Flood zone certainly does matter, even for condos - and here is why: I have recently read that flood zones don't matter for condos 
since at this point FEMA has not determined what it is going to do with condos and multifamily buildings. Do we really think that these new flood zone maps are going to only effect single family residences? With thousands of condos all along the coastline nationally, you can be sure that when it comes time for flood insurance policies to be renewed there are going to be significant hikes.
It stands to reason that condo buildings and multifamily dwellings cannot be omitted. That is why I don't understand how some are still saying that it will be 'down the road' before condo owners need to worry.
The way I see it, and I would love to hear from insurance agents on this one, condo associations are going to start increasing the annual budget as much as is allotted so they can be ready for these increases. That means that the monthly condo fees will see significant annual increases over the next several years.
Am I missing something here? This is going to cause many to put their condo on the market and probably have a difficult time selling that condo due to the increased monthly condo association fees.
In places like Pinellas County there are more condo buildings along the coastline than elsewhere. These condo buildings are going to become virtual ghost towns and this will cause a downward spiral in the local economy.
I would really love some feedback on this from what others think. I do see serious problems for condo complexes coming. Just when we thought the worst was over, it seems another jolt is just around the corner!
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