Florida Condo Market 'Catastrophic' As Owners Rush To Sell Homes before required end of year inspection

[BlueWaveNeverEnd]

Listings for condos in Florida are surging as changes requiring regular checks on older properties come into force and homeowners association (HOA) expenses continue to rise.


Experts have warned that the number of condos up for sale is likely to continue skyrocketing, especially in South Florida, where the tragic Surfside condo collapse took place on June 24, 2021. Craig Studnicky, CEO and broker at ISG World, told NBC Miami that he's "very concerned" about the condo market in South Florida.

ISG World recently reported that there were 20,293 condo listings in the Palm Beach, Broward and Miami-Dade counties, in the second quarter of 2024, up from 8,353 in the same period last year. Nearly 90 percent of those units are in buildings over 30 years old.

According to the new regulation, buildings already 30 years or older must have inspections done before the end of the year—meaning that a crucial deadline is looming for many condo owners.

"A lot of these folks that live in these buildings are older, most are retired. They're on fixed income," Studnicky told the network. "They do not want to write those checks for special assessments. They're hoping that somebody's going to come in and buy them, but there's nobody out there that wants to take that risk right now."

https://www.newsweek.com/florida-condo-market-catastrophic-owners-rush-sell-homes-1936363

[mucifer]

1. Lots of people will probably blame Biden and Harris and not their lovely governor.

[Demobrat]

2. Cheap, shoddy condos thrown up over 30 years ago

and barely maintained since then because the owners want minimal association fees. Now developers will buy them up for the land, tear them down, and put up newer, taller cheap, shoddy condos.

[mitch96]

3. My "cheap shoddy" west Central Fla. townhouse built in 1979 has passed all inspections with flying colors...

Yes we had an association manager who cut corners for the "frugal" but for the important stuff it was done. Assessments I've paid in the last 5 years were pool resurfacing and deck work $1000. New roof required by the insurance company $8000. We ARE looking at a drainage problem from a collapsed section of culvert pipe. That's gonna be about $3000 at the high end but we still need more engineering inspections. It might be less. Other than that things are going well. We have a new association president who was a controller of a large business in his previous life. He got a handle on all of our expenses and the elected officials are top notch. For me all in all it's inexpensive living in retirement friendly Florida..
When a unit comes available it sells quickly. In the past 6 mos, 5 were up for sale and bought in a few weeks to a month...
All in all we are happy. Bitching but happy. 😜
m

[Yo_Mama_Been_Loggin]

4. 80% of Florida Condos could be Worthless! (Must watch!)