Florida's Distressed Condominiium Relief Act

By
Real Estate Agent with Jim Free Realty

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On July 1, 2010 the Florida Distressed Condominium Relief Act became law. This could be the very tool that is bringing the market back. Condo HOAs were in a downward spiral and it did not look like they could recover. Many of their owners were unable or unwilling to pay their dues and this forced the HOA to increase the dues to cover basic operating expense. Some owners were not only not paying their HOA fees they were not paying anything and were still renting their units. Since they had no overhead they were renting below market. With the increase in HOA fees and the unfair rental, it forced more and more owners in default.

 

Since the Florida Distressed Condominium Relief Act became law the HOAs have been able to deny use of certain amenities like the swimming pool and without pool it is hard to rent a condo so these delinquent owners started paying up. Many of them are still undercutting the rental market. It now looks like most associations are on the way to recovery.

 

 

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