"Condo associations [in Florida] are dealing with new laws with a targeted compliance date by the end of 2024. The new inspections apply to many older projects based upon the age of and number of floors in the buildings and their proximity to the coast. For associations that have not completed these inspections the risk of additional special assessments to bring the buildings into compliance is very problematic to many potential buyers."
"Looking at just those issues, it's easy to see why the abated condo sales and weakening pricing [in Florida] are occurring. The financial burdens placed on homeowners due to increased HOA fees and special assessments are forcing some residents to sell their properties, further saturating a struggling market."
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