ORANGE COUNTY, Fla. — Condo owners in Central Florida are urging state officials to reform a 2022 law that dictates how condos must be maintained.
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After the Surfside Tragedy, Senate Bill 4-D passed in 2022 and looked to address safety concerns in condo communities.
It requires three-story or higher condos to undergo inspections and fully fund their reserves for structural repairs by January 1st.
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In the months since, Channel 9 has shared how that law’s requirements have led to large special assessments and fees, forcing some people out of their homes.
In May, Channel 9 shared how one Orange County Condo board planned to pass a more than $22,000 special assessment.
The former Regency Gardens condo board said the special assessment fee was needed because the new state law required Regency Gardens to make up nearly a $17 million gap in reserve funding.
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After Regency Gardens condo owners were notified about the special assessment plans, some owners sold their units, and others decided to band together to oust the condo board.
Bryan Pricher helped lead the effort to oust the board and now serves as the new Regency Gardens condo board president.
He told Channel 9 that the new board reworked the budget to save on those fees.
But Pricher said several homeowners decided to sell their units before the new board had the chance to adjust the budget.
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“Like 40% of the association sold to investment companies that were offering pennies on the dollar. Essentially, you know, $180,000 units were going for $130,000,” said Pricher.
Pricher is now one of many condo owners calling for reform.
“It’s not sustainable. They’re not going to be able to fund reserves by the end of next year, as this current legislation says,” said Pricher.
Gov. DeSantis said during a round table for condo owners in September, that a special session is needed to address growing concerns.
Nervous condo owners had asked the Governor to commit to the special session by the end of the year.
“I’ve made it clear we are not going to punt this to next year. That’s not going to happen don’t worry,” said DeSantis.
During the roundtable, the Governor said he would continue listening to condo owners and present a package of reform to legislators.
Those reforms could include extending the deadline for funding reserves and creating a zero-interest loan program to help with financing.
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