Condos in Crisis

The podcast discusses the significant challenges facing condo owners in Florida, particularly in the wake of new laws requiring inspections for buildings aged 30 years or older. Following the 2021 condo collapse that led to tragic loss of life, these regulations have introduced unexpected financial burdens on homeowners who now face costly repairs and heightened insurance premiums. Many owners, expecting a peaceful retirement in their condos, are blindsided by hefty assessments, some reaching as high as $225,000, leaving them with few options for financing. This evolving situation highlights the broader implications for the real estate market in Florida as a state representative warns of an impending crisis.