PALM BEACH COUNTY --
The clock is ticking for Florida condominium owners who now
have to come up with reserve funds to pay for potential
repairs.
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A new safety law was passed after the
Surfside collapse in 2021.
Lawmakers hope the new law will help prevent future
tragedies.
Condo associations can no longer vote to waive reserve
contributions because that option goes away at the end of
the year.
Condo owners are concerned about costly assessment fees.
John Cadden, managing principal for the Condominium Advisory
Group, explained the options available to condo owners.
"People are going to have to pay up," Cadden said. "Get a
loan from a bank if your community is in pretty good
standing to fund part of the reserves and help you through
it." |
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Cadden said condo
owners also need to get involved.
"Look at the
alternatives of what your property is really worth," Cannon
said. "Where values are going to go and what's a good way
for the community as a whole to potentially benefit from a
sale of the property to a single buyer."
