May 9th, 2025 3:01 PM by Linda Holley
Great news for Florida condo owners! Since much of my real state business comes from condominium sales, I was happy to learn that help is on the way for many associations. Some communities with needed repairs face increased condo assessments as a result of a 2022 law that passed after the collapse of the Champlain Towers South in Seaside.
However, the 2025 Florida legislature has stepped in and given condo associations a break. They may now fund their maintenance reserves through a line of credit or loan and they may also be able to pause reserve payments while prioritizing needed repairs. Deadlines to complete structural integrity reserve studies (SIRS) have also been extended. This is an excellent move by our Florida legislature for many reasons. For example, a low balance in the maintenance reserves can affect buyers' ability to get conventional financing for FL condos.
It's a great time to buy and William Raveis Real Estate does an excellent job marketing and selling real estate in Sarasota, Siesta Key, and throughout Florida. Call me if you have questions about selling your home or if you're thinking of making your dreams come true and owning a piece of paradise--anywhere in Florida! I'm happy to provide a complimentary market analysis of different communities and show you where you can find the best condo deals.
Linda Holley, GRI, SRES, CIPS, William Raveis Real Estate, 941-914-4914
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