Will 2025 Florida condo law affect DVC

[ParkHoppers]

In 2025 i believe any unit over 3 stories has to hold full reserves for rebuilding cost. Will this affect DVC dues or cost of ownership? Just curious what people think on this.

 

[crvetter]

It isn't that they need to have full reserves (aka all the rebuild costs) just that they are properly funding the repairs costs needed in the reserves. I suspect a couple things, if this law applies to DVC, that our capital reserves are actually going through a proper reserve study already, DVCMC is already charging those costs (you can see a line item breakout for the reserves and what they are earmarked to in the budgets), and DVCMC is already leaps and bonds above most condo associations in having healthy and appropriate reserves.

 

[CarolMN]

Sad to see such laws are necessary.

No one should buy a condo /coop unit without examining the reserves to see if they are adequately funded. Underfunded reserves virtually always means poor management, irresponsible owners and/or a very good chance of future assessments.

 

[Nursemanit]

As someone who is a HOA president - I wish we has laws that demanded full reserves. It is nearly impossible to get annual budgets passed in recent years that appropriately account for the new reality in the cost of repairs.

We need laws that don't allow the " I am not going to be alive in 20 years so I will not pay for reserves" crowds from voting down proper budgets.

 

[CarolMN]

As someone who is a HOA president - I wish we has laws that demanded full reserves. It is nearly impossible to get annual budgets passed in recent years that appropriately account for the new reality in the cost of repairs.

We need laws that don't allow the " I am not going to be alive in 20 years so I will not pay for reserves" crowds from voting down proper budgets.

Past Co-op Board Member /Treasurer here. We haven't had that problem so far. We get past the 'I won't be here' crowd (we are a senior co-op) by emphasizing resale value. Most of those folks will eventually either have to move to an Assisted Living Facility or want to leave $$ to their heirs. Inflation and low interest rates have made it a challenge, though.

We're off topic, so I will just say that I do not worry about DVC regarding reserves.