"I think the passage of that legislation is really important to create understanding and peace of mind and transparency in the marketplace, he said. Buyers can now go in eyes wide open and have a clear understanding of what has been discussed at the condo association level and what they may or may not be facing."
"I always tell people to look at this market, number one, in two tranches single family behaving separately from condos, Bozovic said. Single family is not affected by this law change, and also we cannot add more inventory vertically when it comes to single family. There absolutely are (condos) that are difficult to resell, said Bozovic."
House Bill 913 expands mandatory milestone inspections and strengthens reserve requirements for critical building elements such as roofs, foundations and load-bearing walls. The law requires greater transparency from condominium association boards and management companies, including open records and financial disclosures for current and prospective unit owners. The provisions aim to reduce hidden structural and financial risks and restore buyer and seller confidence in coastal markets. Sellers gain clearer obligations and more incentive to engage in association governance. The law affects condominiums more than single-family homes, creating divergent market dynamics in Miami-Dade County between vertical and single-family inventory.
Read at www.housingwire.com
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