07/26/2026
In the five years since the Surfside tragedy, the condo market has faced significant turbulence as owners, lenders, insurance providers and property managers all adjust to the new reality.
Experts agree, condos will be better off in the long-term thanks to the lessons learned from Surfside. But the road to a safer, more sustainable future will be paved with sacrifices for some condo owners.
How have the rules have changed and how has the market responded? Most of the reforms focus on three areas: 1) how condos are inspected, 2) how condo associations manage their savings 3) and what oversight decision-makers on condo boards are subject to.
As milestone inspections have started to roll in, it seems like most buildings across the state are not in danger of becoming the next Champlain Towers South, said Dawn Bauman, CEO of the Community Association Institute.
Still, the new rules have led to higher maintenance and insurance costs for many associations. Some are levying hefty special assessments to cover these expenses. Residents who can’t afford to fork over thousands of dollars on top of what they’re already paying may be forced to move.
The state legislature has repeatedly pushed back deadlines to give associations more time to comply.
That’s a good thing, said Bauman. “A slow rollout of these requirements is critically important to not create a financial disruption or spiral in some of these condo buildings,” she told the Tampa Bay Times.
It’s not just state law that’s impacting condo associations. Bauman said new lending policies from federal mortgage giants Fannie Mae and Freddie Mac are also causing complications.
Buyers interested in purchasing a condo at a building undergoing a major maintenance project may not be able to get a Fannie Mae or Freddie Mac-backed loan.
“That makes no sense,” said Bauman. “We all want to make sure people are safe in their buildings. But some of these requirements go well beyond condo safety and actually are making it more challenging for some of these buildings to fund maintenance.”
As a resident, condo association board member, manager, or vendor – how have the new rules affected you?
***Source: Tampa Bay Times; by Rebecca Liebson, Times staff
Photograph of aerial view taken on June 3, 2022 shows the site where the Champlain Towers South building partially collapsed on June 24, 2021. [Pedro Portal | TNS]***
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