WEST PALM BEACH, Fla. — We've seen the damage that engineers say is beneath some of the buildings at Villa Del Sol condos in Jensen Beach.
WPTV wanted to know if other Florida condo owners awaiting inspections should fear if their buildings are in trouble.
"I don't think we have to use the Jensen Beach example as the rule," state Rep. Vicki Lopez, R-Miami, said.
Lopez co-sponsored bills that led to mandatory inspections of aging condos that are at least 30 years old.
Some inspections have already been completed.
"For the most part, most everyone is told, 'You're structurally sound,'" Lopez said, "But (some will be told) 'you must make the following improvements.'"
And those improvements can be costly.
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Under the new law, condo associations will eventually pay by putting money in the bank under what is called a "Structural Integrity Reserve Study" (SIRS).
"Sounds new. I've never heard of it before," condo owner Bill Strandhagen said.
When WPTV asked John Cleary, who used to head a condo association, if the people in his building would know what a SIRS is. He replied, "Not at all."
Here's how a SIRS works.
Let's say an inspection on a condo has issues with its roof, but won't need a replacement for 10 years at an estimated cost of $1 million.
The condo association would be forced to raise $100,000 a year for 10 years and put it in the bank.
If the condo has 100 units, each owner would have to pay $1,000 per year or $83 a month to their homeowners association bills.
"The priority now for the Legislature is building safety," Lopez said. "But trying to find that delicate balance between, do the buildings have financial health and can condo owners even afford to live in these buildings now."
Lopez told WPTV investigative reporter Dave Bohman that condo owners should start saving money now even though they won't have to start funding the reserves until 2025 or 2026.
WPTV will continue to follow the changing rules for condo owners and associations.
