New regulations strain South Florida condo owners financially

In South Florida, the dream of buying a condo for retirement has turned troubling for many. The Lake Clarke Gardens condominiums in Lake Worth are facing challenges due to new building regulations. These rules require older condos to undergo inspections and have enough funds for repairs. As a result, homeowners are struggling with rising costs and many are trying to sell their units. Diego C.'s mother bought a condo there in 2017, hoping to retire soon. However, new costs have made it difficult for her to maintain the property, forcing her to sell. Despite listings rising in the area, there are few buyers, causing prices to drop. Many seniors on fixed incomes are being forced to reconsider their living situations. The regulations were introduced after the tragic collapse of the Champlain Towers South condo in 2021, which highlighted neglected structural issues. The new laws require all aged condos to undergo inspections, which can be expensive. Many condo associations have not met these new requirements, leading to financial difficulties. Rising property insurance premiums in Florida are also straining condo owners. Hurricanes and severe weather events have made insurance costly. Currently, Florida has the highest premiums in the U.S., causing many owners to consider leaving the state. Some owners believe the regulations can improve safety. However, others argue the financial burden is too much. Local lawmakers and residents have called for a review of these laws, seeking solutions to help struggling homeowners. As discussions continue, it is unclear how effective any changes will be. The situation highlights the need for better support for seniors in South Florida’s housing market, where homeownership is becoming increasingly difficult.