Is Florida Condo Crisis Brewing? Real estate developers claim that increasing costs are required
Gutman Development Marketing, Phil Gutman, Ian Bruce Eichner and Executive Director of the Isaac Toledano Group, Ian Bruce Eichner, explained Fox News Digital why they support the “CONDO 3.0” account in Florida.
Owners of high apartments along the sunny and serene shores in Florida are faced with a set of reality, But prominent developers In the country, they claim that they run into HOA fees and maintenance reserves are required to prevent future tragedy.
“Many people saw that their maintenance were double. They saw that some estimates were becoming extremely inaccessible. It definitely affected many residents here in Florida,” said President Gutman Development Marketing Phil Gutman for Fox News Digital.
“There is a conflict, and the conflict is a bit complicated and it is somewhat complex because you have three competitive questions. One, you have a security question. Two, you have older buildings,” said Ian Bruce Eichner, the founder of Continuum Company, said Digital. “The last number coming from [the Condo 3.0 law] is a condition that, unless the condominium declaration, what the original offer of 50 years ago predicted, you need 90% of the population to agree to abolish the condominium. “
“We have a state, cities, city officials, codes implementation, city managers who are more involved in buildings. I think it’s important to prevent the next disaster, God forbid, the next disaster. Let’s not forget to forget there there [are] Thousands of old buildings and thank God we have not seen any other catastrophe except Surfside the building, “added BH Group CEO and founder Isaac Toledano.
“I think the fact that you have more inspections, more regulations, I think it’s good for everyone and for everyone’s safety.”
Three prominent real estate developers in Florida vote support to the State Account for Condo 3.0, although this resulted in higher HOA fees and maintenance for the owners of the units. (Getty Images)
More CONDO fees are the result of the State Law “Condo 3.0”, which was adopted by Government Florida Ron Desantis in early 2024, less than three years after Champlain towers collapse on surfing. The new bill dictates a new set of reforms, including the way the building is held according to the manner of managing the associations of the apartments. The oldest buildings and their residents are likely to see the most expensive upcoming estimates.
“Every rational person must support legislation because he goes to the question of security. So, although he may have a financial burden, we have an obligation – a state, a city, all have an obligation to keep people,” Eichner said. “So there is no doubt that the law is something that unfortunately was a consequence of events, but it is certainly something that everyone supports.”
According to Recent Redfin dataMultiple cities in Florida on the eastern and west coasts have a double -digit increase at apartment fees. Tampa recorded the sharpest increase at 16.7%; Fort Lauderdale increased 16.2%; The average mean cost of apartments in Miami is $ 835 a month; and Key West has the highest medium fee for HOA of $ 1,063.
Fox Business’ Ashley Webster reports from Fort Lauderdale, Florida, where condominium and HOA are also raised and thus turning new residents.
In some high demand markets, such as Miami, units owners in the 16-year-old Avenue 1060 Brickell Avenue building must share $ 21 million in special estimates after the Board of Directors allegedly identified the areas of the damage.
Many 40 to 60 -year -old apartment buildings are more likely to be demolished and renovated as newer, luxury real estate projects, according to developers.
“I think we will see more and more of this transaction of the main real estate, the older product replaced by a new product,” Toledano noted.
“The change we see on the market is the appetite of older product, older units, many other owners who are willing to work with developers, and they understand that if you live in a three-story building that was built in the 1960s, this building is likely to have some serious assessments, a lot of improvements, and sometimes it would not make sense that this mychanic will scope.”[You’re] better [to] Sell the unit. “
Florida called “Condo 3.0” Account requires annual maintenance and reservations for buildings that are three stories or more. | East
“Some of those buildings that are 50, 60 years that can really no longer be repaired. These buildings need to go down,” Gutman explained. “If one has an apartment there that was worth $ 300,000 in the open market and we go in the amount of $ 750 [to] $ 800,000, I believe these people are in a much better position than they were, to be quite honest with you. But people will have to find perhaps another area where they will live, something that is more affordable, something that is newer, something that is safer. “
While state legislators claim that the Condo 3.0 Law will improve longevity and quality of high buildings, there are fears that the luxury developers of mixed purposes reject residents of decision-making powers, add expensive fees and prices from their long-term homes-for this reason Retired or fixed income Owners.
The Desantis government office did not respond to the Fox News Digital request for comment.
Eichner presented the example: “You have a building that is 62 years old, has $ 12 million delayed maintenance, has 20 or 25% of a retired building without 20% or does not want to move, there is no movement resources, you need to move.”
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“So what you have is to build after you have faced estimates that I really can’t afford. They have no will, ie 90% that may require breakup, so now they sit in this ‘never-north country’ trying to have a partial assessment, a delayed assessment. Where will Eichner go? estimates. I doubt it will be a real problem 2025, 2026. “
In February, the new leaders of the Florida legislation said that their next sessions would include potential changes to the apartment law, but will not include conversations on direct financial assistance for homeowners.
Three developers insist on being here to help these interested residents.
“I think after all, a programmer or not, we are all a human being[s]. And if a stronger person can help a weaker person or a smarter person can help a person with less knowledge or less experience, I think it’s something that is good to see, and we should all help each other if we can, “said Toledano.
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“We are not going in to try to take over the buildings and do not prefer an enemy environment. When we get closer to the building, we approach it and move forward because everyone in the building wants to sell. And they do not want to assessments, they do not want to be held for maintenance,” Gutman has been settled. “It’s just our approach.
“Part of the offer we gave was, to the extent you are interested in, we will help you move you. To the extent you are not sure where you want to go, we will recommend some brokers to work with you,” Eichner said. “So it’s an attempt to a holistic approach to full service, not simply say: We offer you ‘x’ a million dollars for your apartment, and that’s it, thank you, goodbye.”
