Understanding Florida’s New Milestone Law for Older Condos

Understanding Florida’s New Milestone Law for Older Condos: What Buyers and Owners Need to Know

As the landscape of Florida real estate evolves, new laws are shaping the way property owners and buyers approach condominium ownership. One of the most significant recent changes is Florida’s Milestone Inspection Law, which took effect following the tragic Surfside condo collapse in June 2021. This law is now a key consideration for both current condo owners and prospective buyers, particularly in coastal areas like Naples, where older buildings are prevalent.

At The Norgart Team, we are committed to keeping our clients informed about how these changes impact their real estate decisions. Below, we break down what this milestone law means, who it affects, and how it can shape the future of condo ownership in Florida.

What Is the Florida Milestone Law?

The Milestone Law requires mandatory structural inspections of older condominium and cooperative buildings throughout Florida. The law’s goal is to ensure the long-term safety of buildings and prevent tragedies caused by structural deterioration.

Key points of the law include:

• Buildings three stories or higher must undergo an inspection once they reach 25 years of age if they are within three miles of the coast.

• For buildings further inland, inspections are required once the building reaches 30 years of age.

• After the initial milestone inspection, buildings must be inspected every 10 years thereafter.

The inspections focus on a building’s structural integrity, identifying any safety concerns or necessary repairs.

What Does the Inspection Process Involve?

The milestone inspection is divided into two phases:

1. Phase 1 Inspection:

A visual assessment by a licensed architect or engineer to determine if there are any signs of structural issues.

2. Phase 2 Inspection (if needed):

If the Phase 1 inspection reveals concerns, a more detailed inspection will be required. This may involve destructive testing to thoroughly assess structural components such as concrete, balconies, and foundations.

What Happens if a Building Fails the Inspection?

If the inspection reveals significant structural concerns, the condo association will be required to take immediate action to address the issues. This can result in costly repairs, which are typically funded through special assessments paid by condo owners.

For potential buyers, this means due diligence is more important than ever. Understanding the status of a building’s milestone inspections and any pending repairs or assessments is critical when considering a condo purchase.

How Does This Impact Condo Owners?

Condo owners may face additional financial responsibilities due to this law.

• Special Assessments: If repairs are needed, owners may be required to contribute to costly assessments for structural improvements.

• Increased HOA Dues: Some associations may increase monthly dues to build reserve funds for future inspections and repairs.

For owners of older condos, staying informed about their building’s inspection status and potential upcoming assessments is essential.

What Buyers Should Know

If you’re considering purchasing a condo in Naples or the surrounding areas, the Milestone Law makes it more important than ever to:

• Ask about the building’s age and inspection history.

• Review condo association financials and reserves.

• Understand pending or planned assessments that could affect your financial obligations.

Our team at The Norgart Team specializes in helping clients navigate the intricacies of condo purchases in Naples, ensuring you’re fully informed about potential risks and costs associated with older buildings.

Why This Law Matters in Naples

Naples is home to numerous condo communities, many of which were built in the 1970s, 80s, and 90s. The Milestone Law is particularly relevant to properties located near the coast, where the salty air and humid climate can accelerate structural wear and tear. Buildings along Gulf Shore Boulevard, Park Shore, and Old Naples will likely be among the first to undergo inspections.

The Norgart Team’s Advice for Buyers and Owners

For buyers, the new Milestone Law means it’s crucial to partner with a knowledgeable real estate team that can help you navigate the complexities of condo ownership. For current owners, it’s essential to stay informed and proactive regarding your building’s inspection schedule and any potential repairs.

We recommend:

• Consulting with your condo association to understand the timeline for inspections.

• Reviewing building reserves and financial statements to gauge preparedness for future repairs.

• Working with experienced real estate agents who understand how to interpret inspection reports and navigate purchase contracts with these factors in mind.

Conclusion:

The Florida Milestone Law is reshaping the landscape for condo owners and buyers across the state. While the law brings new responsibilities, it also enhances safety and long-term property value by ensuring that buildings remain structurally sound.

For mor information, visit https://www.flsenate.gov/laws/statutes/2022/553.899

At The Norgart Team, we are committed to helping you make informed real estate decisions. Whether you’re buying, selling, or simply seeking guidance on how this law may impact your property, we’re here to help every step of the way.

Contact us today to discuss how we can assist you with your real estate goals in Naples and beyond!