AVENTURA, Fla. – Some South Florida condo owners are being hit with six-figure assessments that are forcing them to flee.
The situation is leaving many unable to sell or afford the staggering cost.
Local 10 News investigative reporter Jeff Weinsier was sent to closely examine the numbers.
Howard Konetz, a condo owner on Williams Island in Aventura, never thought he’d be in this situation at 79 years old.
“I don’t know how we are going to live or where we are going to live,” said Konetz. “We can’t afford it and we are going to go broke, especially with the special assessment that has been levied on us.”
Howard Konetz and his wife Sheila Konetz have lived in their two-bedroom, two-bathroom condo for 10 years.
The retired couple had their financial future all planned out until they were recently hit with a special assessment.
“The total assessment from the apartment we are sitting on is what?” asked Weinsier.
“Approximately $224,000,” said Howard Konetz.
“When you say that number, can you believe it?” asked Weinsier.
“No. Not at all,” Howard Konetz replied.
That’s on top of monthly maintenance that’s gone from $1,500 to $3,000.
“We never anticipated this escalation,” said Konetz. “Someone also told me, ‘If you’re not able to pay, you shouldn’t be living here.’”
According to condo documents obtained by Local 10 News, assessments in Mediterranean Village, where Konetz lives, are as high as $400,000.
Projects budgeted for Konetz’s building include everything from consultants, roofing, concrete restoration, elevator modernization, termite treatment and $700,000 alone for landscaping.
The assessments at Williams Island can’t be passed onto a potential buyer.
Howard and Shiela Konetz have had their condo on the market and dropped the price several times.
Howard Konetz said he was turned down for a reverse mortgage due to strict condo rules.
“At this point in time, maybe I can give it away for pennies on the dollar,” he said.
The Konetz’s aren’t alone. A listing in North Miami’s Cricket Club discloses a $134,000 assessment.
The new Florida law was enacted after the 2021 collapse of the Champlain Towers in Surfside, which mandates increased building inspections and reserve funding for condo buildings.
The rules come with a hefty price tag for owners of older buildings.
“Have you ever seen numbers like this?” Weinsier asked realtor Susie Friedel.
“No, no,” she replied.
Friedel has been a realtor for 50 years. She’s a mediator for the Miami Board of Realtors and the Florida Supreme Court.
“What is the assessment of the apartment you have for sale?” asked Weinsier.
“Just about $290,000,” said Friedel. “I think that they are important and there needs to be assessments. The problem is they have done too much at one time.”
“You have to deal one step at a time,” Friedel added. “The boards have gotten so nervous about this that now they are doing everything at once.”
“Have you had contact with the board?” asked Weinsier.
“Yes, and they poo-pooed me,” said Friedel.
The president of the association declined an on-camera interview with Local 10 News.
However, Mike Segal, the president of Mediterranean Village’s Building 1 said, “We wouldn’t be doing it if we didn’t have to. It’s not like we are stealing people’s money.”
“When you’re in the position you’re in, what do you do?” Weinsier asked Howard Konetz.
“Pray,” he replied.