patrick.net

https://www.dailymail.co.uk/real-estate/article-14839107/florida-condo-law-home-values-hoa.html

Condo owners wake up to grim reality that their homes are worthless after law change

Instead, most are opting for newer builds, which come with modern storm protections, amenities and HOA fees that won't skyrocket any time soon.

The dramatic shift comes after a new Florida law — passed in response to the deadly 2021 Surfside collapse that killed 98 people — imposed strict inspection and funding requirements for aging buildings.

Condo associations must now conduct structural safety assessments and collect hefty reserve funds for future repairs.

'I think we are going to see a growing divide,' attorney Alessandra Stivelman of Eisinger Law tells DailyMail.com

'New condos built to modern codes and with fully compliant reserves will thrive — while older buildings may struggle to survive and face termination, bulk sales, or redevelopment.'

Now, owners are trying to dump their condos. The problem is, no one wants them.

Concrete with rebar near a warm ocean seems to have a bad problem; the moisture penetrates and when the rebar starts to rust, it expands and ruptures the concrete. Eventually the whole building is a house of cards.

The new condo fees and insurance are very expensive; imagine getting a letter from the HOA that you have to cough up $18,000 in a month to pay for the repairs to your building, and your monthly fees go from $500 to $1000 per month because of insurance costs rising.