Condo

Repairs and maintenance required by the new law will likely push costs higher. Here's what to know.

“The engineers and contractors in this environment take advantage of the scenario pretty often.” Now they are scrambling to find a new insurer before the policy lapses in April. He said condo owners can get a better price for each unit when the whole association comes together to do a bulk sale. He noted that many insurance providers are already updating their standards in accordance with the law. Some fear it could trigger a fire sale from condo owners trying to cut their losses. The condo association has raised maintenance fees by 30% over the past two years to help replenish its reserves after years of neglect, said Rasbach, the current association president. When Scott Rasbach, 64, moved to the Paradise Shores condominium in St. He’s concerned that the new law could make housing unaffordable for them. Next year he’ll be on the hook for a $600 monthly payment. But safety legislation that passed earlier this year in the wake of the deadly Surfside building collapse could plunge the condo market into turmoil. Buildings less than three miles from the coast must undergo the first milestone inspection after 25 years. “I literally have a woman that lives in the building across from me who’s 80 some years old, who went and got a job working in some sort of manufacturing plant in order to make the money to pay for the special assessment,” Rasbach said.