New Florida Condo Laws: What You Need to Know
Higher Fees and Assessments
Following the tragic Surfside building collapse, Florida has passed new laws that could result in increased monthly fees and assessments for condominium owners.
Owners of the Surfside condos in Daytona Beach, where a two-bedroom unit is currently listed for $415,000, are among those impacted.
Key Changes for Condo Owners and Associations
The new laws, which go into effect in 2024, introduce significant changes for condo owners and associations, including:
- Mandatory funding of condo reserves for budgets
- Increased frequency of structural inspections
- Requirements for condo associations to maintain emergency plans
Impacted Buildings
The new regulations primarily target older buildings.
Owners of units in buildings constructed decades ago are particularly concerned about the potential impact on their finances.
Rising Number of Condos for Sale
The new law has contributed to an increase in the number of condos listed for sale across South Florida, primarily those over 30 years old.
Many of these buildings are facing substantial repair costs.
Enacted in Response to Surfside Collapse
The impetus for the new law was the 2021 collapse of the Champlain Towers in Surfside, which tragically claimed 98 lives.
The collapse highlighted the need for stricter regulations to ensure the safety and integrity of Florida's condominiums.
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