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

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