Article Courtesy of The Realtor

By Kiri Blakeley

Published May 21, 2025

Florida condo owners suffering the double whammy of skyrocketing insurance and condo fees could find relief as soon as July 1.

That's when Gov. Ron DeSantis can sign, veto, or allow House Bill 913 -- which aims to help condo owners battling starkly climbing HOA fees -- to become law without his signature.

"HOAs are growing in Florida in terms of both prevalence and price," says Realtor.com senior economist Joel Berner. In April 205, 65.1% of for-sale properties in Florida were subject to an HOA, up from 58.6% in April 2022. And the median HOA fee in Florida is $390, up from $232 in 2022—an astonishing 68% rise in three years.

"I'm scared," Georgie Pratt, the owner of a one-bedroom condo at Winter Park Woods in northern Orange County, told WESH 2, echoing many Florida condo owners. "My mortgage is about $300 a month, and my fees are now $2,100."

HB 913 is meant to help owners with costs without sacrificing safety, as no one wants another tragedy either.

"This bill comes from a lot of listening to owners talk about how they know their building needs to be safe but pleading that the process be fair and workable," Sen. Jennifer Bradley (R-Fleming Island), who led the efforts to address condo owners' concerns, said during last week's bill debate. "With each milestone inspection, our condos are becoming safer, but financial impacts are reverberating."

What the new fees did to the condo market

The sharp rise in condo fees had a chilling effect on the older condo resale market as well.

"A huge percentage of Florida's residents are retired on fixed incomes, and such [HOA] increases are completely unaffordable," real estate investor Jameson Tyler Drew tells Realtor.com®. "This has led to a fire sale of condos as elderly residents look for places to live, all while losing their equity."

It's a buyer's market as far as older condos are concerned, say local experts. But even reduced prices aren't necessarily moving older condos.

"Prospective buyers are more cautious now, often demanding structural inspection reports before making a purchase," Miltiadis Kastanis, director of new development sales at Compass Development Marketing Group, tells Realtor.com. "This caution has led buyers to shift their interest into newer buildings since older buildings' costs are higher. Newer condo products are selling at higher prices."
How HB 913 aims to help

The new bill, which was substituted for the similar Senate Bill 1742 and co-introduced by Sen. Jason Pizzo (NPA-Sunny Isles Beach), aims to help condo owners on different fronts.

Structural integrity studies that were supposed to be completed by the end of 2025 were given a year extension. Condo associations will also be allowed to use lines of credit or loans to satisfy reserve obligations, if a majority of owners approve. And there can be a two-year pause in reserve funding after a milestone inspection, meant to free up money to make repairs.

There are also safeguards in the bill to protect "against malfeasance by condo boards and unscrupulous contractors," according to Florida Politics. Professionals who bid on a SIRS (structural integrity reserve study) must disclose if they intend to bid on any of the work that is subsequently shown to be needed.

Additionally, the bill will allow condo associations to invest reserve funds in low-risk certificates of deposit and depository accounts of financial institutions. Smaller buildings under three stories are also exempt from the inspections.

Not everyone thinks the new law will help owners as much as intended.

"You will now have condominium complexes taking on debt, which is never a good thing," says Sunshine State real estate agent Cara Ameer. "Those costs will ultimately be passed on to owners through their monthly fees and/or assessments."

Since DeSantis made changing the burdensome condo laws one of his top priorities for this year, it is expected that he will sign HB 913 into law. However, his office did not confirm this when asked by Realtor.com.