Condominiums

A law passed in 2022 requires condo associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. As a result, older condos are facing hefty increases to association payments to fund these reserves and repair costs.

Experts called the study a “game changer” that raises a host of questions about development on vulnerable barrier islands.

Conform reform laws passed after the tragic collapse of the Champlain Towers South condo building in Surfside, Florida in 2021 require structural examinations, and for associations to build their reserve funds for maintenance and repairs. Experts discussed the topic on The Florida Roundup.

This week on The Florida Roundup, we talked about the looming deadline for condo owners and associations to meet new regulations that were enacted following the 2021 Surfside condominium collapse among other topics.

Experts and state senators from both parties gathered to tackle rising costs — but warned there is no silver bullet. Senate Democratic Leader Jason Pizzo underlined that owners could shoulder some of the blame for the state of affairs.

New rules for condo associations in Florida are likely taking their toll on sales statewide as median prices fall.

South Florida condo owners already spend a lot on monthly fees but very little of the money goes into reserves. More money will have to be funneled into savings beginning next year.

During a roundtable discussion on the issue Thursday, the governor spoke with Florida condo owners.

Lopez said there isn’t enough data to have a special session on condos before the end of 2024.

This week on The Florida Roundup, we discussed possible tweaks to new condo reform laws, the growing need for EV fast charging stations across the state, recent claims on Florida’s abortion ballot initiative, the growing number of incarceration deaths and an update on activity in the Atlantic.

He said "we do need to do something this year" to help with increased costs for repairs and property insurance. The 2025 regular legislative session begins in March.

Last month, Gov. Ron DeSantis said it was up to the Legislature to address significant increases in assessments that residents face on top of homeowners association fees.