VOLUSIA COUNTY - After
the deadly collapse of a building in Surfside, a bill was
passed in Florida, hoping to improve condominium safety.
But these new
requirements have become a burden for some condo owners who
can't pay multimillion-dollar renovations.
While some who live in Daytona Beach Shores are on fixed
incomes, others are well off. But no matter how much money
each one has, most of them agree on one thing.
"This type of thing is going to be mission impossible for
the average condo owner," said Thomas Baker, Marbella
Condominium Association vice president.
Baker is talking about new requirements buildings now have
to follow. |
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The law hopes to
resolve structural and financial issues faced by buildings
across the state, but it's creating challenges.
These new rules all come after the surfside collapse in
Miami.
"That was this was a wake-up call because what's been going
on, was there are millions of dollars of repairs at certain
buildings, and the condo associations are hamstrung because
you have to either have the reserves or you don't," said
John Cadden, Condominium Advisory Group managing principal.
Condos over three stories high are required to complete a
Structural Integrity Reserve Study.
This study will tell them how much money they need to have
in their reserves for the long-term maintenance of their
buildings.
This is leading to increases in association dues for
renters. Some are even forced to move out because they can't
afford higher fees.
However, Cadden suggests these high rates are partly condo
associations' fault.
"You go back and look at years and years of financials on
long existing condominiums and you compare it to the reserve
studies they have done, they just didn't pay," he added.
"They didn't do it. So people are complaining now about what
they should have done before."
While at the Marbella things are looking good, many condo
owners and renters are bracing for higher fees and special
assessments.
"Everybody is going to have a shortfall," Baker said. "The
older the unit is, the worse it is going to be."
The study must be completed by Dec. 31, 2024, or the
association could face financial penalties.