More than two years after the tragic Surfside Condo collapse, condo laws are continuing to be reformed to prevent a repeat tragedy. This is great news for future condo owners. Condo complexes are being updated, association reserves being bolstered, and higher safety standards being enforced. Current and future condo owners will benefit from these changes for decades to come.

Reform has a price tag though. Florida condos have always been popular with retirees who want a low-maintenance lifestyle and to enjoy the warm weather and income-tax free state. However, many retirees have a fixed income. This is creating a tension between the benefits of reform and the reality of the cost to implement. This interplay is affecting the current condo re-sale market.

To catch up on foregone maintenance and increase reserves, condo associations are having to levy assessments and raise monthly fees. Florida’s rising insurance costs are not helping condo budgets either. Some complexes are seeing a 25% to 70% increase in premiums.  As the state government tries to come up with realistic timelines for condo associations to be in compliance, current condo owners are feeling the pressure and costs of condo ownership.

To learn more, check out the articles below about the condo market and learn what questions to ask to make sure your condo association (or a complex you wish to purchase in) is healthy.

• Older Condo Woes Make it Harder to Buy/Sell Units
• Condo Reserve Rules Push Some Toward Foreclosure
• New Condo Reforms Become Law
• Condos hit with 563% rate increase
• Condo boards across Florida work to increase state-mandated funding reserves
• 20 Questions to Ask When Buying a Condo