Florida Condo Owners Are Receiving the Shock of Their Lives! (Video)
This is a 4 December 2024 video from host Yak Motley
.Statewide in Florida, the pace of the sale of condominiums and townhouses fell almost 21% in September compared to a year earlier. The number of units looking for buyers shot up by 65%.
The sharp increase in condos for sale and fall-off in sales activity comes in response to government reforms passed after the 2021 collapse of the Champlain Towers South building in Surfside killed 98 people. Two significant changes approved by state lawmakers go into effect as the new year starts.
All condo buildings at least three stories tall and more than 30 years old need to have a milestone safety inspection completed by New Year’s Eve. That inspection has led to significant special assessments for some buildings to raise the money necessary to fix problems. Then, beginning in 2025, condominium owners associations across the state need to begin socking away money in reserve funds for regular maintenance of certain systems like electrical, plumbing and roofs. This is the first time Florida condo associations will be required to save money for such repairs. In the past, associations were able to waive building up their financial reserves.
https://youtu.be/LcWvjNumSWE
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