New provisions to a Florida condo law went into effect on Jan. 1, requiring condo associations to be more transparent.

By making more information publicly accessible, the changes may help revive the state’s condo market, which has seen the median sale price fall 6.7% year over year.

"The new law in Florida could possibly breathe a bit of life into this struggling segment of the market by inspiring a bit of confidence among buyers who might have otherwise been reluctant to purchase a condo when they were unaware of the status of its inspections and reserves," says Joel Berner, senior economist at Realtor.com®.

According to the new law, condo associations with 25 or more units must now maintain a website where they post required documents.

The website must include specific official records, such as bank statements and ledgers.

"For buyers, this gives them more peace of mind," real estate agent and investor Ron Myers, of Ron Buys Florida Homes, tells Realtor.com. "They can see upfront if the building is financially healthy or if there are red flags, like underfunded reserves or a history of special assessments. Nobody wants to move in and then get hit with a surprise $10,000 repair bill from the HOA a few months later."

In the wake of the deadly 2021 Champlain Towers South collapse, Florida imposed new safety rules on older, midrise condos, including mandatory milestone inspections and increased reserve requirements.

Many owners were caught off guard by sizable assessment fees, which in turn drove condo sales down, as buyers became much more cautious.

"This new law drags the association’s paperwork into daylight, and that helps owners spot trouble early," says attorney Chad D. Cummings, of Cummings & Cummings Law in Florida.

Associations are now required to post governing documents, meeting information, contracts, and structural reports.

"Associations must put these records online, and they must post them quickly after they create or receive them," says Cummings. "No more 'hiding the ball.'"

Cummings says he expects fewer "surprise" special assessments because owners can now track inspection findings and reserve decisions.

"Owners will also see recent board minutes and required affidavits," says Cummings. "They'll see video recordings for video meetings without fighting for access."

These new provisions mean "the chaos of the last four years is at the tail end," Jeff Lichtenstein, CEO of Echo Fine Properties in Palm Beach, tells Realtor.com.