Is Buying a Condo in Florida a Bad Idea Now? New Laws Explained

Attention condo owners and potential buyers! Are you aware of the recent changes in Florida's condominium laws, House Bill 1021, or the "Condo 3.0"? These new regulations, a direct response to the tragic Champlain Towers collapse, are impacting condo finances, assessments, and potentially even property values.
This video dives deep into the key changes:
- Milestone Inspections: Mandatory inspections for all condo buildings, with significant cost implications for owners.
- Structural Integrity Reserves: New requirements for fully funded reserves to address future repairs.
- Impact on Condo Ownership: Potential for rising assessments, increased pain in the short-term, and a potential shift in condo market dynamics.
But wait, there's more! This video also explores the potential opportunities these changes might create for savvy real estate investors.
Watch to learn:
- How the new laws will affect condo owners and buyers.
- What to expect regarding condo assessments and dues.
- Potential impacts on condo inventory, pricing, and future market trends.
- Whether these changes create investment opportunities.
Leave a comment below! Do these new laws seem like a good thing for condo owners? What questions do you have?
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[@JJS73]

Very good informative video. Thank you.

[@frankiemionetto]

I believe that condos less than three stories are exempt from this law