Phil Gutman of Gutman Development Marketing, Ian Bruce Eichner of the Company Continuum and the CEO of the BH group, Isaac Toledano, explains to Fox News Digital why they support the bill of Florida “ Condo 3.0 ”.
The owners of condominiums of tall height along the sunny and serene coasts of Florida are faced with an expensive reality, but eminent developers of the state claim that HOA costs and maintenance reserves are necessary to prevent a future tragedy.
“Many people have seen their maintenance interviews double. They have seen some of the evaluations become extremely unaffordable. This has certainly had many residents here in Florida,” said Gutman Development Marketing, Phil Gutman, in Fox News Digital.
“There is a conflict, and the conflict is a bit complicated, and it is a bit complex because you have three competing problems. First, you have the security problem. Two, you have older buildings,” said Ian Bruce Eichner, the founder of the Continuum Society, in Digital. “The last problem that comes from [the Condo 3.0 law] is a requirement that, unless the declaration of the condominium, which the original offer said 50 years ago does not offer the opposite, you need that 90% of residents agree to terminate the condominium. “”
“We have the state, the cities, the city officials, the application of the code, the city directors more involved in the buildings. I think it is important to prevent the next disaster, God preserves us, the next catastrophe. Let’s not forget that there [are] Thousands of old buildings, and thank you God, we have not seen any other disaster except for the Surfside Building, “added Isaac Toledano, CEO and founder of group BH.
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“I think you have more inspections, more regulations, I think it’s good for everyone and for everyone’s safety.”
Three real estate developers in Florida in Florida Vocal support for the State Condo 3.0 law, even if this has led to higher HOA and maintenance costs for unit owners. (Getty Images)
The higher condo fees are the result of the state “condo 3.0” bill, adopted by Florida Governor Ron Desantis at the start of 2024, less than three years after the Champlain’s towers collapse in surfside. The new bill dictates a new set of reforms, in particular how a building is maintained on how condos associations are governed. The oldest buildings and their residents are likely to see the most expensive imminent assessments.
“Any rational person must support legislation because they go to the question of security. Thus, even if they can have a financial burden, we have an obligation – the state, the city, everyone has the obligation to keep people in security,” said Eichner. “There is therefore no doubt that the law is something which, unfortunately, has been the consequence of an event, but it is certainly something that everyone supports.”
According to Recent data from RedfinSeveral cities of Florida on the east and west coasts have a two -digit increase from one year to the other of condo costs. Tampa saw the highest increase to 16.7%; Fort Lauderdale experienced an increase of 16.2%; The average cost of median condos in Miami is $ 835 per month; And Key West has the highest HOA costs at $ 1,063.
Ashley Webster of Fox Business reports from Fort Lauderdale, Florida, where condominium and Hoa costs increase and thus distance new residents.
In some high -demand markets such as Miami, owners of building units 1060 Brickell avenue of 16 years should divide $ 21 million in special assessments after the board of directors has identified damage areas.
According to the developers, many co -ownership buildings that are 40 to 60 are more likely to be demolished and rebuilt as more recent luxury real estate projects.
“I think we are going to see more and more of this Prime real estate transaction, an older product being replaced by the new product,” noted Toledano.
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“The change we see on the market is the appetite of older products, of older units, many other owners ready to work with the developers, and they understand that if you live in a three -story building that was built in the 1960s, this building will probably have serious assessments, many improvements, and sometimes it does not have sense to go and replace the roof, the electronic group, something that will cost Millions of dollars, “”[You’re] better [to] Sell the unit. “”
The bill baptized “Condo 3.0” from Florida requires annual maintenance and reserve assessments for buildings which are three or more floors. | istock
“Some of these buildings which are 50, 60 who can no longer be repaired. These buildings need to descend,” said Gutman. “If someone has an apartment there that was worth $ 300,000 on the free market, and we arrive at $ 750 [to] $ 800,000, I think these people are in a much better position than they were, to be completely honest with you. But people may have to find another area in which to live, something that is more affordable, something more recent, something more sure. “”
While state legislators argue that the Condo 3.0 law will improve the longevity and quality of high -rise buildings, there are chalks that luxury developers for mixed use exceed residents to decide on powers, add expensive costs and evaluate them from their long -term houses – in particular for owners with resumption or fixed income.
The Governor Desantis office did not respond to the request for comments from Fox News Digital.
Eichner posed an example: “You have a 62 -year -old building, has $ 12 million in a delayed interview, has a population of 20 or 25% of the building, which is retired, and that 20 or 25% do not want to move, do not have the resources to move, need help to move.”
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“So, what you have is to build after the construction of assessments faced with what they really cannot afford. They do not have the will, that is to say the 90% which may require a dismissal, and therefore they are now seated in this land never” in which they try to have a partial evaluation, a deferred assessment. Where will it be? “But for sure, there are hundreds of buildings in this situation while we are withdrawing from the year, one of the post-evaluation requirements. I suspect that this will be a real problem in 2025, 2026.”
In February, new leaders of the Florida Legislative Assembly said that their next sessions include potential changes in condos laws, but will not imply discussions on direct financial assistance for condos owners.
The three developers insist that they are there to help the residents concerned.
“I think that after all, developer or not, we are all[s]. And if the strongest person can help the weakest person, or if the smarter person can help the person having less knowledge or less experience, I think that is something good to see, and we must all help us if we can, “said Toledano.
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“We do not enter to try to take control of the buildings and do not prefer a hostile environment. When we approach a building, we are approaching and we are going ahead because everyone in the building wants to sell. And they do not want the assessments, they do not want the maintenance costs randés”, we try to help.
“Part of the offer we made was, as long as you are interested, we will help you move. Since you don’t know where you want to go, we will recommend some brokers to work with you,” said Eichner. “It is therefore an attempt to have a more holistic approach and full service rather than simply say: we offer you millions of dollars for your apartment, and that’s it, thank you, goodbye.”
