Florida Condo Owners: A New Hope with Developer Buyouts

Florida’s condo market is facing a big change. By the end of this year, condo associations must have a structural reserve study done. This means finding out how much money is needed for repairs and maintenance over the next 10 years. It’s a lot of money, sometimes in the millions. Condo owners will have to pay more through special assessments or higher monthly fees. This could be tough for families with fixed incomes. Selling a condo might not be easy. The market is down, and banks may not lend money for buildings that need a lot of repairs. But some condo owners are finding a way out by selling their units to developers. The land under these buildings is valuable, so developers can offer more than the market price. It’s like condo owners are not just property owners but landowners too. Condo owners need to work together to make a deal. They need to form a leadership committee and talk openly about what’s happening. It’s important to communicate well with lawyers and potential buyers. The future is uncertain, but working together can help condo owners stay afloat.