L-R: Kenneth Duvall, Kevin Koushel, and Joseph Hernandez of Bilzin Sumberg. Courtesy photosA Key Deadline and Other Developments Looming for Condominiums
As we approach the end of 2024, several legal and economic developments are coming to a head for condominiums. From a key statutory deadline and long-awaited court rulings to an imploding market for older condominium units, here is what to watch for in the coming months as Florida’s condominiums try to balance new safety mandates against hard economic realities.
December 26, 2024 at 10:28 AM
7 minute read
As we approach the end of 2024, several legal and economic developments are coming to a head for condominiums. From a key statutory deadline and long-awaited court rulings to an imploding market for older condominium units, here is what to watch for in the coming months as Florida’s condominiums try to balance new safety mandates against hard economic realities.
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Deadline for Structural Integrity Reserve Studies
By Dec. 31, 2024, all residential condominium associations existing on or before July 1, 2022, must complete a structural integrity reserve study (SIRS) for each building on the condominium property that is three stories or higher in height. The associations must then prepare an annual budget based on the findings and recommendations in their most recent SIRS.
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