Exactly. That’s the main reason I’m selling. HOA fees in most Florida condos are about to double in 2025 as per the new Surfside Florida law. Just crazy!
Discussion
That’s completely insane. What was the justification provided by state officials?! I can’t believe Floridians voted for that.
It wasn’t voted for. When the building collapsed in Surfside about 2 yrs ago and 98 people died, DeSantis made a law that all condos with 3 stories or more, have to hold bank reserves to completely cover replacement costs for roof, structural, plumbing, electrical etc. so that a building doesn’t collapse due to neglect. This is a good thing except that most condos have deferred maintenance and don’t have enough time to build those reserves. I expect a condo correction in FL in 2025 and and increase in most HOA fees of over 50%. Many can’t afford that. It will be interesting 🧐
I was in Miami for a conference and remember seeing condos falling from the road. I’m not sure if that’s what you’re talking about but I remember being horrified thinking that people were paying Miami prices to live in 1970’s Brooklyn.
Whatever you decide to do that’s best for you and your loved ones I support and I’m praying you not only find resolve but something that’s bigger and better than what you’re leaving.