Florida condominium owners face increased expenses due to new regulatory changes requiring sufficient reserves and regular surveys, leaving many older buildings with higher association fees and concerns over structural damage and resident safety.
The article discusses how new regulations for Florida condominium associations are leading to higher costs for owners. The law, passed in 2022, requires associations to have sufficient reserves to cover major repairs and conduct a survey of reserves every decade.
As a result, older condos are facing increased payments from association fees to fund these reserves and repair costs. This is particularly concerning because nearly 90% of Florida’s condominiums are over 30 years old, and many have not had critical inspections.
Senator Jason Pizzo notes that it’s essential for associations to be transparent about the required projects for repair costs to prevent structural damage. He also emphasizes the need for objective inspections of older buildings to ensure residents’ safety.
Attorney Luis Konski suggests that previous condo regulations kept fees low by failing to save money for future repairs, leading to special assessments when repairs were needed. He believes the state may not have enough staff to effectively monitor associations and enforce the new rules.
Real estate agents Rebeca Castellon and Gatien Salaun express concerns about the timing of these increases, which are combined with higher insurance costs and recent inflation. However, they also acknowledge that the new regulations will provide buyers with more information and potentially lead to more informed purchasing decisions.
Key points:
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New regulations require condo associations to have sufficient reserves for major repairs and conduct surveys every decade.
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Older condos face increased association fees due to these requirements.
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Many older buildings have not had critical inspections, highlighting the need for transparency and objective assessments.
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The state may lack sufficient staff to monitor associations and enforce the new rules effectively.
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Real estate agents note that the increases in association fees are a concern, but also acknowledge the importance of increased transparency and regulation.
Overall, the article highlights the challenges faced by Florida condominium owners as they navigate the new regulations and increasing costs. It emphasizes the need for transparency, objective inspections, and effective enforcement to ensure resident safety and property values.
