“Much more buyer beware”; agents, HOA board members break new condo laws

NORTH FORT MYERS, Fla. — Transparency, training and accountability: These are the top things condominium HOAs are starting to see change in a month in a series of new condominium laws.

HOA boards are now required to provide full financial disclosures to tenants; follow training courses; and seek thorough inspections of their buildings.

Monica Braun, a North Fort Myers HOA board member, says while they haven’t seen much change yet, she’s happy change is coming. Watch the full report below.

“Now much more buyer beware in an apartment”; local real estate agent and HOA board member breaking new condominium laws

“Anything that goes forward in what we’re proposing to spend the money on, what’s going to be in the budget, is something that needs to be disclosed,” Braun said.

Braun says he believes this will get people more involved in HOAs.

“There are a lot more buyers looking at an apartment now than there used to be,” said Trevor Caldwell, a local real estate agent.

Caldwell says that could cause some disparity in the market.

“I think a lot of condos are going to put capital expenditures on the backburner so they can keep that money in reserve,” Caldwell said. “So instead of redoing a clubhouse or redoing a pool this year, they’re going to wait three to five years before they renew the fund. So that might initially affect property values, but I think in the long run people are going to have more confidence in buying an apartment.”

“You can’t just sleepwalk through condo ownership anymore, especially in the next probably two years when all of this plays out,” Caldwell said.