Expected implications for Florida's Milestone Inspections and Reserve Requirements?

[Jay Lutz]

Hi all, Trying to check the temperature on how people are thinking about FL's new inspections and reserves law (which will impact anyone with a condo or a coop in a building 3-stories or taller). Are you aware of it?

Where/how are you preparing for / learning about these changes?

What do you understand about it? 

Is it influencing any of your investment decisions? 

Do you feel your association is adequately prepared? 

[Chris Seveney]

Quote from @Jay Lutz:

Ouch! It's unusual for balconies to fall under the unit owner's responsibility.  If one falls, it'll hit all the neighbors on the way down. If it leaks, it gets everyone wet below.

Have people in VA been talking about inspections and reserves? What's the norm there @Chris Seveney?

Yeah exactly I was shocked that it fell under owner and not common area. 
Here in DC, MD and VA, it is talked about. We do not have the issues like they have in florida with concrete deterioration etc so its not as big a deal here. Where it comes into play here is the older buildings with asbestos pipe insulation, or asbestos in joint compound and window caulking. So replacing those systems is significantly more and the association did not put enough in reserve for that.