Condominium Special Assessments

Special assessments are extra charges levied on property owners for unforeseen or non annual costs. In 2025, the frequency of these assessments has increased due to the implementation of the Structural Integrity Reserve Study (SIRS) and Milestone Inspections.  With a capable buyer's agent, special assessments shouldn't be a concern. Simply deduct the assessment from your offer price and negotiate for the seller to cover it at closing. Special assessments are actually one of the most straightforward methods for addressing:

• Inflation gaps in reserves
• The need to update elevator and fire system electronics well before their expected lifespan.
• Dramatic rise in insurance premiums (that are now going down again)
• New structural requirements mandated by law
• Milestone Inspection Report Deficiencies

They're an effective way to align regular association fees with the true cost of annual condo maintenance.

Sales volume plummeted beginning in February 2024, leading to the onset of significant price drops by July. From the second to the fourth quarter, prices fell by 15%. The average yearly drop of 5% from 2023 to 2024 doesn't fully capture the depth of these price falls. Rental income decreased, while many associations saw a notable rise in condominium budget costs in 2024. In 2025 many associations are once again budgeted for higher overall expenses. Many buildings costs were partially offset in 2024 by a considerable reduction in insurance rates. Although insurance costs remain much higher than they were five years ago, they were lower than many associations had anticipated in their 2024 budgets.

Looking at the entire sales history of Ocean Villa, I compared the two bedrooms there with four other buildings that were constructed by the same developer and had identical floor plans. The graphs show a comparison of recent sales, the entire history, sales volume, and annual percentage change. Condos on the west side of the beach tend to demand a slight premium to those located in central Panama City Beach.

The topic of association dues is often a contentious aspect of living in a Florida condo association. Owners frequently express their dislike for these dues, yet they are a crucial part of condo living. In Panama City Beach, Florida, condos are currently facing financial challenges. These include rising insurance costs, new structural mandates, and the effects of inflation. The financial management of these buildings varies; some have a better grasp on their financials than others.