The Biggest Lie in Condos: “We’ll Keep Assessments Low”
- Eric M. Glazer
- May 25
- 3 min read
For years, one phrase helped sell millions of dollars’ worth of condominium units across Florida:
“We’ll keep assessments low.”
On the surface, that sounds like good news. Who wouldn’t want lower monthly fees?
But what many owners are discovering today is that low assessments were often not a sign of a healthy community. In many cases, they were a warning sign.
The Hidden Cost of Low Fees
Think about everything your monthly condominium assessment is supposed to help support:
Roofs
Elevators
Insurance
Security
Landscaping
Pool maintenance
Concrete restoration
Waterproofing
Property management
These expenses don’t disappear simply because a community chooses to keep fees low.
The bills eventually come due.
The question is whether owners pay gradually over time or all at once through a special assessment.
The Reserve Funding Problem
The biggest reason many communities kept fees artificially low was because they weren’t fully funding reserves.
Reserve accounts are the savings accounts of a condominium association. They are intended to pay for major future repairs and replacements.
Things like:
Roof replacement
Elevator modernization
Concrete repairs
Structural restoration
Plumbing replacement
Waterproofing systems
For decades, Florida law allowed many associations to waive or reduce reserve contributions.
As a result, countless communities chose the easier path.
Rather than saving for future repairs, they pushed the problem into the future.
Kicking the Can Down the Road
Nobody likes higher fees.
No board member gets elected promising to increase assessments.
In fact, many owners praised boards that kept fees low year after year.
The problem is that the cost never disappeared.
It simply grew larger.
Imagine a roof that will cost $5 million to replace in fifteen years.
A community can either:
Save gradually over time through reserves, or
Pretend the problem doesn’t exist until replacement becomes unavoidable.
When option two is chosen, owners often face shocking special assessments:
$20,000 per unit
$40,000 per unit
$60,000 per unit
$100,000 or more per unit
That’s not a hypothetical scenario.
It’s happening throughout Florida right now.
The Surfside Wake-Up Call
Everything changed after the tragic collapse of the Champlain Towers South condominium in Surfside.
The disaster forced Florida to confront a reality many communities had been avoiding for years:
Buildings age.
Concrete deteriorates.
Water intrusion matters.
Deferred maintenance has consequences.
And eventually, “later” arrives.
In response, Florida enacted new laws requiring milestone inspections and structural integrity reserve studies (SIRS), creating a framework designed to ensure communities properly plan for future repairs.
Why So Many Owners Feel Blindsided
Many condominium owners purchased their homes believing they had found an affordable long-term housing solution.
Then came the assessments.
For retirees living on fixed incomes, these financial shocks have been devastating.
Many owners carefully budgeted for monthly expenses.
Few planned for a surprise bill demanding tens of thousands of dollars within a matter of months.
Unfortunately, many have been forced to sell.
What Buyers Should Look At Now
When evaluating a condominium, monthly fees should not be the only factor.
Smart buyers should also ask:
How well funded are the reserves?
Has a reserve study been completed?
What major projects are planned?
Is maintenance being deferred?
Has the building completed required inspections?
Are there upcoming special assessments?
Sometimes a building with higher monthly fees may actually be in much better financial condition than a building with lower fees.
The Reality
The biggest lie in condos was never that assessments could be kept low.
The biggest lie was the implication that low assessments meant the community was financially healthy.
In many cases, low fees simply meant someone was postponing the bill.
Buildings don’t get younger.
Concrete doesn’t repair itself.
Roofs don’t last forever.
The true cost of ownership always shows up eventually.
The only question is whether owners prepare for it in advance or get surprised when the bill arrives.
