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Attention South Florida Condo Owners: Act now before it's too late!
Stay ahead of the curve and safeguard your financial future! Understand the impact of Senate Bill 4-D on your condo's value & explore your options before it's too late.
STEP 1
Get Your Free Condo Valuation by Simply Filling Out the Form
STEP 2
Determine If Selling Is the Right
Move for You
STEP 3
Shield Yourself from Skyrocketing Costs with Tailored Strategies Crafted Just for You
Are you prepared for the storm hitting condo owners in 2025?
Following the tragic Surfside building collapse, forthcoming laws and regulations will reshape the condo market landscape, leaving many in a state of financial turmoil.
As a condo owner, you're likely experiencing the most significant jump in HOA fees in 2024, driven by a troubling mix of inflation and soaring home insurance premiums. Brace yourself, because the storm is far from over.
Florida Senate Bill 4D (SB 4D)
The critical updates you need to know:
- Millestone Structural Inspection
- Structural Integrity Reserve Studies
- HOA Maintenance Fees to Skyrocket (Even More)
Milestone Structural Inspections
Condos that are three stories or taller must undergo milestone structural inspections to assess their structural soundness and recommend essential improvements.
The initial milestone inspection must be completed by Dec. 31 of the building's 30th year, a deadline that many Florida condos have either met or are swiftly approaching. With subsequent inspections every decade. Knowing how your building could be affected is critical!
Which Means: ASSESMENTS
Structural Integrity Reserve Studies
Before condo associations could opt to waive their reserve contributions.
According to the new legislation, Associations existing on or before July 1, 2022, must commission a structural integrity reserve study for buildings over three stories.
To determine the necessary reserve amount, associations must complete a Structural Integrity Reserve Study by Dec. 31, 2024.
Which Means: MORE ASSESMENTS
HOA Maintenance Fees to Skyrocket (Even More)
Higher fees for compliance and administration may be necessary to ensure transparency, safety, and residents' rights.
The high inventory in the condo market, once the new law becomes known, can lead to an oversupply of units, making it challenging to sell with increased competition.
Condo owners may need to act promptly to mitigate the impact of this surplus before it becomes harder to address.
IMPORTANT MESSAGE FOR SOUTH FLORIDA CONDO OWNERS...
I'm Avisha, real estate advisor. With recent legislative changes it's crucial to stay informed about your condo's future.
These regulations could impact your property values and increase costs. I'm here to guide you through these changes and help you make informed decisions.
Act now to protect your financial future and take advantage of the current market.
Watch and Safeguard Your Future
Don't let your condo become a nightmare.
Witness the shocking reality of unexpected assessments that can devastate your financial future.
Don't wait for the storm to hit and the market to be flooded with condos once the study is public knowledge. Act now to capitalize on the current market and secure the best possible outcome for your condo sale.
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