Florida’s real estate market is undergoing significant changes due to new condo laws, effective July 1, 2025. These laws aim to increase transparency, address rising fees, and provide greater protection for buyers and current owners. The reforms are a direct response to past challenges, including structural concerns and financial burdens on condo owners.
Florida’s Condo Market Shifts
The Florida condo market is currently experiencing a buyer’s market, with a significant increase in inventory. As of late June 2025, there are over 74,000 condos listed, a substantial rise compared to pre-pandemic levels. The median list price has also seen a decrease from its peak in 2022, now around $350,000.
Key Legislative Changes
Governor Ron DeSantis signed HB 913 and HB 393 into law, introducing several critical updates to the Florida Condominium Act:
- Extended Review Periods: Potential purchasers now have seven days (excluding holidays and weekends) to review association documents, an increase from the previous three days. This applies to condominium, cooperative, and ASIS contracts.
- Structural Integrity Reserve Study (SIRS) and Milestone Inspections:
- The deadline for SIRS has been extended in some cases to December 31, 2025.
- The application of both milestone inspections and SIRS has been narrowed to buildings with three or more habitable stories.
- Associations can temporarily pause reserve funding for two years immediately following a milestone inspection.
- Condo associations can now use lines of credit or Certificate of Deposit accounts for reserves, with majority owner approval.
- Increased Transparency:
- Condominium associations are required to post approved Board of Directors meeting minutes for the preceding 12 months on their websites.
- A standardized form for SIRS will be developed by the Department of Business and Professional Regulation and the Florida Building Commission to ensure consistency.
- Property Management Accountability: Certified Apartment Managers whose licenses are revoked face a 10-year ban from property management firms.
Impact on Condo Owners and Buyers
These new laws are designed to empower condo owners and buyers by providing more information and flexibility. The extended review periods and increased transparency regarding association finances and meeting minutes aim to reduce post-closing litigation and allow for more informed decisions.
Innovative Market Solutions
In response to the evolving market, some developers are offering unique solutions. Coral Reef General Contracting, a luxury homebuilder, is accepting condominium units as down payments for new custom homes. This innovative approach aims to assist condo owners burdened by rising fees or structural concerns, allowing them to transition to single-family homes. The company’s founder, Phil Thompson, views this as an opportunity to alleviate stress for buyers and foster long-term client relationships.
Key Takeaways
- New Florida condo laws, effective July 1, 2025, focus on transparency and buyer protection.
- Extended document review periods and increased online access to association minutes are now mandated.
- Changes to SIRS and milestone inspection requirements aim to ease financial burdens on associations and owners.
- The Florida condo market is currently a buyer’s market with increased inventory and lower median prices.
- Innovative solutions, such as trading condo units for down payments on new homes, are emerging to address market challenges.
Sources:
- Condo owners can trade unit for home down payment, Treasure Coast News.
- Condo Law Changes: Join Today’s Legal Webinar, | Florida Realtors.
- New Florida condo laws aim to add transparency for buyers, HousingWire.
- Condo Law Changes Prompt New Forms, Webinar, | Florida Realtors.
- The Palm Beach Post Subscription Offers, Specials, and Discounts, The Palm Beach Post.