Rules to promote condo safety could create financial nightmares for owners and associations

New condo safety rules likely to put low-income and fixed-income condo owners in a bind that might end in foreclosure.

  • By Louis Llovio
  • | 6:10 p.m. July 8, 2022
  • | 0 Free Articles Remaining!
Mark Wemple. Patricia Staebler with Staebler Appraisal and Consulting, says there are flaws in the new condo safety law that could have negative impacts on low- and medium income condo owners.
Mark Wemple. Patricia Staebler with Staebler Appraisal and Consulting, says there are flaws in the new condo safety law that could have negative impacts on low- and medium income condo owners.
  • Commercial Real Estate
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The Florida legislature’s unanimously approved condominium safety regulations are raising fears that a provision in the law could place too big of an onus on individual unit owners — particularly those in lower or fixed income brackets — who could be forced into foreclosure because they are unable to pay higher fees to meet the new law’s requirements.

 

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