Increasing Numbers Of FL Condos Are For Sale. Some Say Even Cheap Ones May Be A "Costly Mistake"

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It may not be a surprise to Floridians (or those considering moving to Florida) that there are increasing numbers of condos for sale in the Sunshine State. I've written about how some Floridians can no longer afford their condos due to large special assessments that came about in part due to increased requirements for condo associations after the Surfside condo tragedy of 2021. However, some say that even Florida condos currently at reduced prices may not be a good deal. This article will discuss why.

Slowing Sales In Some Areas Of Florida: According to WLRN, the pace of condo sales fell by double digits in September of 2024 in South Florida compared to a year ago. According to data from ISG World, the average sales price of older condos in the region is down by 21%.

The Potential "Mistake" Of Buying A Cheaper Older Condo In Florida: Moneywise has recently warned that buying a "cheap, older" condo in South Florida could be a "costly mistake." Why? Because some owners of older condos in Florida have been hit with substantial special assessments.

The publication listed the examples of SurfSide Club South where owners were accessed $100,000, or the Villas of Carillon, where a $60,000 assessment was lodged, or Biscayne Bay’s Cricket Club, where some owners, were charged $134,000 for repairs.

Additionally, the publication mentioned the rising costs of insurance for these condos, although it conceded the possibility of an upcoming special session to attempt to address the issue.

Real estate lawyer Joseph Hernandez told Mansion Global that for some older condos, you reach a point where the cost of maintaining it in today's market is no longer financially feasible, explaining:

“You cross a critical threshold at some point, where maintenance is not worth it."