Condominium

Are some co-owners overpriced? | Immovable

New safety laws, which take effect in 2025, already have thousands of residents in this market concerned about what it would cost to stay in decades-old high-rise condos with beach views.

Rising costs translate into stricter and more frequent safety inspections.

Michele Estevez, who oversees several properties in the village as part of his company, Michele & Associates, told the Islander News earlier this year they support tougher laws, including reservation requirements, to streamline security and reinsurance of residents and condominiums. owners.

“I don’t see that as unreasonable,” Estevez said. “If it’s mandatory, it will be different.”

She realized, however, that new regulations would lead to higher fees, starting with residents. For example, just to paint a two-story building, say with 40 to 50 units, would probably cost between $25,000 and $30,000, she estimated.

Apparently, engineers could charge between $10,000 and $30,000 to thoroughly inspect a condo.

According to a report by the South Florida Sun-Sentinel, the new laws require the following:

– At 30 years old, buildings of three stories or more must be inspected. Thereafter, inspections must be carried out every 10 years. If built before July 1, 1992, the first structural inspection must be completed before December 31, 2024.

– Buildings within three miles of the coast must be inspected after 25 years and again every 10 years.

– Inspection reports should identify significant structural deterioration, whether it is unsafe or unsafe, and whether it needs to be repaired. Copies of the reports must be distributed to all condominium unit owners.

– Condominium boards must conduct reserve studies every 10 years to determine how much money owners need to be assessed to cover future repairs. Boards are not permitted to waive reserve requirements or use reserve funds for any other purpose.

Recertification upgrades have reportedly cost around $15 million or more to repair the Champlain Towers, where last year’s Surfside tragedy claimed 98 lives. The condo association had postponed major repairs, which allowed costs to escalate.

Earlier this year, the Tampa Bay Times reported that the state estimates that about 2 million people reside in more than 912,000 condo structures (of Florida’s 1.5 million total units) that have 30 years or more.

Another 141,773 structures are between 20 and 39 years old and more than 105,000 are over 50 years old.


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