What’s Happening with Condo Sales in Miami and Broward? Prices, Supply, and the Impact of Fees
The South Florida condo market, particularly in Miami-Dade and Broward counties, is hitting a rough patch. Prices are dipping, sales are slowing, and inventory is piling up, leaving many to wonder: What’s driving the downturn?
Condo Market Crisis: Rising Fees and New Laws
Condo associations are raising monthly fees and issuing special assessments, contributing to the current slowdown. A new Florida law, introduced in response to the tragic Surfside building collapse in 2021, is also adding pressure. The law requires condo associations to implement a spending plan for major repairs, which has sent costs spiraling for many condominium owners. As a result, buyers are becoming more hesitant, and the market is feeling the effects.
Breaking Down the…
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