Florida is experiencing a substantial increase in Homeowners Association (HOA) fees, which has led to a surge in property liquidations. This situation is part of a broader national trend affecting millions of homeowners across the United States.
- New Legislation: A law signed by Florida Governor Ron DeSantis mandates that all condo associations in the state must have fully funded reserves by 2025. This law was enacted following the tragic building collapse in Miami, pushing the state to enforce stricter maintenance and repair funding regulations.
- Skyrocketing Fees: As a result of this legislation, many condo owners are now facing substantial assessments to cover decades of underfunded reserves. Monthly HOA fees have increased dramatically, with some homeowners seeing their payments quadruple from $500 to $2,000.