The harsh reality of climate change is evident in Florida, where 925,000 condos are now over 30 and considered functionally obsolete in terms of resilience to the evolving climate.
A new law mandates that condos must undergo updates and repairs every 30 years to enhance climate change resilience, with subsequent updates every ten years. Known as "Condo 3.0," this legislation may grant developers increased control over common areas in mixed-use condo buildings. Additionally, a rapidly approaching deadline for new building safety standards has been set following numerous condo safety hazards, ranging from roof issues to foundational concerns, including code violations and collapses since 2021, marking the worst real estate crisis in decades.
Condominiums are increasingly seen as a risky investment due to their depreciating value alongside escalating ownership and repair costs. Property insurance rates in Florida are projected to quadruple from current prices within the next ten years. The 2024 Condo Rights Bill (HB 1021), also known as the “DeSantis Condo Law,” “Condo 3.0,” or the “New Condo Law,” significantly revises the legal structure that regulates community associations in Florida, impacting the conduct and duties of condominium associations and their board members, as well as the entitlements of unit owners.
Condominium owners in Florida are confronted with the necessity of multimillion-dollar repairs. Experts are urging condo associations to establish plans for upgrades and repairs if they have not yet done so. "Climate change is a reality that has occurred, is occurring, and will persist," states Dr. Blair Feltmate, head of the Intact Centre on Climate Adaptation at the University of Waterloo.
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