Miami Highrise Condo Owners Contribute Less To Reserves Than Tampa, LA, Toronto Peers

A new report from the property management firm FirstService Residential provides a “benchmark” for reserves in highrise condo towers in five major markets.

FirstService Residential, a property management company, has released a new 40-page report analyzing condo association reserves in 15 North American markets. (Image courtesy of FirstService Residential)

Miami-Dade County highrise condo owners are contributing a smaller percentage of their monthly association maintenance fees to capital reserves than unit owners in the markets of Tampa-St. Petersburg, Los Angeles-San Diego-San Francisco and Toronto.

Only the condo owners in New York City contribute less to reserves than Miami-Dade County.

In Miami-Dade County, highrise condo owners are allocating about 12 percent of their monthly maintenance fees on reserves in buildings with at least 300 units that are considered “big.” In “small” projects that have less than 300 units, Miami-Dade County condo owners are earmarking about 11 percent of their budgets to reserves.

This means that about $11.50 of every $100 in monthly maintenance fees goes towards contributing to capital reserves in Miami-Dade County highrise condo towers that have at least seven floors.

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