Miami Buyers Snubbing New Condos for Older Ones
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Condo units in older buildings in the Miami metropolitan area are selling faster than those in newer buildings, according to a new report, despite recently introduced building safety regulations that threaten costly repairs and maintenance.
June data from the Miami Association of Realtors shows that condo units in older buildings in Miami-Dade, aged 30 years and above, are spending at least 29 fewer days on the market than those in newer ones, averaging 62 days versus 79.
That might seem counterintuitive considering that older condo buildings in Florida are the primary focus of recently introduced legislation requiring associations to conduct regular structural inspections and fund any necessary repairs. This law, which followed the tragic Surfside collapse of June 2021, has triggered a spike in inventory in the Sunshine State over the past year, as condo owners try to sell their units before facing higher costs.
But experts say that demand for older condos remains strong in the Miami-Dade market—at least for well-priced, well-maintained buildings.
A Bright Spot in Florida's Condo Crisis
The condo market in Florida has been in turmoil for the past year, as condo owners braced for the first major deadline linked to the new legislation, December 31, 2024. In May, according to the latest data released by Florida Realtors, the median sale price of a townhouse or condo in the state was $310,000, down 6.1 percent year-over-year.
This decline was much more significant than the one reported by the state's single-family home market, where prices fell by a much more modest 2.7 percent year-over-year.
"Much of the disruption stems from increased insurance costs and new safety regulations following the Surfside tragedy," Tim Weisheyer, 2025 Florida Realtors President, broker-owner of Dream Builders Realty and dbrCommercial Real EstateServices, told Newsweek.
"These measures are critical steps to support long-term safety and financial stability. That said, they've also introduced some uncertainty for buyers, sellers, and condo associations, especially around special assessments and insurance costs," he said.
"As a result of that uncertainty, we have sellers listing their units to avoid the possibility of future costs, and buyers who are hesitant, fearing unexpected assessments after purchase. This dynamic has created a temporary imbalance in the market."
An aerial view of condo buildings in the downtown area on August 01, 2025, in Miami, Florida.
An aerial view of condo buildings in the downtown area on August 01, 2025, in Miami, Florida.As buying a condo seems like a particularly risky investment in Florida right now, considering the threat of higher fees and more frequent, more severe natural disasters, sales have been falling all across the state in recent months, including in Miami.
Miami's total existing condo sales fell by 12.9 percent year-over-year in June, from 1,085 to 945. Surprisingly, the most expensive condos are faring better in the Miami market than any other price range: sales for condos at $1 million and up increased 6.4 percent year-over-year in June, to 150 sales.
But while condo prices have been plunging in Florida as a result of shrinking sales, they have held up in Miami. Miami condo prices have risen 117.1 percent from June 2015 to June 2025, from $205,000 to $445,000, according to data from the Miami Association of Realtors.
Existing condo median prices increased 6 percent year-over-year in June, from $420,000 to $450,000. Miami condo median prices stayed even or increased in 161 of the last 169 months, a span that covers 14+ years.
That might have something to do with the fact that in Miami the supply of condos available for sale is still below pre-pandemic level. Condo inventory surged by 36.07 percent year-over-year in June, from 9,588 to 13,046 listings. It was 15.8 percent below the inventory reported in June 2019, at 15,488 listings.
Why Are Miami's Older Condos So Popular?
"There's a misconception that Miami condo buyers are hesitant to purchase in older buildings, but the data tells a different story," 2025 MIAMI Chairman of the Board Eddie Blanco said in a press release.
"Demand for well-priced Miami older condos remains strong, especially when factoring affordability. Condo units in older buildings is our market's entry level for first-time homebuyers, and that supply will only improve with the new state condo regulations."
In the long term, according to the Miami Association of Realtors, the new regulations "will make all Miami condos more resilient, stronger and safer." Those condo buildings that would have not been financeable before because they didn't have the proper reserves, will become financeable, the association wrote in its report. This, in turn, will increase buyer affordability and opportunity.
Those buying condos in older buildings, essentially, are investing in the future of Miami—which they expect to remain bright.
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