'I feel like I'm being milked', Miami apartment residents get $21 million special bill for repairs
'I feel like I'm being milked', Miami apartment residents get $21 million special bill for repairs
Residents of 1060 Brickell, an apartment complex in Miami, are facing a financial shock after being awarded a $21 million special assessment allowance for repairs to their 16-year-old buildings. For some, this means paying more than $40,000 out of pocket – and they're not happy about it.
“I think it's exaggerated. I feel like I'm being milked,” said Nima Mahdjour, one of the condo owners, speaking to CBS News.
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The condo board approved the reimbursement after a structural integrity reserve (SIRS) study identified several repair needs, including work on the facade of Tower 2, roof replacement and pool deck restoration. These surveys, required by Florida law every 10 years for buildings three stories or higher, assess the financial resources needed for major repairs and replacements.
But many residents question the process. They claim it was rushed, lacked transparency and bypassed a formal vote by unit owners. This has left some residents feeling blindsided and frustrated.
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The association's attorney, Marc Halpern, defended the board's actions, citing Florida's stricter construction laws enacted after the tragic 2021 Surfside condo collapse. These laws require boards to ensure repairs are made promptly carried out to protect the safety of residents.
“The board is responsible for adequately maintaining and repairing the common elements,” Halpern explains. “If owners were to vote against that, you would endanger the building and the owners.”
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The financial pressure is not limited to this apartment. In Coconut Grove, homeowners at The Cloisters on the Bay are reeling from a $7.1 million special assessment. Longtime owner John DuBois was shocked to learn that he owed $153,000, and that the money was due within two weeks.
“I don't have that much money lying around,” DuBois told CBS News. Like many others, he questions the fairness of the process and the lack of clear communication. “You get people on boards who like to spend money. It can be a problem.”
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Some residents say the repairs are not as urgent as officials say. They also believe that the financial burden of the assessment is unreasonably high, especially given that some studies describe many systems as “generally useful.”
The financial burden was unbearable for at least one tenant at 1060 Brickell. According to CBS News, they are now considering selling their device to avoid the high tax. Similarly, in Coconut Grove, DuBois is considering legal options or asking for more time to raise money.
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Other condo owners at 1060 Brickell and The Cloisters on the Bay are also exploring their limited options. To make costs more affordable, some call for installment plans where payments are spread over a number of months. Others consider taking out loans such as home equity or personal loans. In addition, some residents are exploring whether to challenge the board if they believe statutes or procedural rules have been violated, although this approach offers no guarantees.
Despite these efforts, experts warn that Florida's new building laws are making these high costs a reality for condo owners across the state. Still, experts warn that Florida's new building laws are making these high costs a reality for condo owners across the state. “This is the new normal,” Halpern noted.
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This article 'I Feel Like I'm Being Milked', Miami Condo Residents Receive $21 Million Special Assessment for Repairs originally appeared on Benzinga.com
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