Florida’s Condo Market Is Collapsing - Buyers Are Running Away

00:00 Overview of Florida's New Condo Laws (HB 913)
01:01 Mandatory Structural Reserve Studies and Funding
02:51 HB 913: Changes to Deadlines and Reserve Funding
03:42 Raising the Minimum Cost for Required Reserve Funding
04:57 Condo Board Member Requirements and State Oversight
05:58 Competitive Bidding and Conflict of Interest Disclosure
07:30 Enhanced Transparency and Reporting Requirements
08:10 Changes to Condo Insurance Requirements
09:55 Funding Reserves: Special Assessments, Loans, and Lines of Credit
11:15 Potential for Insider Exploitation and Financial Relief
14:20 Real-World Example: Special Assessment in Ormond Beach
16:50 Contesting Special Assessments and Financing Options
17:37 Advice for Condo Owners Facing Assessments
18:37 HO6 Insurance and Special Assessments
19:30 Unlicensed Engineer Scam in South Florida
21:59 Final Thoughts on the Impact of HB 913

The Florida condo market has been in big trouble ever since the Champlain towers collapse back in 2021. Since then there's been a lot of new legislation pushed forth for condos and how they need to be operated moving forward. The most recent is HB 913 that goes into effect July 1, 2025. Let's talk about how it will affect current condo owners and prospective buyers.

Need a Real Estate Agent? Get one for FREE: https://homeandmoney.com/michael/