New bill places condos under more inspections after 2021 condo collapse
Volusia County condo owners are bracing for bigger bills because of a new state law. Senate Bill 4-D requires more significant inspections to buildings following the surfside condo collapse in 2021.
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Nearly 90 condos throughout Volusia County need inspections. The law changes impact any condo more than three stories tall and at least 30-years-old.
Condo associations have until the end of this year to complete inspections and make any necessary repairs, which could lead to more fees for owners.
Associations must now also make sure there is enough money left over to pay for any future repairs. It’s a requirement real estate broker Bob Del Rose doesn’t think is needed. He has already seen some local properties paying several thousand dollars more per year.
“They try to give you a window of what they think you will spend in 30-years. They for the last 50-years have been putting $25,000 a year into their reserves. After this study, they’re asking them to put $175,000 a year into their reserves,” explained Del Rose.
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Mike Durkin lives in Ocean Reef Villas in New Smyrna Beach and is also president of the condo association. He believes his building is in good standing, but he knows some owners can’t afford any additional costs after recent rises in insurance rates following the 2022 hurricane season.
“A lot of people are on a fixed income, so you hit them with assessments or increased HOA fees and it’s hard for them to absorb it,” said Durkin.
The Volusia County Council voted to add an additional $250 processing fee for inspections.
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