Why Condo Values, Sales Are Dropping in South Florida
Residential Rajkumar Ramkerath September 16, 2024
Residential Rajkumar Ramkerath September 16, 2024
The South Florida condo market is facing a crisis as stricter regulations take effect, leading to a 7% drop in sales across Miami-Dade, Broward, and Palm Beach counties. The number of condos for sale surged by 60% in Miami-Dade, impacting values. New state laws, prompted by the Surfside collapse, are causing concern among owners about potential assessments and financial responsibilities. Experts predict ongoing volatility, with many owners possibly unable to afford assessments, leading to increased vacancies and a challenging market ahead.
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