Condominium owners in Florida, particularly on Key Biscayne, are facing increased costs due to mandated safety improvements and higher insurance rates. By January 1, 2025, all condos over 30 years old must complete a Structural Integrity Reserve Study, leading to higher monthly fees and special assessments for necessary repairs. Many residents, especially seniors, are considering selling their units as prices drop by an average of 20%. Governor DeSantis has acknowledged the financial strain on owners and suggested potential solutions, but skepticism remains about immediate relief.
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