Floridians have expressed their outrage after Florida Senate President Kathleen Passidomo sent out a memorandum to her fellow colleagues and explained that she would not call for a special legislative session.
Many Florida condo owners have wanted a special session to be held to help solve the ongoing catastrophic condo crisis the state is facing.
Condo Fees Skyrocket
In the last few years, condo fees and monthly payments have been skyrocketing as condo associations rush to meet an upcoming December 31 deadline.
These fees cover special assessments — and potential repairs — that condo associations must make according to new state regulations.
Florida’s Most Severe Real Estate Crisis
This is believed to be Florida’s most severe real estate crisis in decades. One condo in Saint Petersburg was originally listed at $1.2 million but has since gone down to $715,000.
The issue is that thousands of condos are up for sale at low prices, but no one is buying them because they can’t afford the HOA fees.
New Statewide Regulations
These regulations were first passed after the tragic Surfside condo collapse which resulted in the deaths of 98 people.
Investigators eventually learned that this high-rise condo building collapsed after the condo association refused to conduct accurate assessments, repairs and maintenance.
Ensuring Condo Owners Are Kept Safe
To keep a tragedy like Surfside from ever happening again, new regulations were passed in Florida to hold condo associations responsible and ensure they have enough money in their reserves to pay for these potential special assessments and maintenance.
These new regulations mainly affect condos that are three stories or taller, as well as condos that are more than 30 years old.
People Cannot Afford These Assessments
However, condo associations have put the burden of these assessments on condo owners. This has resulted in many Floridians having to pay hundreds — if not thousands and tens of thousands — of dollars.
For example, one condo owner, Thereza Teixeira, pays $1,390 in monthly fees alone. This is in addition to her mortgage. Of these newly added fees, she pays $967.70 in maintenance dues and assessments.
Very Expensive Assessments
This condo owner has had to pay these monthly payments to meet the whopping $81,000 assessment. This payment will be spread out over the next 20 years.
Just this one assessment costs her $338 a month. So far, she is paying for two assessments and other maintenance fees.
Homeowners Love Their Condo
The issue many homeowners are facing is that they love their condo. They wouldn’t have bought it if they didn’t love it. They love the tranquility that it brings, as well as being right next to the coast.
Many condo owners have to decide between staying in the condo they love and finding a way to afford the fees or selling up and moving into a property that doesn’t come with as many costs.
Condo Owners Are Struggling
Teixeira first purchased her condo 14 years ago. She’s never seen added fees like this before. She, along with so many other condo owners, are struggling to afford these skyrocketing prices.
“The financial cost to all of us – it’s amazing,” she said. “Yes, we’re going to have a safer building, but we might not be able to eat for the next 10 years.”
Safety or Eating?
This is the harsh reality for many condo owners: Do they stay and pay the money so they can live in a safe building, or do they sell up and move to a property where they can afford to buy food?
No one should have to choose between HOA fees and being able to afford to eat, but this is the reality that many people are now facing.
Retirees Are Being Forced to Return to Work
HOA fees have become so high that many retirees are being forced to return to work just so that they can afford the payments. This is after spending years working in the hope they could spend their golden years relaxing in their condo.
In some cases, condo owners are being forced to pay $100,000 in HOA fees, a number many cannot afford. Many are fleeing their condos and are being forced to live with relatives or friends to afford the costs, as well as returning to work.
Calls to Delay Requirements
Due to the stress many condo owners are facing, there have been many calls for state legislators to delay some of the new law’s requirements in the hope they will revise them.
However, it is looking increasingly unlikely that this will happen, forcing even more stress upon already struggling condo owners.
Condo Sale Listings Increase
As many condo owners cannot afford to pay these incredibly high monthly fees, many people are trying to sell their property. Condo sale listings have skyrocketed as a result.
However, nobody is buying. This has caused listings to continue to increase, and many analysts have stated that the Florida condo market is becoming catastrophic.
Home Purchase Agreement Cancellations
Not only are people refusing to purchase a Florida condo, but others have started the buying process only to cancel the home purchase agreement at the last minute.
In June 2024, around 56,000 home purchase agreements were canceled. This is around 14.9% of all homes under contract during that period, the highest recorded percentage in a month.
Calls for a Special Session
As this deadline nears, and as the condo market continues to face massive difficulties, many Floridians have called for the legislature to hold a special session.
These Floridians are hoping that a special session can help solve the ongoing issues that many condo owners are facing. For example, a pushing back of the deadline could help many people.
Senate Leader Refuses Calls
Unfortunately for many of these condo owners, Senate President Passidomo has refused to hold a special legislative session.
In a recent memo, Passidomo wrote, “I have no intention at the present time of utilizing my authority as Senate President to convene a special session.”
‘Misconceptions and Inaccuracies’
Passidomo has expressed her worries that “misconceptions and inaccuracies” about the new condo legislation are being spread, and she wants to stop these rumors.
However, she strongly opposes holding a session anytime soon, which only means that these rumors will continue spreading unless something is done.
No Law Is Perfect
Passidomo further explained that no law is perfect — and this is an example of that belief.
“In my view, no law is perfect. Some issues arise during implementation, and there is often room for improvement. However, the legislative process best serves Floridians when there is analysis, collaboration and input from all stakeholders. I believe the upcoming committee weeks and regular session following our post-election reorganization provide the best opportunity for this type of dialogue,” she wrote.
Waiting Until November
The earliest action might be taken is after the November 2024 presidential elections. Passidomo has said lawmakers should wait until then to take up the issue.
However, many residents don’t see this as good enough and want something to happen sooner rather than later so that lawmakers, HOAs and condo residents can reach some sort of agreement.
These New Changes Will Take Time
Passidomo believes that the most important thing to do is allow these new changes time to be fully implemented, hoping that the chaos currently ensuing in the Sunshine State will have died down by then.
However, as the real estate crisis in Florida continues to worsen, this is unlikely to happen anytime soon.
Politicians in Agreement
Incoming State President Ben Albritton, R-Wauchula, has mirrored Passidomo’s statement. He believes that committee weeks and the regular session are the times to discuss this issue.
However, the regular session doesn’t begin until the first week of March 2025, so this won’t happen until the fees and regulations become law. This has left condo owners feeling frustrated and angry at the government’s lack of action.
Jeff Brandes Demands Immediate Action
Former State Senator Jeff Brandes has demanded immediate action from the state legislature to prevent some condo owners from experiencing financial ruin.
It is unknown whether any lawmakers will pay any attention to this or if they will finally hear the cries for help and put something in place to help those who are struggling.
Public Safety Is the Priority
The issue for condo owners struggling with the fees is that public safety has to be the main priority. Politicians know people are struggling but don’t seem to be doing much about it.
No one wants an event like what happened when the Surfside condo building collapsed, which is why these fees will have to remain high.
Will DeSantis Call for a Special Session?
Calls for Florida Governor Ron DeSantis to call for a special session have also grown. DeSantis has stated that he has encouraged state lawmakers to help people and fix the law.
However, he has yet to call for an actual special session — and Passidomo’s refusal to hold one may signal that this won’t happen at all.
