Jaime Sturgis Featured in Bisnow Article on Condo Buyouts

Native Realty CEO Jaime Sturgis shared his thoughts on a Florida real estate trend that is making national headlines: the future of the state’s aging condominium buildings. Sturgis spoke with Bisnow reporter Matt Wasielewski about the tough choices condo owners are facing as developers make bids to buy out older buildings.

“Many condo owners have been left with three options: try to sell their unit, band together to try to sell their building or pay a steep repair bill to keep their property habitable.

“It’s going to put a lot of pressure on the owners to come up with the money that they may not have,” said Jaime Sturgis, the CEO of Native Realty who is currently working on several buyouts. “That can force people to move or sell when that wasn’t their intention or plan.”

The dynamic is driven by revisions to South Florida laws passed after the collapse of the Surfside condo tower in 2021 that killed 98 people.

By the end of this year, owners at older condo buildings are required to complete a structural integrity study to ensure their buildings are safe to occupy.  When structural deficiencies are discovered, associations are now required to set aside money and make repairs.

Previously, owners could simply opt not to fix their property.

“There’s going to be a reckoning for all of the deferred maintenance that has been made at these buildings,” Sturgis said.”

Click here to read the full article.