South Florida condo owners are dumping their homes after getting slapped with six-figure special assessments

The implementation of stricter safety standards and more frequent inspections for condominiums in Florida was prompted by the 2021 Surfside condo collapse, which killed 98 people due to construction flaws. In response to this tragedy, Florida has been requiring condominium associations to raise fees to build a larger reserve for repairs and meet the new safety standards. This has led to an increase in special assessments for condo owners, resulting in some choosing to sell their properties.

Maria Tkachun and her husband made several renovations to their condo unit at the Cricket Club condominium tower. They purchased the unit for $490,000 and spent an additional $100,000 on renovations. Some of the upgrades included installing extra-large format Italian porcelain tiles and adding a marble countertop and island to the kitchen. The couple also enjoyed a terrace and balcony with 180-degree views of Miami and Biscayne Bay.