In an article published in Multifamily Dive on 10/17/22, Gabe Coelho discusses the Florida Condo Safety Act and its impact on the condo market in a post-Surfside collapse environment. The article goes over the pros and cons of the new law while providing context concerning the financial burden placed on condo associations and the struggle to meet the state’s new regulatory standards.
“It’s big, it’s bulky, there’s no good way to get it to where it needs to go,” said Gabe. “It’s not particularly well thought out, and there’s going to be pushback in the 2023 legislature because of it.”
The article details what the legislation requires condo associations to do moving forward. By the end of 2024, condominiums at least three stories tall and within three miles of the coasts must be inspected by a licensed engineer or architect when they are 25 years old. Buildings more than three miles inland require the same inspection at 30 years of age. Additionally, the new law prohibits condo associations from waiving maintenance reserve funds. Due to these changes, Gabe states, “it’s something that anyone associated with condos or condo construction is scrambling with.”
Gabe also discusses the overarching issue with the law—practicality. “There are thousands and thousands of condos that all need to do this at the same time,” he says, and there’s a limited pool of resources to do the work.
To read the story in full, click here.