Colliers Launches Advisory to Help Florida Condos Manage New Assessment Laws

As part of the Building Safety Act, condo associations in Florida have until the end of 2024 to complete inspections to determine the scope and cost of the work for buildings taller than three stories. 

Florida law also requires condo associations to hold reserves earmarked for major repairs — all but ensuring that many unit owners will face costly assessments. Prior to the tragedy, HOAs were notorious for waiving cash-reserve requirements for future structural work. 

An example is Murano at Portofino, a waterfront condominium building in Miami Beach. Earlier this year, condo owners were hit with a $30 million special assessment, which averages out to $160,000 per unit. 

Colliers now offers advisory services to these condo associations and their property managers to manage the construction and prevent the HOA from being taken advantage of, the brokerage announced.

“Unfortunately, most condo associations don’t have the construction knowledge to successfully manage the construction process to ensure work is done in a timely and workmanlike manner,” Colliers‘ Greg Main-Baillie said in a statement. 

“We are able to act on behalf of condo associations and property management companies as an owner’s representative, ensuring the process goes smoothly and meets all requirements under the new Florida law. We apply our years of commercial owner representation experience to the process, providing an unmatched level of professionalism,” Main-Baillie said.

Julia Echikson can be reached at jechikson@commercialobserver.com. 

Update: The article was amended to make clear that applies to condo associations, not all homeowner associations.