​Harbor Towers/ Portsview at the Waterways

 

3598/3600 Yacht club drive
Aventura,Florida 33180

November 27, 2024

The Honorable Ron DeSantis
Governor of Florida
400 S Monroe St Tallahassee, FL 32399

Senator Jason W. B. Pizzo
3475 Sheridan St. Suite 211 Hollywood FL 33021

Representative Fabián Basabe
402 South Monroe Street Tallahassee, FL 32399-1300 

Congresswoman Debbie Wasserman Schultz
19200 W Country Club Dr, Aventura, FL 33180

Dear Governor DeSantis,  Senator Pizzo, 

Representative Basabe & Congresswoman Wasserman Schultz,

Happy Thanksgiving 2024!

We, the undersigned residents of Aventura, Florida, and surrounding areas, write to express our grave concerns regarding the crippling financial burden imposed by the recent legislation requiring a substantial increase in reserve funding for condominiums as outlined in Senate Bills 4-D and 154.

While we fully support the intent to ensure the structural safety of Florida’s multi-story residential buildings, the abrupt implementation of these measures is untenable for millions of Floridians and threatens to devastate the state’s real estate market.

Under the current requirements, many condominium homeowners face monthly HOA dues that have doubled or even tripled, an unmanageable increase for residents on fixed or limited incomes. 

Our building alone, Harbor Towers, will require an increased assessment of almost $3.5 million dollars in 24 months from 144 residents! We are already paying a $2.3 million dollar assessment. This takes us from $1800 per month to over $3600!

We will be crushed under the debt and possibly forced into foreclosure at property values resembling those of 2009-2013.

Without a feasible path to compliance, this mandate risks forcing thousands into financial ruin, leading to widespread bankruptcies and foreclosures that could echo or exceed the 2009 housing crisis.

To address this critical issue, we respectfully propose a five-year phased plan to meet the reserve funding requirements, increasing reserves by 20% annually to achieve full compliance by year five. 

This approach would:

Provide Financial Relief:  Allowing homeowners time to gradually adjust their budgets will prevent undue financial strain on residents, particularly retirees and low-income households.

Stabilize Property Values:  A measured transition will help maintain property values and avoid a flood of distressed sales that would severely harm Florida’s real estate market for years to come.

Ensure Public Safety:  Allocating time for careful inspection and prioritized repair of the most at-risk buildings would maintain safety while alleviating undue pressure on communities with structurally sound properties.

We further recommend the establishment of a statewide task force under the Governor’s office, in collaboration with FEMA, to develop a priority-based inspection system.

This task force would identify buildings in critical structural condition, enabling contractors and inspectors to focus on the most urgent cases first while allowing other buildings additional time to implement financial recovery plans.

This balanced approach would mitigate the devastating impact of sudden reserve increases while safeguarding the structural safety of Florida’s residential buildings.

Moreover, it would protect homeowners from financial hardship, preserve property values, and prevent the catastrophic destabilization of the state’s real estate market.

The long-term economic health of our state and the well-being of millions of Florida residents are at stake.

We urge you to take immediate action to implement this phased plan and establish the recommended task force. 

Our Board of Directors await Your leadership and responsiveness to this pressing issue, demonstrating a commitment to protecting both the financial and physical security of Floridians.

Thank you for your attention to this matter.

We look forward to your timely response and action to ensure a fair and sustainable resolution.

Sincerely,
Harbor Towers Residents Group.
3600 yacht club drive, Aventura FL 33180

Cc: Senator Pizzo
Cc: Representative Basabe
Cc: Congresswoman Debbie Wasserman Schultz