The new Florida law was enacted after the 2021 collapse of the Champlain Towers in Surfside, which mandates increased building inspections and reserve funding for condo buildings.
Sounds like decades of neglected maintenance catching up to the owners. Which sucks for those who just bought in and got left holding the bag.
It’s not really a bag they’re just making condo owners have a reserve of cash in case shit happens.
If you’re forced to sell your home and you’re 80, that’s a hell of a bag.
Projects budgeted for Konetz’s building include everything from consultants, roofing, concrete restoration, elevator modernization, termite treatment and $700,000 alone for landscaping.
Sorry you have to move out, we need a reserve of cash to pay for landscaping.
Plus their HOA dues doubled to 3k/month.
I really feel for these folks.
My local municipality just completed one of these reappraisals and hoo boy. My property was reassessed +10k and my taxes fucking NOSEDIVED because some gaggle of dipshits down the street had their extremely nicer houses appraised fairly. They went from $80k to $850k. There are a bunch of $1.5M listings now, that no one is biting on.
These appraisals should happen every 4-6 years, not every ~25.
I think this is different, these are condos and it sounds like all residents are being assessed fees for overdue maintenance.
Oh fuck that’s so much worse.
