Florida Begins 30-Day Countdown To 2025 Condo Association Financial Cliff
Miami condo expert Peter Zalewski will host an exclusive four-hour seminar at 1 pm, Wednesday, Dec. 4, to prepare investors and unit owners for the 2025 deadline.
The Florida condo industry is poised for a systemic change in 30 days as a result of what industry watchers are calling the 2025 Condo Association Financial Cliff.
In the wake of the Surfside condo collapse more than three years ago, the linchpin of Florida’s legislative measures - mandatory funding for ongoing maintenance and repairs to ensure the structural integrity of towers - are scheduled to take effect in January.
The practice of condo associations delaying crucial fixes and upkeep due to unit owner resistance will soon be a thing of the past.
It is against this backdrop that Miami expert speaker Peter Zalewski - who is a former journalist, a Wall Street consultant, an expert witness and a licensed real estate broker - is hosting a private seminar entitled “An Investor's Guide To 2025 Florida Condo Association Financial Cliff” for investors and unit owners, alike.
This is your chance to better understand the opportunities and pitfalls of the changes with a crash course at 1 pm, Wednesday, Dec. 4, designed to equip attendees with the essential knowledge to navigate a new era for condos in Florida.
Seating for this four-hour bootcamp in Greater Downtown Miami is limited to six individuals.
In the wake of the Surfside condo collapse, the safety of a condo tower coupled with the ability to pay for preventative maintenance is increasingly important for Florida’s nearly 28,250 condo associations with more than 1.2 million units.
For context, the tricounty South Florida region of Miami-Dade, Broward and Palm Beach have nearly 13,000 condo associations and about 610,000 units, according to a recent report.
This is the dilemma that condo owners, buyers and board members are facing some 30 days from the start of Florida’s 2025 Condo Association Financial Cliff.
In the aftermath of the June 24, 2021, collapse of the Champlain Towers South in the town of Surfside on the barrier island of Miami-Dade County, everyone from residents to building inspectors, politicians to bankers understand better than ever the importance of ensuring that no Florida condo building ever collapses again.
Nearly 100 people died and a $1 billion settlement was reached with the families of the victims.
A federal investigation is currently underway but the preliminary reports suggest a flawed design coupled with a lack of upkeep by the condominium’s association contributed to the disaster.
The Florida Legislature has taken a number of steps - prompted by insurance companies threatening to withdraw coverage in the state - to ensure that nothing like this ever happens again.
Up until now, the state’s measures were being implemented slowly but that all changes in 2025 when many of the measures take effect.
Beginning in January, condo associations in Florida will be required to start collecting money from unit owners to place into reserve accounts that will be used exclusively to fix, maintain and improve the structural integrity of residential buildings that are at least three-stories tall.
People are dubbing this moment as the 2025 Florida Condo Association Financial Cliff as it is expected to result in significantly higher costs for unit owners. News reports are already chronicling condo owners selling their units at deep discounts ahead of the 2025 deadline.
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