Owners are slashing the asking price for their aging properties as they try to offload the buildings before a crucial deadline at the end of the year.
Condo prices in Florida are 'collapsing,' real estate expert Nick Gerli said, as homeowner association fees are surging, driven by skyrocketing home insurance premiums and new safety laws requiring special assessments and swift repairs for aging buildings.
ISG World recently reported that there were 20,293 condo listings in Palm Beach, Broward and Miami-Dade in the second quarter of the year, up from 8,353 in the same time frame in 2023.Nearly 90 percent of these units are in buildings aged 30 years and above—suggesting that the new safety laws have something to do with the condo owners' sudden desire to offload their properties.As of Tuesday morning, there were a total of 45,890 condos listed for sale on Zillow in Florida.
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