A 2024 Local 10 report, citing condominium documents, said special assessments at Mediterranean Village in Aventura reached as high as $400,000 per unit. The report also quoted a resident who said his household faced a $224,000 assessment. The figures reflect reporting published in June 2024 and should not be read as a current bill for every owner.

What the reporting found

Local 10 reported that the assessments covered repairs and upgrades including roofing, concrete restoration and elevator modernization. Aventura-based brokerage Brosda & Bentley later cited the $400,000 figure in a July 2025 blog post. The public sources reviewed for this story did not establish whether the assessment amounts or project costs have changed since 2024.

Why condo costs have risen

Florida law requires many condominium buildings that are three stories or higher to complete a Structural Integrity Reserve Study, or SIRS. Under the 2025 statute, most covered associations had to complete the study by Dec. 31, 2025. Associations with a milestone inspection due by Dec. 31, 2026, may complete the study at the same time, but no later than that date. The law also generally bars unit-owner-controlled associations from waiving required reserves for listed structural components in budgets adopted on or after Dec. 31, 2024.

A reserve study identifies major building components, estimates remaining useful life and replacement costs, and recommends a funding plan. Associations can fund required repairs through regular or special assessments, lines of credit or loans, subject to statutory and association requirements. The law does not mean every condo owner will receive the same bill; costs depend on a building’s condition, reserve balance, repair needs and funding decisions.

What owners can review

Florida’s Department of Business and Professional Regulation says associations must provide or make their completed SIRS available to unit owners. Owners can ask their association for the study, recent budgets and board meeting records to understand proposed repairs and funding. Buyers can request condominium records and review pending assessments before closing.