F
lorida condominium owners face higher costs from condo associations this year due to a safety law passed by state lawmakers in 2022. The law requires associations to have sufficient reserves for major repairs and conduct reserve surveys every decade, leading to significant increases in association payments for older condos, particularly those in South Florida.
The law was enacted after the partial collapse of Champlain Towers South in Surfside, which killed 98 people in June 2021. New regulations require condo associations with three or more stories to file inspection reports by December 31, focusing on structure, maintenance, and expected repair costs.
Condo owner Kelli Roiter supports the law, citing concerns about her oceanfront building's structural integrity, but acknowledges that higher fees may be a burden for some owners. Rick Madan, president of the Biscayne Neighborhoods Association, argues that the law is overly broad and doesn't address the root causes of the crisis.
State Sen. Jason Pizzo agrees with Madan's concerns about property insurance and transparency among associations regarding repair costs. He emphasizes the importance of objective inspections to ensure residents' safety and prevent structural damage.
Luis Konski, a Miami attorney, notes that previous regulations allowed condo associations to delay maintenance, leading to costly special assessments when repairs were finally needed. He questions whether the state has committed enough staff to enforce the new rules.
Real estate agents Rebeca Castellon and Gatien Salaun acknowledge the challenges posed by increased fees and regulations but see potential benefits in requiring condo associations to maintain reserves for future repairs. They note that condos remain an affordable form of home ownership, and buyers may demand more information about a property's structural integrity before making an offer.
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