Live in a Florida Condo? New Law may impact Condo Reserves....Significantly

In light of the tragic Surfside condo collapse in 2021, the FL legislature created Senate Bill 4D in 2022 that was passed & signed into law by Gov DeSantis.

Under the new law condo buildings of 3 stories or more will have to follow new structural reserve requirements and have required, periodic structural inspections once the condo buildings have reached a specified age (30 yrs if away...

Both Fannie and Freddie have announced they will be increasing upfront fees on 2nd home mortgages and on mortgages that finance homes with balances that exceed their standard conforming loan limits (higher $$ homes). Those fee increases take effect on April 1st, 2022.

Buyers looking for financing now should contact their mortgage lenders to get updated estimates for these fees so they know how it will impact their finances.

The Sarasota - Bradenton - Venice area real estate market started off 2022 with the lowest level of inventory of properties for sale to date.

Median home prices have continued to increase over the past 3 months as demand for properties outpaces new listings.

Distressed sales (foreclosures and short sales) represent just 1/2 of 1 percent of our current market.

Properties continue to sell quickly, with the median time on market from listing to contract...

As buyers tour the many new construction communities in our area, most make touring the model homes and community amenities a priority.

Few buyers are thinking about the HOA board and who's in control of it. Generally, the builder retains control of the HOA board until a specific, designated turn over point in time.

This brings up potential issues that I have seen happen in the past with new construction when the HOAs are currently being run by the builder. The property...

Since FL is very popular with retirees, questions often come up regarding 55+ communities and just who can reside within them.

To be a 55+ community there are specific federal laws, but the state of FL also has statutes covering these communities.

Typically, the right to restrict occupancy based upon age is based upon precise wording contained within a community’s governing documents. It may have been originally drafted that way or it may have been added by an amendment...