FORT LAUDERDALE – Rising repair costs spurred by new Florida condominium laws are driving some South Florida homeowners to sell, including residents of Springbrook Gardens, a condo building on Fort Lauderdale Beach.
The Springbrook Gardens owners voted to sell their units after being unable to meet a $4.5 million repair bill to shore up the building’s foundation.
“We didn’t have $4.5 million for shoring the building,” said Warren Sackler, a Springbrook Gardens condo owner.
Last September, residents were forced out of the building after inspectors deemed it unsafe due to foundation decay.
Under new state regulations, condominiums must maintain financial reserves for major repairs and conduct structural inspections for buildings three stories or taller.
At Springbrook Gardens, each condo owner faced hundreds of thousands of dollars in repair costs, making the decision to sell financially unavoidable.
The trend extends beyond Springbrook Gardens. Rising maintenance fees, insurance premiums, special assessments, and taxes are pushing many condo owners out of the market.
“We get calls every day from people asking, ‘What should I do?'” said longtime realtor Jeffrey Chenore.
“My question is, ‘Do you have reserves?’ If there are none, it means people can’t buy,” Chenore added, noting that the lack of reserves has contributed to a glut in the condo market.
With too many units for sale, some prices have begun to decline, but for many homeowners, that offers little consolation. Sackler, who owns a double unit at Springbrook Gardens, has removed his appliances and fixtures in preparation for the building’s demolition.
He remains unsure of where he’ll go next or if a comparable waterfront unit will be affordable.
“Nobody is happy,” Sackler said. “They want to stay, but the costs are too much.”
