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These assessments not only burden current owners but also make condos less attractive to potential buyers. Howard has had his unit on the market but has had to drop his asking price multiple times. Challenges like strict condo rules preventing reverse mortgages further complicate sales, leaving many owners in limbo.
Regulatory Changes and Their Consequences
A new Florida law mandates increased building inspections and reserve fund requirements. These measures aim to prevent future tragedies but come with hefty costs, especially for older buildings that need extensive repairs.