Florida condo owners look at higher costs as new regulations take effect in the new year
Florida condominium owners are looking at higher costs from condo associations in the new year, a consequence of a safety law passed by state lawmakers in 2022.
It requires associations to have sufficient reserves to cover major repairs and to conduct a survey of reserves every decade. Because of the law, older condos — found largely in South Florida, according to state records — are facing hefty increases to association payments to fund the reserves and repair costs.
Gov. Ron DeSantis signed the law in response to the partial collapse of Champlain Towers South, which killed 98 people in Surfside in June 2021. New regulations require condo associations for buildings with three or more storie...
