In the three years since 98 people were killed in the Surfside condominium collapse, a series of new laws and higher costs associated with the condo lifestyle have emerged.
“What Surfside showed was, you had millions of dollars in repairs, you had boards where people were quitting,” said John Cadden with the Condominium Advisory Group.
Soon after the collapse, state lawmakers passed several safety related bills.
Is condo living becoming a thing of the past? Insurance costs, HOA fees taking a toll
That includes legislation that requires homeowner’s associations to perform more rigorous inspections and collect more money from residents for maintenance fees.
Cadden says those bills are putting “communities that have deferred maintenance, that have never done reserves or had minimal reserves, in a position where they have to fund reserves. It’s a huge hit.”
It’s also increased the cost of living for the 2.5 million Florida residents who live in condos.
A recent report found condo sales and prices in Florida are down, while nationally they’re up more than 8%.
