TALLAHASSEE, Fla. — Pressure is mounting on Florida lawmakers to address the rising costs for condo owners. A special session of the legislature could potentially provide a solution, but currently, the Florida House, Senate, and governor cannot agree on the necessary actions.
March 4 marks the beginning of this year's regular session, which some believe is too late for the reform needed. Owners tell us they're facing a new crisis — unable to afford new fees and unable to sell their condos at fair rates.
Stories that we have heard over the last few years highlight the frustration of condo owners with increasing costs.
One owner expressed concern, saying, "It's going to put a pinch on a lot of people with fixed incomes."
Another resident from the Tampa area said, "Been here since about 2010. My condo fee was around $250. Now it's $670."
The inability to sell condos is also a significant issue, with one real estate agent reporting, "I've had 10 showings, and I've done about 30 open houses. Nobody appears to come to see the properties."
The root of the problem lies in still-rising property insurance rates and new rules implemented following the Surfside condo collapse in 2021, among the worst in American history. It took the lives of 98 people. The new rules require condos to gather costly repair funds and conduct regular maintenance to prevent further disaster.
Real Estate News
What Florida's CFO told WPTV about Florida's condo crisis
Florida Gov. Ron DeSantis commented on the situation earlier this week, saying, "This is ridiculous that people are going to be placed in these predicaments."
DeSantis has previously advocated for zero-interest loans or delaying deadlines to ease the burdens on owners. He’d like to act quickly but said there wasn’t yet a consensus with lawmakers.
"I don't know that there's an agreement on exactly what needs to happen," DeSantis said. "I said, look, if we have an agreement, I'll call the session and we'll go, but I do think we need to act sooner rather than later, and so we’re going to be working with the legislature on that."
As Florida waits, the problem continues to worsen. Market analysts report that condo supply is increasing, prices are dropping, and sales are diminishing. In Tampa alone, the number of condos for sale surged by 57.2% from the previous year in July. Florida's major metropolitan areas show HOA dues increasing by more than 15% year over year.
New Florida House Speaker Danny Perez, R-Miami, remains skeptical about the idea of an early return to the legislature. Sources have said he doesn’t want to significantly reverse the changes made post-Surfside.
"The question shouldn't be when," Perez told reporters in November. "The question should be what. What is the solution that people are offering to the issue before condos? It's an issue we'll be discussing during session."
Real Estate News
Condo assessment deadline: Why many residents could be 'pushed out'
Florida Senate President Ben Albritton, R-Bartow, was equally cautious, suggesting that the issue would likely be addressed in March. Florida Senate Minority Leader Jason Pizzo, D-Hollywood, after a listening tour with constituents, said he was considering several ideas but was also wary of dramatically easing new requirements.
"People think there was Champlain (Towers) and nothing else," Pizzo said. "Twenty-six buildings have been condemned since Surfside's collapse, primarily in South Florida, where people are no longer allowed to go back to, one in my old district."
Pizzo's reform ideas included establishing a uniform standard for condo repair assessments. He felt doing so would better ensure those assessments are not inflated with unnecessary costs.
"When you're seeing another association of mine, in Hallandale with a $51 or $52 million pending assessment," Pizzo said, "and there's a separate line item for pool furniture— that’s not what we meant about keeping building structurally safe, right?"
Time will show whether the chambers and the governor can agree on addressing the high condo costs before the six-day session commences.
Additionally, DeSantis has said he would support an early Tallahassee return to comply with the anticipated immigration crackdown by the new Trump administration or allocating additional recovery funds for victims of recent hurricanes.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
Read WPTV's latest "Coverage Collapse" stories below:
-
CONDO CONCERNS: Will Florida hold special session amid rising costs?
Pressure is mounting on Florida lawmakers to address the rising costs for condo owners. A special session of the legislature could potentially provide a solution.
Why insurance take-out letters feel like 'extortion' to some
Take-out letters from Citizens Insurance are seemingly everywhere in Florida and they're not welcome news.
Why new homes could be affordable solution to insurance costs
A Florida-based insurance company is offering a new program of lower premiums to buyers of newly constructed homes.
How this Florida bill would transform Citizens Insurance
A proposal to dramatically change Citizens Insurance is now part of a growing stack of bills at Florida's Capitol in 2025.
