Florida Condo Crisis: Rising HOA Fees and What You Need to Know

Florida Condo Crisis: Rising HOA Fees and What You Need to Know

In this informative video, Larry Mastropieri, the broker and owner of The Mastropieri Group, shares a comprehensive analysis of the rising HOA fees and fluctuating condo market in South Florida. The video features Jim Burke, a local resident who reveals that his HOA fees have almost doubled over the last few years, pushing him to sell his condo.

Larry identifies three main factors driving the soaring fees: insurance costs, inspection requirements, and new reserve fund regulations. Homeowner's insurance premiums in Florida surged by 40% in 2023, largely due to past hurricane claims and legal complexities, which drove many insurance carriers out of the state. However, recent legislative reforms have begun attracting new insurers, offering a glimmer of hope for stabilization.

The video touches on stricter building inspections imposed after the 2021 Miami Surfside collapse, which led to costly engineering and renovation work for older buildings. Additionally, a new regulation now requires condo associations to maintain adequate reserve funds, further impacting condo owners financially.

Despite increasing HOA fees, Larry points out that condo prices remain relatively stable but notes a substantial rise in the time it takes to sell units and a growing inventory, both signs of a market slowdown. He forecasts a temporary dip in prices during the slower summer months but anticipates a possible turnaround in the fall and winter due to fluctuating interest rates and higher demand.

Larry advises condo sellers to consider selling now to stay ahead of the market and encourages prospective buyers to conduct meticulous due diligence on condo documents and HOA finances to ensure a sound investment.

He concludes the video by inviting viewers to subscribe and stay connected for more real estate insights.
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00:00 Condo HOA Fees Rising In South Florida
00:30 3 Main Reasons For Rising Condo HOA Fees
03:27 Who Is Most Affected By Rise In Condo HOA Fees
04:06 Indicators To Sell Condos Now
05:22 Advice For Condo Sellers And Buyers
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