Florida‘s condo market has become a nightmare for many residents trying to sell.
The Sunshine State’s retirees who flocked there for affordable condos now find themselves stuck with old properties worth virtually nothing that they are desperate to escape.
Pending mandatory repairs and rising HOA fees on aging towers have driven owners to list in a flooded market.
In Boynton Beach for example, a two-bedroom, two-bathroom condo at Hunters Run Country Club with access to a resort-style pool and high-end amenities is selling for just $10,000. The owner paid $60,000 for it in 2001. It’s now worth $3 per square-foot.
On Marco Island, a one-bedroom, two-bathroom condo complete with water access at Sunrise Bay Resort is listed for $9,000.
In contrast, a newer build nearby on Marco Island with an oceanfront entrance is selling for $629,000.
But the rock bottom prices still won’t move inventory. Buyers aren’t biting.
Instead, most are opting for newer builds, which come with modern storm protections, amenities and HOA fees that won’t skyrocket any time soon.
The dramatic shift comes after a new Florida law — passed in response to the deadly 2021 Surfside collapse that killed 98 people — imposed strict inspection and funding requirements for aging buildings.
Condo associations must now conduct structural safety assessments and collect hefty reserve funds for future repairs.
‘I think we are going to see a growing divide,’ attorney Alessandra Stivelman of Eisinger Law tells DailyMail.com
‘New condos built to modern codes and with fully compliant reserves will thrive — while older buildings may struggle to survive and face termination, bulk sales, or redevelopment.’
Now, owners are trying to dump their condos. The problem is, no one wants them.
Anyone who buys a condo or a co-op, or a townhouse connected to others, or even single family houses that are subject to regulation by an HOA, is making a big mistake. If other people are going to have input into decisions you would make about your property, then you’re set up for disaster.