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Climbing costs associated with owning a condo in Florida, namely surging insurance and HOA costs in the aftermath of the collapse of the Champlain Towers South condominium in Surfside, experts say.
One specialist says HOA reserves don't need to be “fully funded.” 'This problem is not going away': An entire Florida homeowners association board just quit after $60K special assessment ...
According to data from Condo Vultures, the tri-county area had 12,925 condo associations as of December 2023 — that’s about 26% of the 50,000 condo associations in Florida.
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.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
With the passing of SB 278 in 2010, the state of Utah also requires condominium and community associations to conduct and review reserve studies on a periodic basis. [ 7 ] reserve contributions are often one of an association's largest budget line items (often 15-40% of the total budget), and the reserve fund is typically the association's ...
Not surprisingly, condo listings are up across the state of Florida. According to Florida Realtors, as of November 2024, new listings of condos and townhouses rose by 5.5% year-over-year. And ...
Doun Dounell/Flickr By Michelle Conlin For six years, Ingrid Boak, who travels a lot for work as a racehorse trainer, ignored mail from her homeowners association. Boak, of Lexington, Ky., says ...