The number of apartments in Florida over the so-called “black list” maintained by the Federal National Association known as Vanny May-more than twice in the past two years, according to recent reports.
This means that an increasing number of apartment owners in Sunshine are struggling to sell their units or obtain loans for reforms at a time when the safety of new buildings is forced to face climbing costs.
Why do it matter
After the deadly collapse of the Champlin South Kundo towers in Surfside, Florida, in June 2021, the legislators in Talhaasi acknowledged a series of laws that require regular inspections of turbine apartments and reserve funds for reforms.
Although the new legislation was aimed at avoiding the type of tragedy that could result from the decisions taken by the apartment associations not to preserve the building’s structure, the new requirements have paid the costs of the apartment and owners’ societies, which prompted many to put their units in the market in a final attempt to avoid the increasing fees.
Those who find themselves with the apartment on the so-called “black menu” of the Mayi, will find it difficult-if not impossible-to sell it, as potential buyers will be advised not to buy and will not be able to obtain a traditional loan.
Chandan Khanna/AFP via Getty Images
What do you know
The Surfside collapsed led to the fact that the Mai Vanity is required for the apartment societies more accurate in the information they provide about their financial resources, construction conditions and maintenance issues.
As a result, the matter ended with many apartments facing critical reforms or material deficiencies in the list of buildings that Vanie May no longer, which is accessible to real estate lenders but not for their owners or apartment associations.
The lack of appropriate property insurance also played a major role in the increasing number of apartments on the so -called “blacklist”.
Although the high property insurance premiums in Florida are finally slowed last year, the state owners in the state are still paying the highest coverage price in the entire country, at a rate of $ 14140, according to ENSURIFY. The company expects to increase insurance premiums by 9 percent by the end of the year, as the state continues to recover from the devastating effects of Hellin and Milton last year.
The new data issued by the AllCock Marcus – which obtained the list from a secret source – was reported before Tamba Bay Times I found that 1,438 apartment building is on the Fannie Mai list in Florida. Nearly half of these-696-in the provinces of Miami Dead, Bru will, and the corridor, which were particularly affected by the new construction safety legislation.
The most common reason for the presence of apartments in the list was the lack of adequate property insurance, said Jake Marcus, Miami’s lawyer at Allcock Marcus, said. Tamba Bay Times. The newspaper reported that the postponed maintenance and critical, unparalleled reform needs were close.
Building owners in the list will have a more difficult time in an attempt to drop their property for buyers who are looking for traditional mortgage financing supported by FANNIE MAE and Freddie Mac. The two, together, return about 70 percent of all residential loans in the country.
Newsweek I called Fannie Mae and Allcock Marcus to comment on Monday.
What people say
Jake Marcus, Miami’s lawyer at Alcuk Marcos, told Tampa Bay Taif: “I think it’s the perfect financial storm for the housing units in Florida. There is a lot only in Florida with all new requirements.”
A spokeswoman for Fanny May told the Wall Street Journal The new requirements are designed to help protect borrowers from autonomic or financially unstable projects. ” The company opposed the description of its list as a “black list”, describing it instead as a tool online that allows lenders to verify whether it accepts loans from a specific project.
What next
The latest data on the FLORIDA CONDOS is not qualified to obtain its support that the state’s apartment crisis can get worse – the efforts of legislators that have not been addressed the problems created by the new regulations successful in reducing homeowners.
While interested buyers can still buy apartments on the so -called “black menu”, unacceptable real estate loans are usually more expensive and difficult. On the other hand, cash payment is a possibility – but only a few are able to withstand this.