By Rafael Aquino

Published August 9, 2023  


South Florida, celebrated for its tropical charm, is on the cusp of a potential real estate upheaval. The looming prospect of increased condo terminations is primarily driven by the introduction of the SIRS (Structure Integrity Reserves) requirements, followed closely by the surge in insurance costs and other contributing elements.


The recent implementation of SIRS requirements has emerged as a pivotal catalyst behind the predicted surge in condo terminations. Condos with three or more stories are now mandated to fund these reserves fully. While these reserves are essential for the continuous upkeep and repair of condo associations, ensuring their lasting appeal and market value, the increased financial burden can lead to higher monthly fees for condo owners. This, in turn, may deter potential buyers and strain existing owners' financial capacity to meet their obligations.


Concurrently, the sharp rise in insurance expenses exacerbates the projected increase in condo terminations. South Florida's vulnerability to hurricanes has historically meant higher insurance premiums, and recent years have witnessed an unparalleled spike in these costs. A series of severe weather events and growing concerns about climate change have intensified this trend. Condo associations now face the intricate challenge of sustaining comprehensive insurance coverage while maintaining affordability for unit owners.


Adding to the complex landscape, many condo complexes in South Florida were constructed between the 1960s and 1990s, as well as during previous real estate booms. As these structures age, the need for frequent and costly maintenance becomes apparent.


The culmination of these factors brings forth significant implications. If the expenses outweigh the advantages, associations may sell their properties to developers. However, it's crucial to underscore that not all condo complexes are destined for termination. Condo owners and potential buyers are encouraged to carefully scrutinize a condo association's financial health, reserve funds, and possible assessments to make well-informed decisions regarding their investment path.

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As the Co-Founder and CEO of Affinity Management Services, Rafael P. Aquino leads his team to redefine excellence. They serve community   associations   efficiently

and effectively with dedication and passion. Rafael’s energy and positive spirit is the foundation of Affinity Management Services’ company culture, which instills enthusiasm and excitement when providing expert advice to its board members and relieving the day-to-day burdens of running a community association.


Since 2007, Rafael has developed a work culture that values responsive and high-quality services. He has led his team by following a proactive vs reactive philosophy. The same approach Rafael instills in the day to day operations of each association. Today, Affinity Management Services maintains its success and benefits as a result of the foundation Rafael has built and continues to foster by providing educational seminars, continuing education classes for association managers and board members alike.

Rafael and his team help condominium and homeowners’ associations save money and improve their communities. His calm, personable, and service-oriented nature helps him to establish strong relationships with ease. Rafael is known as a sincere and honest leader who looks out for the best interests of his clients and communities, and he strongly advocates for their needs. His role requires coordination and communication, as such he takes logical and intelligent steps to approach challenges head-on.

As a graduate of Florida International University’s electrical engineering program and a licensed community association manager, Rafael’s education and skills equip him with unique insights to tackle complex problems through critical thinking. He understands how each component within a system works together in order to effectively arrive at solutions, techniques, and conclusions. Therefore, as he manages the multiple challenges of running a community association management company, he understands how each property is its own unique system and tailors’ specific services to assure that all their needs are met.

For more information about Rafael P. Aquino and Affinity Management Services please visit or call 1-800-977-6279

Doral Office: 8200 NW 41st ST

Suite 200

Doral, FL 33166

Broward Office: 150 S Pine Island RD Suite 300

Plantation, FL 33324

O: 800-977-6279 ● F: 305-325-4053

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