WSHC+B partner and chair of the firm’s real estate practice, Joe Hernandez, recently spoke with the Sun Sentinel about potential implications for Florida condominiums following new inspection legislation projected to take effect in 2025.
Joe addressed the probable increase in costs required for upkeep in older condos. “When Champlain happened, it just put the whole thing in overdrive,” he said. “Now there are going to be mandatory reserves. What was already an unfavorable situation for residents in older buildings is now even more so.”
When asked if the growing expense facing owners and associations could affect the future of condo living he said, “I don’t think so.”
“There seems to be a healthy demand for good projects that are well located,” Joe said. “If the associations take the right steps to build up reserves early, then it can work.”
Joe is a sought-after transactional real estate lawyer and has developed a particular niche representing condominium associations and cooperative corporations being pursued by developers for acquisition of the units and termination of the condominium or cooperative.