Realty experts say a reckoning is coming for condo owners in Florida after new state laws are pricing some families out of their homes.
The situation is so serious that some condo owners are scrambling to sell their properties and even slash their prices.
If you own a condo you know selling it right now could be difficult. Buying one can also be challenging and even risky. Experts say there are some things you may want to be on the lookout for before you purchase.
SWFL condo owners like Kristen Moos of North Fort Myers have reported paying large assessments to cover unexpected costs.
“It's very difficult because we didn't budget for this,” Moos said.
But Sotheby’s International Realtor Diane Mato said those assessments can total tens of thousands in some cases.
“Some of the assessments coming down can be very substantial. They can go into the six figures easily,” Mato said.
She is a Naples area realtor and author of “Sell Smart,” a book that can help home sellers get the best prices for their homes.
Mato predicts big problems for Florida condo owners.
“There may be a crisis headed for condo owners with the new structural legislation that is enforcing additional inspections and the industry is in a pause,” Mato said.
Since the 2021 Surfside condo collapse, which killed 98 people, the state has cracked down forcing condos to be inspected more often and that can result in costly repairs.
“There were large assessments because of Hurricane Ian,” Mato said.
In Collier and Lee counties alone, there are currently over 4,400 condos currently on the market at the end of August.
Mato warns anyone looking to buy to pay close attention and do their homework before purchasing.
“I think a buyer needs to ask for a copy of the structural inspection to get the update on the building,” Mato said.