now fear bankruptcy.
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“I don’t want to end up on the street, but consequently that’s what will happen,” said Mr. Konetz, who is in his 70s. “All of our money is tied up in this albatross.”
About a million condo units meet the age requirement under Senate Bill 4-D, leaving owners with a stark choice: pay up, sell, or go into foreclosure. Retirees on pensions or fixed incomes often cannot afford the renovations, which are meant to shore up the entire building. And would-be buyers are avoiding older buildings because of the assessments. All the while, insurance premiums for condo associations are rising in the face of strengthening storms like Hurricane Milton and Hurricane Helene, which devastated the Gulf Coast of Florida this fall.
“The crisis is coming,” said State Representative Vicki Lopez, who represents parts of Miami and helped spearhead the condo reforms. “It’s like watching a tidal wave.”
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