TAMPA, Fla — According to a Redfin report, condo homeowners association fees are rising in many Florida cities, especially Tampa. Overall, fees have jumped more than 15% from a year ago in Tampa, Orlando, and Fort Lauderdale.
In Tampa, Redfin said the median monthly HOA fee jumped 17.2% year over year, the steepest increase among the 43 US metropolitan areas they analyzed. The median increase across the other metro areas was 5.7%.
While condo prices have started to drop in most parts of the state, according to the MLS listings, HOA fees continue to rise.
In Tampa, Redfin reports the median price for a condo is now at $237,750, but median HOA fees are up to $614 dollars a month.
This is leading to condos sitting on the market for even longer. Realtor Barbara Schmal emailed ABC Action News, concerned that her condos aren't selling.
"I have 3 condos listed one has been on the market for 381 days, and I have another for 212 days, 74 days, and a single-family home in a 55+ community for 90 days. Earlier this year Jan-April I had 3 condos listed and they all expired after 90 days. The owners decided not to extend the listing," Schmal wrote in the email.
She showed the properties to ABC Action News Anchor Nadeen Yanes on Tuesday.
"I've had 10 showings, and I've done about 30 open houses, nobody appears to come to see the properties. And this I find from other agents as well. I reached out. I thought maybe there was something with the condo or the complex. And no, it's every every agent in in Pinellas County and probably in the state of Florida, are having the same struggles," Schmal said.
Redfin reports the HOA fees have surged in Florida for two main reasons: Surfside and insurance. In June 2021, acondo building in Surfside, FL, collapsed. As a result, the Florida legislature passed Senate Bill 4-D, which requires structural inspections for condos and additional money to be set aside for repairs. Redfin said many HOAs are hiking fees to comply with the new regulations.
The other issue is rising insurance costs. Over the past couple of years, Florida has had aninsurance crisis. Natural disasters, soaring premiums, and insurers leaving the state have left many homeowners scrambling for insurance. HOAs have increased dues to help cover the now-increased cost of their insurance.
"I've been in the business for 30 years, I've never seen the market like this. Even when th market crashed, it's nothing like it was in 2021-2022. It has gotten worse since the new law for condos was implemented," Schmal added.
Largo condo owner Jim Bell is on a fixed income and says he and his neighbors are about to be assessed up to $11,000 each for a new roof. His HOA fees have also more than doubled since he moved in.
"Since about 2010 my condo fee was around $250 dollars now it's $670 most of that increase, 50-60% of it is the homeowner's insurance policy that we have to have based on those insurance laws that went into effect due to that building that collapsed in Miami," Bell said. "They can leave us alone, stop changing the laws."
The calls are growing louder for lawmakers in Tallahassee to hold a Special Session to address, revise, or roll back some of the reform after the Surfside collapse.
"Something has to happen up in Tallahassee to help these condo owners out. They didn't think about this new law thoroughly," Schmal said.
However, in an August 16thmemorandum, Senate President Kathleen Passidomo said she was not going to use her authority to do so. Instead, she wants to wait until after the elections to include new lawmakers and fresh dialogue for next year's regularly scheduled legislative session.
Residents of Pasco County told ABC Action News about what will be driving them to the polls this November, including education reform and giving their children opportunities to live the American Dream.