Tampa Bay's rising monthly condo fees have owners concerned
Condo owners across Florida are feeling the pinch with rising monthly costs that some say could be forcing them out of their homes. A group of them are urging lawmakers to ease the burden with reforms during their upcoming legislative session.
“As of the first our COA went to $905 [a month], that's up from $575 in all in 2023,” Anne Marie Riedel, a board president for a small condo association in south St. Petersburg, said.
“Unfortunately, we have three units that will be going on the market because they feel that that the increase is just too much,” Riedel added.
They’re not alone, extra costs are being felt by a lot of the 1.5 million condominiums across the state, including the ones who just recently moved in.
“I’m sure they feel like they got the bait and switch, and they’re like oh you know Florida is affordable, no it’s not,” said Celeste Noren, a Pinellas County condo owner who says her HOA fees have doubled.
Noren moderated the town hall meeting in St. Pete Beach to discuss the issues among others like herself as well as state lawmakers and market leaders.
“I know it's kind of a cliche, but it's a perfect storm,” said Travis Moore, president of Moore Relations Inc., and one of the expert panelists.
On the radar of the “perfect storm” are skyrocketing property insurance costs and a lack of options with insurers leaving the state.
Riedel says her association was only able to find one insurer willing to write their policy and the premium cost just increased by more than 50%.
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