08/12/2022
State Safety Laws to Change by 2025 for High-Rise Condo Owners
Buildings of three stories or more must be inspected after 30 years. After that, inspections must be carried out every ten years. The first structural inspection must be performed by December 31, 2024 for structures constructed before July 1, 1992.
Significant structural deterioration must be noted in inspection reports, along with whether it is unsafe or dangerous, and whether it needs to be repaired. All condo unit owners must receive copies of the reports post inspection. Buildings that are fewer than three miles from the coast must undergo inspections every 10 years and after 25 years. Every ten years, condo boards are required to conduct reserve studies to determine how much money owners will need to pay for future repairs.
When an association plans for significant repairs and replacement projects, the studies analyze the state of its finances and real estate.
The new law still allows for waivers, but only for parts not involved in structural integrity. Therefore, projects like the roof, load-bearing walls, electrical systems, plumbing, windows, and foundations among other things cannot be approved for financial waivers. Previously, state law allowed for waivers as long as a majority of unit owners voted in favor of them.
Following the collapse in Surfside, state legislators and municipal officials did step up their efforts to tighten inspection standards and/or enact laws where none previously existed.
The latter instance applied to every county in the state except for Miami-Dade and Broward, the only counties that had 40-year inspection requirements in place.
40 Year Building Safety Inspection Proposal
It's already been a little more than a year after the disastrous condo collapse in Surfside. West Palm Beach City Officials have made changes to current inspection requirements. Inspections are now mandatory for all buildings 40-years-old and older in the city.
If you're thinking of selling a luxury property ahead of the impact these new regulations may have on values, contact Premier Hotel Realty to see how we can get you extraordinary results!