As new condo laws in Florida are set to take effect, thousands of associations remain non-compliant, leading to a market collapse for older condos. Elderly owners face financial ruin as special assessments, monthly dues, and insurance costs soar. Despite pleas to Tallahassee, lawmakers have yet to act.
Fla. News Network: As the clock ticks down to the implementation of new condo laws in Florida, a crisis looms over the state’s real estate market. Thousands of condo associations still violate the impending regulations, and the market for older, three—or more-story condos is in freefall. The financial burden on retired and elderly owners is becoming unsustainable, with many being forced to sell or even lose their homes due to skyrocketing costs and foreclosures.…