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Per the new Florida law, all three-story-plus condo buildings and at least 30 years old must undergo a mandatory engineering assessment before Dec. 31, 2024. Condo associations must also shore up ...
Across Florida, aging condo buildings are facing rising expenses and millions of dollars in structural repairs to comply with new regulations following the collapse of the Champlain Towers ...
Barbara Schmal, who has been a real estate agent for three decades, told ABC Action News she’s never seen the Florida condo market experience such a low. Schmal adds this crisis is hitting folks ...
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Membership in a condo is obtained by buying the shares on the open market, most often through a real estate agent. No board approval is needed to buy shares, but in some cases other stockholders or the housing cooperative itself has the right to claim the stocks being sold. There is usually no requirement for the owner(s) to live in the condo.
The Florida Legislature passed condo reform legislation in a May 2022 special session as Senate Bill 4-D, addressing issues highlighted in the aftermath of the Surfside collapse. [206] It was modeled on the 40 year recertification [207] scheme. [208] The bill creates a state-wide inspection program for condo buildings taller than three stories.
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The WSJ reported condo inventory for sale in South Florida has more than doubled since the first quarter of 2023, to more than 18,000 units today, due to either rising insurance costs or repair ...
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