ORLANDO, Fla. – Condo owners across Florida are seeking state legislative help after being hit with massive fees.
Earlier this year, a new law was passed requiring condo boards to fully fund their reserves. This change followed the tragic 2021 collapse of the Surfside condos, which resulted in numerous deaths.
The law aims to ensure safety by having reserves cover maintenance, inspections, and repairs.
In May, News 6’s Treasure Roberts reported that Regency Gardens Condominiums’ residents were anxious about losing or selling their properties.
This concern arose after discovering a $19 million shortfall in the condominium’s reserve funds.
The current state law mandates that condo boards must have their reserves fully funded by December 31. This requirement has led to condo owners across Florida facing thousands of dollars in fees to cover the reserve gap.
During a press conference, Florida Gov. Ron DeSantis was asked if he would call a special session to adjust the law. DeSantis expressed openness to legislative ideas on making the law more reasonable.
News 6 political analyst Jim Clark believes the situation might warrant a special session. He highlighted the impact on people on fixed incomes who are struggling to meet sudden financial demands for condo maintenance.
Bryan Pricher, who took over the Regency Gardens Condominiums’ Board of Directors in May, has been working to ease the financial burden on condo owners.
After a resident recall led to his appointment, Pricher and his team revisited the initial structural integrity assessment.
According to the source, instead of the original two-year replacement plan, Pricher proposed a phased approach.
Immediate replacements for critical safety issues will be prioritized, with other repairs deferred to create a more manageable budget. This revision has reduced the required reserve from $19 million to $7 million.
The previous board’s budget proposed a special assessment between $11,000 and $22,000. This proposal is no longer under consideration. With the new strategy, residents might see a 60% reduction in the special assessment.
Read more news:
- Biden Campaign Mobilizes Across Georgia Ahead of Debate Clash
- Kristi Noem Denies Formal Vetting for Trump’s VP, Focuses on Winning Strategy
Pricher suggests that condo boards review their structural assessments to avoid inflated costs. He still advocates for legislative changes, arguing that while the law’s safety intent is valid, its current implementation is impractical for many residents.
“The law is designed to enhance safety following the Surfside collapse, but there needs to be a more balanced approach,” Pricher said. “Placing a $100,000 assessment on families is not the solution.”