Latest news with #HouseBill913
Yahoo
4 days ago
- Business
- Yahoo
Florida Condo Owners Given Unique Opportunity To ‘Swap' Their Unit for House Down Payment Amid State's ‘Condo Crisis'
Florida condo owners are battling a wave of housing issues, including rising HOA fees and skyrocketing insurance costs, with little to no relief from government officials. But Phil Thompson, owner of a luxury custom homebuilder and home-renovation company, is hoping to quell the concerns of millions of condo owners in the Sunshine State with an innovative housing solution. In a swap that seems too good to be true, Thompson is offering to take condos out of the hands of frustrated Floridians and use their value as a down payment for a home under his own company, Coral Reef General Contracting in Fort Pierce. 'As far as the rules of condos, we're entertaining every offer from sellers,' Thompson tells Despite a general shift toward single-family homes in Florida, real estate agents still have a vested interest in condos, which serve a clientele who prefer their convenience, lower maintenance, or specific lifestyles. The median list price of Florida homes in May was $439,999, and condo ownership has become less affordable, particularly for those on fixed incomes in Florida, and many are looking for a way out. In what Thompson claims is a first-of-its-kind 'condo-swap' in Florida, he says he's not worried if a condo appears battered, broken, or run down. With prior experience working with New York City's high-rises, he assures Florida owners that the sky's the limit when it comes to taking in a less-than-perfect condo. 'We'll take a look from the best to the worst conditions,' says Thompson. 'We're not adverse to taking condominiums that have structural problems. I'm not concerned with that because of my structural experience from Manhattan.' Thompson sympathizes with condo owners in Florida who are scrambling to sell their property and saw an opportunity to aid those looking to level up their housing situation. 'So we're not worried about any of these problems,' he adds. 'They're all fixable. Our main concern is to get our buyers here and take the burden off our buyers' backs and make it a nice, transparent, smooth transaction for them.' Coral Reef is offering housing options on South Hutchinson Island that range from $1,500,000 to $3,000,000—depending on the property's proximity to the coastline and other amenities. Thompson says the incentive to ditch an old condo has drummed up enough marketing by itself. Despite a small loss here and there, Thompson is satisfied with the program and its impact. 'On a case-by-case basis, I may lose a few dollars on the condo, but the fact is that we bring our buyer from a negative situation into a positive situation. And it's all about word of mouth—that's how you grow, and that's how you make it in this business,' he adds. In April, both chambers of the Florida Legislature voted unanimously to pass House Bill 913, addressing endless complaints over the rising fees for condominium owners, despite pushback from Gov. Ron DeSantis. Essentially, the bill would aid condominium associations in setting up credit lines and investing funds that would contribute to necessary building repairs instead of immediately looking to owners for the money. 'You had people that were going to be forced out of their condos potentially because of legislation that had come down the pipe,' DeSantis said during a May 20 appearance in Tampa, referencing recent safety laws, as reported by NBC Miami. Condo reform laws continue after a devastating collapse of the Champlain Towers South condo in Surfside in 2021, which killed 98 people. After the incident, there was a massive effort to improve safety conditions regarding condos over 30 years of age and three stories tall. The new safety laws called for 'milestone' inspections and sought to invest in reserve funds for repairs and maintenance. Lawmakers such as state Rep. Vicki Lopez (R-Miami) have backed the bill, claiming it balances the need for structural safety with financial flexibility, particularly in the context of the rising costs of repairs and insurance for Florida condos, as reported by the Florida Phoenix. 'This incredible bill addressing the condominium crisis we have all heard about for the last year gives a lot of financial relief,' Lopez says. The bill also introduces electronic voting, making it easier for condo owners to participate in decisions, which could be DeSantis' main point of objection. Despite some reservations, Florida lawmakers are confident that the governor will sign the bill, as he's spoken about the condo issue on several occasions in the past couple of months. 'We have this condo issue, that legislation that caused these crushing assessments,' DeSantis said during a press conference in Fruitland Park. 'We know people need relief from that. We've got to do it. The Senate's got a great product that can do it.' HB 913 has been sent to the governor's desk for his signature. Once signed, the bill goes into effect on July 1. 'Captain America' Star Chris Evans Puts L.A. Home on the Market for $7 Million as He Quits California To Move Back to East Coast Inside NBC 'Nightly News' Host Lester Holt's Property Portfolio as He Steps Down After a Decade Billy Joel Relists 14-Acre Main Portion of His Long Island Estate for $29.9 Million
Yahoo
4 days ago
- Business
- Yahoo
Florida homeowners say between soaring fees and sky-high insurance, state condo reform ‘too little, too late'
For Fran Sullivan, living in a Florida condo has become financially unbearable. 'I've seen my condo HOAs at $450, double in two years to $900, and I've seen thousands of dollars in assessments. That's what it's cost us,' Sullivan, a condo owner in St. Petersburg, told ABC Action News. Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Across Florida, thousands of condo owners are facing similar financial pressures as homeowner association (HOA) fees and insurance premiums skyrocket. The 2021 Surfside condominium collapse, which claimed 98 lives, prompted Florida lawmakers to enact sweeping safety regulations. The disaster exposed widespread structural vulnerabilities in the state's aging condo buildings. The resulting legislation requires milestone inspections and structural integrity reserve studies for condos 30 years or older and three stories high, as well as strict funding requirements for future repairs. The compliance deadline — Dec. 31, 2024 — triggered fee hikes and surprise assessments. Some owners, like Sullivan, have already paid thousands for repairs with little warning. 'A lot of people here were financially strapped for doing this, myself included,' said fellow condo owner Tyler Clee. 'To come up and say, I need $10,000 in three months — for most of us, that's not realistic.' The financial fallout is chilling Florida's condo market. Listings in areas like Pinellas County have been sitting on the market longer, ABC Action News reports, as buyers balk at unpredictable costs. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it In response to mounting pressure, lawmakers passed House Bill 913 — the latest revision to the post-Surfside condo reform. While core safety rules remain intact, the bill includes key concessions: A one-year delay in funding structural integrity reserve deadlines. Permission for associations to use loans or lines of credit instead of cash. Clarification from inspectors on which repairs are safety-related. The bill also allows electronic voting to engage more owners in financial decisions. For many residents, the changes come too late. Sullivan's building has already set its budget and has completed major repairs based on the earlier deadlines. 'It's too little, too late,' she said. 'I was hoping they would have done that before the end of last year, because we were forced into a position, because of the timeline, that we had to take care of all of that. … Now, I'm not sure if other condos could be helpful to them, that's great. It's not for us.' Instead, residents hope for zero- or low-interest loans to offset assessments that weren't included. While the new law offers short-term relief, many say broader reform is needed. One of the biggest frustrations is that the legislation does little to address soaring condo insurance. Experts and residents alike suggest more balanced, long-term strategies. These could include: Phased timelines. Allow condo associations to resolve urgent repairs first and offer extended deadlines for less critical upgrades. That way, owners have time to plan, save and avoid sudden, unaffordable assessments. Means-tested aid. State-backed grants or low-interest loans to seniors and low-to-moderate-income residents to help cover extensive assessments or emergency repairs. Tax incentive. Provide tax credits or deductions for unit owners or associations making qualified repairs — such as structural reinforcements, roofing or waterproofing. Exemptions or relaxed rules. Exempt or reduce requirements for small, low-rise or recently constructed condos with clean inspection records. As Florida's condo communities grapple with the financial fallout of much-needed reforms, many hope lawmakers will allow sustainable recovery. The goal being to ensure staying safe doesn't mean losing your home or going into debt. Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead How much cash do you plan to keep on hand after you retire? Here are 3 of the biggest reasons you'll need a substantial stash of savings in retirement Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Like what you read? Join 200,000+ readers and get the best of Moneywise straight to your inbox every week. This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
Yahoo
01-05-2025
- Business
- Yahoo
Florida condo reform bill heads to governor's desk
The Brief Florida House Bill 913, which aims to balance condo safety with costs, is headed to Gov. Ron DeSantis. Gov. Ron DeSantis has made changing condo laws one of his top priorities for this year's session. If the governor signs the bill, it will take effect July 1. TALLAHASSEE, Fla. - Condo owners across Florida could soon get some financial relief. House legislators unanimously passed House Bill 913 on Wednesday – a measure that aims to balance safety and financial flexibility. The backstory The rising condo costs in recent years come from regulations that followed the 2021 Surfside condo collapse in South Florida meant to prevent another tragedy. Some of those regulations include requiring condos to conduct milestone building inspections, and structural integrity reserve studies to determine how much money should be set aside for future major repairs. This, though, has come at a cost to homeowners that's on top of their regular fees. The bill allows condo associations to use loans or lines of credit to pay for repairs. PREVIOUS: DeSantis continues to battle state legislatures over condo relief measures What they're saying "It provides financial flexibility," said State Sen. Jennifer Bradley, R-Fleming Island, who sponsored the Senate version of the bill. "If an association wants to take out a line of credit or a loan or a special assessment, I want to make sure associations have a plan to be able to repair and replace. It's not imperative to me that it's all cash." Sen. Bradley and Rep. Vicki Lopez, R-Miami, who sponsored the House version of the bill, have partnered together over the past few years to address condo safety legislation. They say this latest legislation lessens the burden of costs for homeowners. READ: Gen Z and millennials have regrets over home purchases, study finds Dig deeper The legislation also allows condo associations to temporarily pause reserve fund contributions for up to two years. Lawmakers say a temporary pause in reserve funding for two years immediately following a milestone inspection gives condo associations "critical flexibility" in meeting reserve requirements, and homeowners some relief too. The bill also requires architects, engineers and contractors who bid on milestone inspections to disclose if they plan to bid on related maintenance or repairs too. Gov. Ron DeSantis has made changing condo laws one of his top priorities this session. The bill is now headed to his desk. What's next If the governor signs the bill into law, it will go into effect on July 1. Follow FOX 13 on YouTube The Source Information for this story was gathered by FOX 13's Kailey Tracy. STAY CONNECTED WITH FOX 13 TAMPA: Download the FOX Local app for your smart TV Download FOX Local mobile app: Apple | Android Download the FOX 13 News app for breaking news alerts, latest headlines Download the SkyTower Radar app Sign up for FOX 13's daily newsletter
CBS News
13-03-2025
- Business
- CBS News
Condo owners frustrated as Florida House advances condo bill that allows boards to borrow money without consent
A new condo safety bill looks to shore up safety, but it comes at a cost. A Florida House panel has advanced legislation that allows condo boards to borrow money without member consent. CBS News Miami reviewed the bill and spoke to condo owners dealing with the fallout from state reforms since the Surfside collapse. "Assessments have been tough to handle," shared Brickell condo owner Julian Donado. Donado told CBS News Miami he never imagined paying so much to live in Brickell by the Bay when he purchased his condo in 2019. "I did the math at the time," explained Donado. "My mortgage was actually going to be cheaper. Now, not by a long shot, a lot more expensive." And now, a new financial cliff could await him and others. House Bill 913, approved unanimously by a panel Tuesday in Tallahassee, allows condo boards to get loans without the approval of their wider association membership. The bill specifies that boards can "levy special assessments to obtain a loan for necessary maintenance, repair... as required by the milestone inspection report" and structural reserve requirements. It allows associations a new path to meet state mandates put in place after the Champlain Towers South collapsed in 2021. A recent study by the Miami Association of Realtors found that only 44% of condo buildings in Miami-Dade County and 41% in Broward County have completed their required reserve studies, which had to be done by the beginning of this year. Miami State Rep. Vicki Lopez sponsored the bill and had this to say on Tuesday. "It won't be the last," shared Lopez on Tuesday. "I did not come to the Florida House to be affectionately known as the 'Condo Queen,' but I'm here, and I'm committed to doing the work." Condo owners told CBS News Miami they're trying to keep up with the changing laws and the cost that comes with it. "It's just a lot of money to keep up with all the repairs to meet the state requirements, really just trying to get ahead," said a Brickell condo owner who goes by Kurd. "I just wish that it happened a little bit sooner, probably before I bought in and I had a little bit more of an idea of what I was buying into," added Donado. CBS News Miami did ask to speak with State Rep Lopez today, and we are still waiting to hear back. Other items in the bill call for additional condo board transparency measures and insurance requirements.
Yahoo
17-02-2025
- Health
- Yahoo
Rep. Frank proposes house bill on state hospitals
WICHITA FALLS (KFDX/KJTL) — Several state hospitals may have name changes in if a new bill is passed in Texas. State Rep. James Frank proposed House Bill 913 after the 89th Texas Legislative session began in January. The bill relates to state hospital names and management. There are 14 facilities and the bill proposes name changes for four, including two in Texoma. If passed, North Texas State Hospitals in Vernon and Wichita Falls would be renamed the Vernon State Hospital and the Wichita Falls State Hospital, respectively. The bill would also require each state hospital to have a superintendent on staff. If passed, it would take effect Sept. 1, 2025. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
