Posted on 08/09/2024 6:57:44 AM PDT by Red Badger
Condo listings in Florida have skyrocketed as desperate owners attempt to dodge a costly new law requiring increased safety checks.
The legislation was brought in following the 2021 collapse of the Champlain Tower South in Surfside, which killed 98 people.
It later emerged that the condo association had postponed crucial repairs to avoid increasing costs, prompting lawmakers to introduced new regulations which take effect at the end of the year.
As a result, the number of condos on the market has soared, especially in southern Florida, prompting warnings of a 'mass exodus.'
There were 20,293 condo listings in the Palm Beach, Broward and Miami-Dade counties in the second quarter of 2024, ISG World reports.
The figure is an 143 percent leap from the 8,353 in the same period last year. Almost 90 percent of those for sale are in buildings more than 30 years old.
Under the new guidelines, condos older than 30 years or more than three stories will require increased inspections from December 31.
Read More REVEALED: The cities offering the most apartment space on a $1,500 budget article image The cost of insurance and Homeowners' Association fees to cover the special assessment requirements has also jumped.
'Condo costs are shocking,' said Juan Castro, a Redfin Premier agent in Orlando. 'Condos that used to have a $400 monthly maintenance fee may now have a $700 fee. It's causing buyers to rethink their plans.'
Arkadiy Kats, 71, already pays $340 a month for a special assessment and $897 a month for monthly condo HOA fees.
Starting next year, he is expected to contribute an additional $731 toward reserves.
He has taken the decision to return to work as a real estate agent to help cover the costs.
(Excerpt) Read more at dailymail.co.uk ...
Weekly price drops around here. Heavyhanded-one-size legislation ruining lives for a lot of condo owners.
Well, NOT doing safety checks didn’t work out too great, either.
My kids (Gen Z and millennials) will soon be living on the streets or at home with their parents. It’s too expensive to buy a house and way too costly to buy or rent a condo!!
This entire market is BS-—this generation needs to vote all this crap out now!!!
HOA’s are of the devil. Encounter one and your faith in mankind will be sorely tested.
Vote harder!
The HOA’s Fault?
Later.
Boo fugging hoo. It sounds to me as if the condo owners did not do any due diligence before buying their condos and are not shocked to discover they bought a piece of Kommie-La housing. Their failure to have their condos and the buildings they are in inspected for structural defects is the problem. They caused the problem. They own the problem. And now, they are trying to sell the problem to some other idiot.
Salt water intrusion into reinforced concrete degrades the structure over time. The rebar begins to rust, then the rust expands and cracks the concrete until eventually it cannot withstand the load pressure and the building collapses. Time scale: 50 years approximately. Depends on proximity to the ocean. This also applies to bridges and other infrastructure........
It is a real problem.
Too many weather catastrophes in Florida for me.
“Weekly price drops around here. Heavyhanded-one-size legislation ruining lives for a lot of condo owners.”
A few rich guys will get to buy prime building land cheap.
No, Mother Nature’s fault.....Salt Water intrusion........
+1
Of course it’s a real problem. It’s just not a problem that every.single.condo has.
Funny how that works. Can’t help but make one wonder about incentives and concentrations of power and influence.
Having lived in an HOA community for over 22 years I can tell you they are a double edged sword.
They’re great for sustaining property values. However, one or 2 power drunk dochebag board members certainly can make it a living hell.
The trick is to get the right people on the board.
True. Condos inland away from the ocean mist won’t have anywhere near as much corrosion that beachside condos do.
But politicians’ knee-jerk reaction one-size-fits-all laws aren’t the answer.
Perhaps this is a way for them to scoop up some really great waterfront property at fire sale prices................
I practically gave away the last of my three FL condos just to be rid of it.
I sleep much better without having to deal with the neighborhood nazis.
“, Mother Nature’s fault.....Salt Water intrusion”
yep.
A lot of people that haven’t had experience with coastal living don’t understand it comes with a really unique set of challenges.
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