The New York Post is reporting that a slow-motion crisis is unfolding in Florida’s condo market which is threatening to upend the state’s image as a haven for retirees and reasonably priced beach living. They report that Florida’s aging condo buildings desperately need repairs, and state officials are forcing them to assess (and pay for) those long-overdue upgrades. Owners of the state’s older condos are bracing for steep special assessments, while racing to sell their homes and receiving only tepid buyer response.
“You’re going to see a massive reduction in the value of these buildings based on these giant special assessments and the work that has to be done,” said Orest Tomaselli, CEO of Strategic Inspections, which advises condo boards nationally on how to shore up their reserves.
In addition, as Tampa’s FOX 13 reports, Florida condo buildings could lose state-run insurance coverage under new bill that targets condo associations that have not complied with a new state law requiring a safety check in the aftermath of the 2021 Surfside condo collapse.
Click here to read the full story at the NY Post.
