Condo living in Sarasota and Manatee counties has long been a favorite for people seeking a low-maintenance lifestyle under the Florida sun. But lately, many condo owners and prospective buyers have noticed some big changes—from rising association fees to shifts in property values.
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Much of this stems from new statewide regulations aimed at keeping buildings safe and financially stable. While these changes can feel challenging in the short term, they’re setting up condo communities for a stronger, more secure future.
This guide breaks down what’s changing, why it matters, and how you can navigate the new landscape with confidence—whether you own a condo, are thinking of buying one, or serve on a board.
Several factors are coming together to reshape the local condo market. Understanding them is the first step to staying ahead.
After the tragic Champlain Towers South collapse in 2021, Florida passed laws to make condo buildings safer.
Two key pieces of legislation—Senate Bill 4-D and Senate Bill 154—have introduced major new requirements:
Buildings three stories or taller must now have detailed inspections by licensed engineers when they turn 30 years old (25 if near the coast), and then every 10 years after. This ensures potential structural issues are identified and addressed early.
Associations can no longer skip setting aside money for essential repairs. Starting December 31, 2024, condos must fund their reserve accounts annually to cover future projects like roof replacements or concrete repairs.
The result? Stronger buildings, better-managed finances, and more predictable long-term costs. But for some communities, catching up on underfunded reserves has meant noticeable increases in monthly HOA fees.
Insurance premiums are also climbing across Florida, driven by storm-related claims and other market pressures. Higher master insurance policy costs are passed on to condo owners, adding to the monthly financial responsibilities.
Many of our region’s condos were built decades ago. Like any home, they need ongoing care. The new inspection requirements ensure maintenance happens on a regular schedule, which protects property values—even if it requires careful financial planning upfront.
These changes have caused some noticeable shifts in Sarasota and Manatee County’s condo market:
More Inventory: Rising fees have prompted some owners to sell, doubling the number of condos for sale in May 2024 compared to the previous year.
Price Adjustments: With more options available, median sale prices have dropped 12–14% in mid-2024, reflecting higher ownership costs and the market valuing financially stable buildings.
Longer Marketing Times: Condos are now staying on the market for about two months, giving buyers and sellers more time to make thoughtful decisions.
Buying in this market is a great opportunity if you’re thorough:
Yes, the condo market is adjusting. But this period of change is creating transparency and resilience. Well-maintained, financially healthy buildings are more desirable than ever—they offer security, predictability, and peace of mind.
For buyers willing to do their research, now is a strong opportunity to invest in a community built to last. And for current owners and board members, these rules help protect the value of your home and your neighbors’ investments.
Ultimately, Florida’s new condo landscape is about stronger foundations—literally and financially. With the right approach, our local communities can continue to enjoy the benefits of condo living while building toward a safer, more secure future.