'It's our paradise': Condo owners in this Florida building being pushed to sell for $1M a unit — rather than pay to meet state's strict safety code

Key new rules include mandatory structural reviews, which required every three-story-plus condo at least 30 years old to undergo milestone inspections. After that, the buildings must undergo recurrent inspections every 10 years. In addition, condo associations were required to fully fund reserve accounts to cover major repairs.

These have resulted in significant assessment fees for condo owners — in some cases tens or even hundreds of thousands of dollars. An assessment represents an additional payment required of condo owners, and many condo owners struggle to afford these payments. WPTV News reports La Fontana faced potentially millions in repair costs.

After several years of condo owners struggling, Florida lawmakers passed a new bill in June aimed at providing some relief for condo owners. Notably, it allows for a two-year pause in reserve contributions in order to prioritize any critical repairs identified during a milestone inspection.

For condo owners in buildings that don’t have major repairs to undertake, these measures may make remaining in their home a more affordable proposition. But for condo owners in buildings with critical and expensive repairs required, the costs might still be a challenge for owners.