After a 12-story Surfside condo partially collapsed in 2021, killing 98 people, the State of Florida passed a new law that all condo developments over 30 years old, with 3 or more stories, be inspected, critical issues resolved, and reserves increased to cover all repairs. This new law has had a major impact on residents of Villa del Sol, a three-story complex located on the ocean in Jensen Beach, Florida when inspectors recently found that three of the six buildings on the property were unsafe and had to be evacuated. And to top it off, residents had to pay $43,000 each for that inspection and will now be charged special assessments to insure there are enough reserve funds to pay for the repairs. All this in addition to a significant rise in HOA fees to pay for huge increases in property insurance. This is going to have a major impact on millions of people here in Florida. In Martin County, where Stuart and Jensen Beach are located, buildings cannot be taller than 4 stories, but just to the north, in St. Lucie County, where I took the photograph above, high rises are permitted, and I suspect many residents there will be forced out of their homes due to the expense. With no solution in sight.
No comments:
Post a Comment