A reckoning is coming for Florida's condo owners as buildings face millions in repairs
Across Florida, aging condo buildings are facing rising expenses and millions of dollars in structural repairs to comply with new regulations following the collapse of the Champlain Towers condominium, which killed 98 people in 2021. While new building requirements are intended to prevent a similar tragedy, the costs are pushing some condo owners to the brink financially and jeopardizing one of the last bastions of relatively affordable housing along Florida’s coastline.
“We’ve got to get these buildings back in shape, but for those that are renters and for those that are owners on fixed incomes it means they may have to find other housing,” said Florida House Rep. Vicki Lopez, who helped craft the legislation and whose Miami district includes more than 600 condo associations. “We already have an affordable housing crisis in Florida, so this perfect storm has arrived at a very difficult time.”
Under legislation passed by the Florida state Legislature following the Champlain Towers collapse, condo buildings over three stories and older than 30 years must pass a structural inspection by the end of the year. That requirement applies to roughly 900,000 condo units across the state. It also requires condo associations to keep a minimum amount in their reserves to fund future repairs, requiring many buildings to increase their monthly association dues.
In the worst cases, residents are being told they have to evacuate their buildings because of structural deficiencies found during inspections, said Greg Batista, a professional engineer who has worked in Florida for more than 20 years.
While some buildings will need little or no work, Florida building engineers, real estate lawyers and realtors say many are now having to pay the price for years of lax maintenance, subpar building standards before the 1990s, and the effects of Florida’s saltwater on the concrete and rebar that holds the structures together.
“I think that many people have yet to really face the music or understand that it is better to sell than to stay around and fund those really large improvements and reserves that you need to in order to comply with the law,” Defortuna said.
https://www.nbcnews.com/politics/economics/reckoning-coming-floridas-condo-owners-buildings-face-millions-repairs-rcna165764
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