Florida’s older condominium market is facing a crisis as owners must confront steep special assessments for overdue repairs due to new regulations. Following the Champlain Towers South tragedy, state legislation mandates structural integrity studies for buildings over 30 years old, revealing urgent repair needs. Nearly 1,400 condos have been excluded from mortgage financing, further complicating sales. Many current owners are racing to sell, but struggling to attract buyers amid rising costs and declining values, leading to a significant threat to Florida’s reputation as a retirement-friendly market.
A slow-motion crisis is unfolding in Florida's condo market, threatening to upend the state's image as a haven for retirees and reasonably priced beach living.
'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.
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