Community Association Headline News

FL’s Condo Crisis Dissected; New laws are driving up costs

Sat, 21 Dec 2024 15:08:44 +0000

If something doesn’t change in early 2025, experts are concerned the crashing condo market in Florida will turn into a condo Ice Age. New laws passed in the wake of the Surfside tragedy are making condominiums incredibly expensive: There has been a surge in units being put up for sale and just sitting there– because buyers are nervous about skyrocketing fees and assessments in older buildings. Read the article…………………………….

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Florida’s Condo Crisis: Can Condo Owners Recover?

Fri, 20 Dec 2024 15:07:09 +0000

Condo owners in Florida have flooded the market with new inventory in 2024 in hopes of unloading their condos due to rising costs. Florida lawmakers enacted legislation following the catastrophic collapse of the Champlain Towers condominium building in Surfside in 2021. The devastating event in South Florida’s Miami-Dade County killed 98 people when the south tower suddenly crumpled in one of the deadliest building collapses in U.S. history. To prevent similar disasters, condos of a certain age are required to undergo rigorous inspections with detailed plans to fund necessary repairs and maintain structural integrity by the end of the year. Read the article…………………………….

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Experts surprised to find over 30 sinking high-rise condos and luxury hotels in Florida near site of tragic Surfside collapse

Tue, 17 Dec 2024 23:33:10 +0000

“The discovery of the extent of subsidence hotspots along the South Florida coastline was unexpected,” Farzaneh Aziz Zanjani, the lead author, said in a statement. “The study underscores the need for ongoing monitoring and a deeper understanding of the long-term implications for these structures.” It’s not uncommon for buildings to sink a little during and soon after construction, but the scientists called their discovery surprising because some of the changes took place several years later. Read the article…………………………….

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An inspection deadline for Florida condo buildings is fast approaching

Mon, 16 Dec 2024 15:22:27 +0000

A deadline for Florida condominium inspections is quickly approaching. After the collapse of the Champlain Towers South condo building in Surfside, Florida in 2021, lawmakers passed a series of new regulations for condo buildings. One of those requires most condo buildings to get a visual structural inspection by Dec. 31. Read the article…………………………….

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Is insurance contributing to the condo crisis? Florida lawmakers say it’s a problem

Sun, 15 Dec 2024 15:11:27 +0000

Two Florida lawmakers blame insurance companies — not new state law — for helping to fuel a condo crisis that has hit owners with rising fees and assessments in high-rise buildings. State Sens. Jason Pizzo and Jennifer Bradley said the insurance industry is contributing to the higher costs for condo owners. The biggest issue? The cost increases for commercial condo association policies, what coverage associations rely on for shared structures, including the roof. Read the article…………………………….

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Palm Beach County Commission calls for immediate special session on condo assessment deadline (FL)

Sat, 14 Dec 2024 21:52:15 +0000

The clock is ticking for condominiums across Florida as the deadline to perform building assessments on older properties is approaching. This is an issue that WPTV has been closely following amid the state’s coverage collapse. Following the Surfside condo collapse in 2021 that killed 98 people, Florida lawmakers passed legislation that mandated inspections of aging condos that are at least 30 years old. The Dec. 31 deadline is already costing some condo associations thousands — if not millions — of dollars in fees. Read the article…………………………….

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