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Article
Courtesy of News Channel 8 On Your Side
By
Linnie Supall
Published July 7, 2024
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WATCH VIDEO |
ST. PETERSBURG — A new state law is making sure condominiums across Florida
are more resilient after the Surfside condominium collapse. But complying
with the legislation is pricing many condo owners out of their homes.
Right now, many buildings across the state are going through a very
stringent inspection process to determine if there are any structural
deficiencies.
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However, many condo
owners are unable to pay for the large assessment fees to
cover the cost of repairs.
“I was shocked because I didn’t think it was going to be
that high,” Rufina Cappelli said.
In many cases, the repairs needed to improve the structural
integrity of the building are long overdue.
In June 2021, the Champlain Towers South condominium
building in Surfside collapsed, killing 98 people inside.
Since then, Florida legislators have passed a new law that
requires inspections for all condominiums and cooperative
buildings that are three stories or higher. |
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Structural integrity reserve studies must be completed to
determine if there are any issues with the structure or foundation of the
building.
A “milestone” inspection is required for buildings that are more than 30
years old.
Complying with the new legislation comes with a steep cost that’s passed on
to condo owners in the form of hefty special assessment fees.
“My condo has been kicking the can down the road for years,” Cappelli said.
“Florida condos have allowed their reserves to go way down.”
There’s another challenge.
Condominium associations must have sufficient reserve money available to
cover the cost of any structural repairs.
“They have to find a way to find the money,” said Mike Finn, an attorney
based in St. Petersburg. “The board can and will impose a lein on the condo
and ultimately sell it in foreclosure and the condo owner could lose their
home.”
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