Posted 3/8/2024, 11:13:00 AM
Florida's Condo Market Struggles as Costs Rise and Prices Fall
- Florida's condo market is struggling due to rising costs, including a 40% spike in home insurance and increased condo association fees
- Prices are falling in major metros like Jacksonville and Miami as buyers rethink plans
- New regulations after the Surfside collapse require more inspections and larger repair reserves
- Retirees and seniors on fixed incomes are especially impacted by the increased costs
- Some sellers have had listings sit on the market for over 150 days as buyers hesitate over higher fees