Florida Condo Rules Updated: These Places Are in Financial Ruin! (Video)
This is a 9 August 2024 video.
The new law is specific to Florida only, but the business areas it strengthens highlights existing faults in all the condo associations across the country. Failure by condo associations to set aside funds for structural repairs is a major issue, Many condo associations have waived building these reserve contributions and failed to do financial planning, leading to the need for special assessments levied against unit owners.
One issue I have recently noticed which I have not seen anyone else talk about is a lot of condos have major problems when it comes to their finances and none of this is being disclosed upfront in the listing description so buyers know what they are getting themselves into.
You have to go through the motions and make an offer on a place and ask a ton of questions to get all these answers and by that time you can be knee-deep in a transaction and have wasted hundreds or thousands of dollars on a place you’re not even gonna buy. This is a major problem in the current housing market and it needs to be fixed.
In Florida, condo associations face big challenges with the new Condo 3.0 law. The requirement for Structural Integrity Reserve Studies and mandatory reserves means more administrative work. Many will need to raise condo fees to meet these costs, making housing less affordable.
Education requirements for condo managers and board members add another level of complexity. Associations must ensure that everyone understands their new roles and responsibilities under the law, which can be time-consuming.
The deadline for existing condo buildings to complete their first structural integrity reserve study is December 31, 2024.
https://youtu.be/yW9k-gatY5s
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