New safety laws, which
go into effect in 2025, already have thousands of residents
in that market concerned about what it would cost to stay in
decades-old, high-rise condos with the beachfront view.
The increase in costs translates to stricter, and more
often, safety inspections.
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Reportedly, engineers
might charge between $10,000 and $30,000 to thoroughly
inspect a condo.
According to a report in the South Florida Sun-Sentinel, the
new laws require the following:
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At 30 years old, buildings three stories and higher must be inspected. Thereafter, inspections must be conducted every 10 years. If built before July 1, 1992, the first structural inspection must be performed before Dec. 31, 2024.
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Buildings less than three miles from the coast must be inspected at the 25-year mark and again every 10 years.
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Inspection reports must identify significant structural deterioration, whether it’s dangerous or unsafe, and whether it should be repaired. Copies of reports must be distributed to all condo unit owners.
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Condo boards must conduct reserve studies every 10 years to determine how much money owners must be assessed to cover future repairs. Boards are barred from waiving the reserve requirement or using reserve money for other purposes.
Reportedly,
re-certification upgrades would have cost some $15 million
or more to repair Champlain Towers, where last year's
tragedy in Surfside claimed 98 lives. The condo association
there had postponed major repairs, allowing costs to climb.
Earlier this year, the Tampa Bay Times reported that the
state estimates some 2 million people reside in more than
912,000 condo structures (of the 1.5 million total units in
Florida) that are 30 years or older.
Another 141,773 structures are 20-39 years old, and more
than 105,000 are over 50 years old.