John Cadden on Good Day Orlando discussing condo owner special assessment strain

Financial strain intensifies for Florida condo communities

Condo owners across Florida face significant financial challenges due to new state laws mandating reserve funds after the Surfside collapse. John Cadden joined Good Day Orlando on Fox 35 to discuss the impact of these new requirements on condo owners and the efforts associations are making to comply with the law. For instance, residents at Regency Gardens condominiums in Orlando may need to pay up to $22,000 per unit. 

Cadden addressed the potential consequences of non-compliance, including legal repercussions and further financial burdens. He stressed the importance of transparency and communication between condo boards and residents to navigate these challenges effectively. His insights detail the financial strain and the urgent need for funding reserves.

Cadden’s conversation with Good Day Orlando highlighted the critical need for proactive planning and reinforced the power of community involvement in addressing the new regulations. This emphasis on collective action, particularly for condo owners and association members, indicates their critical need to take a more active role in navigating these challenges. 

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