Challenges in the Florida Condo Market

The Florida condo market faces significant challenges due to stricter regulations following the Surfside condo collapse in 2021. The tragedy highlighted the issues surrounding deferred maintenance and safety, leading to the implementation of the Condo Safety Act in late 2022. This new legislation mandates milestone inspections for older buildings and allows condo associations to impose significant special assessments for needed repairs. With some assessments reaching as high as $134,000 per unit, many owners are left financially strained, leading to a surge in inventory as people are forced to sell their properties at steep losses.