New building safety laws lead to shocking assessments and financial burden
St. Petersburg condominium residents are facing a financial reckoning. Mark Parker from St. Pete Catalyst interviews John Cadden about new state legislation that has mandated costly building inspections and increased repair fund reserves, resulting in potentially six-figure special assessments.
Cadden warns of the dire situation many condo associations are in. “Some communities I’m working with are really on top of it,” he said, “And I’ve got others in the ambulance, already heading to the emergency room, but they don’t believe it.”
Cadden attributes the crisis to years of deferred maintenance and a lack of oversight. The collapse of Champlain Towers South in Surfside, Florida, served as a wake-up call, prompting stricter regulations. While these changes are necessary, they’ve caught many condo owners off guard.
Cadden notes that some condo boards are in denial about the new regulations, while many owners remain uninformed about the situation. “There’s boards that believe they can get out of this,” Cadden said. “There are owners with no clue of what’s going on in some of these places. It really just depends on each community and how they’re being run.”
As a result, property values may decline, and residents could be forced to sell their units. Cadden urges condo owners to become more involved in their associations and to prepare for increased costs. “My advice is always the same – start paying attention,” Cadden explained. “Start going to (board) meetings. Start participating in the process and asking questions.
Cadden suggests that while these changes are painful, they are necessary to address long-term issues and will ultimately improve the overall condition of condominiums. “We’re curing the symptoms of a system that isn’t working. I think, three or four years from now, everyone’s going to be a lot better off. Nothing stays good forever.”
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