New Condo Legislation Reinforces Importance of HOA Reserves

Florida’s newly enacted condo reform law puts a heavy financial burden on HOAs of older buildings to complete necessary repairs and maintenance to meet more stringent inspection and recertification standards. This makes brand-new buildings with healthy HOA reserves, like Merrick Manor in Coral Gables, even more appealing.


Under the new legislation, all condo buildings that have been occupied for more than 30 years must complete extensive structural and safety inspections by Dec. 31, 2024 – then repeat the process each decade after that. Buildings within three miles of the coastline must complete these inspections after 25 years of occupancy. The legislation also mandates developer reserve studies to determine future maintenance and repair needs, and ensure the association has the necessary reserves to cover them.


At Merrick Manor, developer The Astor Companies has gone above and beyond to make sure the building is well maintained and fiscally responsible. Astor is utilizing HOA fees to build a robust reserve and has a hands-on management team to provide proactive maintenance. Owners at Merrick Manor do not have to worry about the fiscal health or condition of their building.


Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.”


Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.


For more information about the residences at Merrick Manor, visit the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.