ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
In the wake of a 2021 Florida law, condo owners are facing a variety of new requirements and potentially massive fees. Following the collapse of Champlain Tower in Surfside, the legislature passed a statute requiring, among other things, that buildings over 30 years old (20 years on the coasts) be inspected and collect reserve capital from owners in order to make repairs. In some cases, these could result in assessments as high as $100,000 over the next year for individual owners.
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John Cadden is an Orlando-based managing principal for the Condominium Advisory Group, a consultant group formed after the Surfside collapse. A Chicago native, he has worked in Central Florida since 2008. He stressed that this issue will be a problem in Central Florida, not just on the coasts.
In the following interview, Cadden shared his thoughts on why the situation seems so extreme for condo owners, and how the new requirements will affect condo owners and sales going forward. He said that a big part of the problem has been low participation by condo owners and residents, and unwillingness previous to the law to collect necessary fees.
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Click here to read the full story on the Orlando Business Journal’s website.
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