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Article
Courtesy of CBS News Miami
By
Steve Maugeri
Published January 20, 2025
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WATCH VIDEO |
MIAMI - A Florida state senator is proposing changes to a law requiring
milestone inspections and reserve funds for aging condominium buildings,
aiming to provide financial relief for condo owners grappling with steep
assessment costs.
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Marcy Ellis, a
retiree, has seen improvements to her more than 40-year-old
condo building but said the costs are overwhelming.
"$6,900 for this roof," Ellis said. "Do you pay a monthly
fee for 20,000 years to pay it off, or do you pay it all at
once?"
Ellis and other condo owners said the new requirements have
led to higher condo association fees.
The law passed after the 2021 Surfside condominium collapse,
mandates that buildings three stories or higher and at least
30 years old undergo milestone inspections. |
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The law also requires condo associations to set aside
reserve funds for repairs and maintenance. The deadline for inspections was
December 31.
"I can't go to Social Security and say, 'Hey fellas, we need a raise. My
building got assessed,'" Ellis said.
State Sen. Rosalind Osgood is proposing changes to the law, including
allowing payments to be made in installments. She also wants the
requirements to vary depending on the building's size and location.
"There needs to be a delineation between high-rise buildings near the beach
and condos like this one," Osgood said during a meeting with residents at
Ellis' building.
Carolyn Hill, president of the building's condo association, supports
reserve funds but said owners need more time to pay.
"I'm all for the full reserves. I'm not against that at all," Hill said. "We
just need more time to make the payments instead of doing everything at once
in two years."
Ellis said any relief would help retirees like her who are struggling to
keep up with rising costs.
"If not, you might see me on the street selling pencils," she joked.
The proposed changes are expected to be considered during the upcoming
legislative session.
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