Florida Condo Living Is About To Get Safer But Can Anyone Afford It?

In the aftermath of the Surfside condo collapse, the Florida Legislature has made a number of changes to the state’s condo law in 2024. This is one of the changes.

The Champlain Towers South condo collapse in the barrier island town of Surfside on June 24, 2021 was an inflection point for Florida’s real estate market.

Florida condo associations will theoretically become safer just five months from now.

How can that be? Money.

A whole lot of newfound cash is expected to flood into association coffers as part of every Florida condo community’s upcoming 2025 budget.

Unit owners will be expected to pay higher and higher maintenance fees and special assessments to cover the costs of current and future capital expenditures as well as maintenance work that has been deferred.

The unanswered question is, will the cost of safer buildings make condo living unaffordable for existing and hopeful unit owners, alike?

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This information is believed to be accurate and complete but cannot be guaranteed or warranted.

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