Florida is facing a big problem with condominiums, and many people who live in them might not be able to afford their homes much longer. Even though the situation is serious, Florida lawmakers are not planning to take action right away, leaving many condo owners worried about their future.
The problem started after a terrible event in June 2021, when a building called Champlain Towers South collapsed in Surfside, Florida, killing 98 people. To prevent something like this from happening again, Florida passed new laws that require all condo buildings to be inspected for safety by January 1, 2024. These laws also make condo associations set aside money for important repairs.
The issue is that these repairs could cost a lot of money, and the people who live in the condos would have to pay for them through extra fees. This is especially hard for older people and those who don’t have a lot of money, as they might not be able to afford these new costs and could have to sell their homes at a loss.
Senate President Kathleen Passidomo, who is in charge of the Florida Senate, said in a letter that she understands why condo owners are upset. However, she doesn’t plan to bring lawmakers back to fix the laws before March 2025. She thinks there are a lot of misunderstandings about the new rules and says lawmakers can wait until after the November elections to deal with the problem.
Because of this delay, many condo owners are unsure of what to do. Condo associations are trying to follow the new rules, but they are confused about what is required, and there aren’t enough engineers available to do the inspections. State Senator Ileana Garcia, who represents Miami, is worried that some condos might not be able to meet the deadline, but it’s not clear how many will be affected.
These new rules have already caused condo sales to drop, and the number of condos for sale has gone way up. According to recent data, the number of condos and townhomes on the market in Florida has increased by 92% since last year, while sales have fallen by 20%. This is happening because of rising fees, higher insurance costs, and the cost of making sure buildings are safe.
Former state senator Jeff Brandes has spoken out, saying that the situation is really bad and that lawmakers need to have a special meeting to fix it right away. Even though Florida’s governor, Ron DeSantis, could call a special session, he has decided to let lawmakers decide if they need one.
Many condo owners are just beginning to understand how expensive these new rules will be. A survey showed that most condo associations don’t have enough money saved up, and they might need to charge each homeowner a lot more each month to cover the cost of repairs. In some cases, the monthly fees could go up from $143 to as much as $300.
The rising costs are especially hard for older and low-income residents, who might be forced to sell their homes. Miami-Dade County has a program to help people pay for these extra costs, but it’s the only one like it in the state. Some people think Florida should offer similar help across the state to prevent people from losing their homes.
As the January 1 deadline gets closer, condo associations and their residents are feeling the pressure. Without help from lawmakers or additional financial support, many worry that this crisis could force a lot of people out of their homes and cause property valu
