NEW FL LAW ROILS CONDO MARKET
Some owners of older condominium units are listing their properties for sale after receiving six-figure special assessments following the Surfside collapse.
TALLAHASSEE, Fla. - A recent state law aimed at ensuring the structural safety of condominiums has prompted many condo associations to impose special assessments for necessary repairs and upgrades. These costs, often in the hundreds of thousands of dollars per unit, are a heavy burden for many condo owners, particularly those on fixed incomes.
Repairs such as roof replacements and façade waterproofing are essential to bring the buildings up to code but come with substantial expenses. Consequently, some owners feel compelled to sell their units, often at lower prices than anticipated, as potential buyers are deterred by the looming repair costs.
In Miami, housing prices have more than doubled since 2018, according to Redfin. Since early 2023, the inventory of condos for sale in South Florida has more than doubled to over 18,000 units, with condos comprising about 38% of Miami's housing market, according to Zillow.
Approximately three-quarters of these condos are over 30 years old and come with significant repair assessments.
8 сен 2024
