Happy Memorial Day!

 

Dear  Clients, Neighbors, Friends and Associates…

Florida SB-4D, or 2022-269, Laws of Florida,  effective May 26, 2022,  was the legislation that came about rather quickly in the traumatic months following the June 24, 2021, collapse of the 12 story beach- front Champlain Tower condominium in a Miami suburb. 

This legislation is transformational, containing arguably the most significant changes in condominium and cooperative statutes ever. It should prove to have significant effects on affordability and unit values, as well as public concerns and perceptions of safety issues involved in condominium living.

Condominium communities have been calling on Reserve Study firms to help navigate evolving condominium reserve requirements.  A couple years ago condo communities could actually vote to waive reserves altogether, or minimally, reserve only for roof, painting and paving.   Associations were also allowed to fund reserves at less than 100%, for instance, 75% funding in the budget.  Now there will be catch up to arrive at a 100% funding plan for all condominium communities in the State of Florida.

State reserve mandates  now contain a greatly expanded list which adds general elements such as electrical, plumbing, fire prevention; specific elements such as elevator, building hvac,  windows …i.e. any elements contributing to structural integrity or safety or where there is determined to be deferred maintenance.  It can be complicated and where issues arise, unusual assessments could be necessary, or alternative funding initiatives, such as a corporate loan,  the route I took as Treasurer for my small historic condo in Pass-a-Grille.

The new legislation requires older buildings of three or more stories to conduct Milestone and SIRS (Structural Integrity Reports), sealed by an authorized architect or engineer.  Every applicable condominium was required to report to the State last year and get on their list for compliance.  A Statewide shortage of qualified engineers is expected. 

The Milestone and SIRS are essentially a Reserve Study with defined factors of structure and safety to be scrutinized by authorized engineers at an on-site inspection as required by the new legislation.  These reports must be completed prior to December 31, 2024, or within 180 days of notification by local municipality.

Whether 3 stories+  or less, no condominium community will have an exemption regarding the new prohibition against waiving or reducing full funding of certain statutory reserves.  This legislation will affect every single condominium community in the State of Florida. 

I have been fortunate to be involved in a number of recent condominium transactions, as a Realtor and as a Condo Board Director, in a 28 year old building, a 50 year old building, and a 100+ year old building.   Do not put off  buying your condo.  Be educated.  This is  Florida and the condominium is the most popular lifestyle choice, offering shared maintenance expense, which often comes with extensive amenities, preferred by part time owners, by those who travel a lot, by those who down size from a single family home, by busy professionals and retirees alike who need or prefer maintenance- free living.

Learn how the condominium you are considering is financially positioned now, and how the Association is addressing compliance issues so you are comfortable where the budget planning is headed.  Check how well the property has been maintained in general and focus on big ticket items such as  elevators and roofs and facades/balconies/rebar.  And be realistic, i..e. replacing  old galvanized pipes could be an issue in buildings dating from the 70’s, but it could also be a manageable process, especially where the community location is outstanding.   Study the financials provided by your Realtor at or before time of contract, specifically the Reserve schedules.  Ask to see the minutes of meetings for the past 12 months, what has been discussed or put on record.  And ask about the Milestone and SIRS inspections and reports. 

joan

My personal Blog for May, 2023, is published in WalkerOnTheBeach.com, “How To Become a Homeowner on a First-Time Buyer’s Budget.”

SOLD in May:

2/2 Villa on Sun Boulevard, at  Casa del Mar, Isla Del Sol Condo community on the Pinellas Bayway.  Extraordinary views, excellent use of space, well managed association, corner unit surrounded by the open sea. $495,000.

 

I introduce 360-180, a new and efficient  concept in documenting what you own for the insurance adjuster, in the event of a natural disaster, such as hurricane, or fire, or for moving or remodeling projects. Protect your investment!  (Owner, Timothy Krafcik, has been my tech associate 36 years, my Tech Tim!)

 

From May Paradise News, page 45, courtesy of Pete Roos.

 

Are You Prepared For The Next Ian?

 

Folks in Fort Myers Beach are dealing with insurance claims in the aftermath of last year’s disastrous Hurricane Ian, which, until a day before landfall was aiming for Tampa Bay. How many of them would have taken the precaution of photographing their home and possessions and preserving those records safely in the cloud. A Longtime St. Pete Beach resident with a photo and technical background has offered to help residents prepare.

360-180. WHAT IS THEIR SERVICE?

They provide a safe guard for your insurances,  peace of mind for you, and  provide you the property owner,  independent, dated photographic documentation of what you own prior to any potentially devastating event, storm, flood, fire or theft.  Images are presented in 360 degree surround view. See their demo at http://demo.360-180.com/ password “demo”.You never need to worry you have viable proof for your insurance company of what has been lost or damaged in some disaster to your furnishings, artwork, equipment, built-ins, cabinetry, architectural add-ons. 360-180 also provides valuable documentation of  property condition, what is on-site  prior to storage for a remodelling project in your home or business, or a move to a new location.

WHAT IS THE COST?:

Their introductory price is a flat fee of  $99 until July 1, 2023.   Prices will increase by about 50 %, and be based on documented square footage of structure.

WHAT IS INCLUDED IN THE PRICE?:

* Security of information.  Owner, tech coordinator and photographer, Tim Krafcik, and his rep, Barbara Praete, are 40+ year residents of Pass-a-Grille.  References include Joan Walker, Realtor 36 years; Sean Hurley of Frank T. Hurley Associates, Inc, Realtors; Ron and Sherry Sacino; Jack LoBianco; Brenda Ercius. 

* Creation Date, imbedded in each room image, of Paradise News cover and local newspaper front page.

* Documentation of all furniture, artwork, cabinetry, built-ins, add-ons, equipment in your home or  business.

*Cloud storage off-site. Access is password protected. Accessible with most web browsers.

* Material updated for same owner/property for $25 per room at any time after the first document is delivered.

Call 727-228-0273 for an appointment. Visit http://360-180.com.

Best regards,

Joan

 

joan h walker

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