Latest news with #FloridaRealtors
Newsweek
6 days ago
- Business
- Newsweek
Miami Buyers Snubbing New Condos for Older Ones
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. 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, 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.
Yahoo
27-06-2025
- Business
- Yahoo
What's next for South Florida housing? Experts share expectations at ‘Rock the Market' event
It was a day for Palm Beach County's real estate moguls. They gathered to share their expectations for one of the richest housing markets in the state at the 'Rock the Market Palm Beach' event, which was presented after a yearslong hiatus. The event came back at a time when Palm Beach County's wealth is flourishing: West Palm Beach has seen some of the largest luxury-home-related growth in the U.S. over the past decade, with the price of a median luxury residence rising to $4.1 million, jumping more than 200% since 2015, a recent Redfin study found. Development is booming, too. Many celebrities and athletes live in the region. And people are flocking to what's billed as 'Wall Street South,' not only from the northeast, but from Miami-Dade and Broward counties. According to some of Rock the Market's keynote speakers, the market still is cooling down a bit, at least in comparison to the unprecedented explosion during and right after the COVID-19 pandemic. People mingled in brightly colored blazers while drinking coffee from disposable cups and ice water from glasses in a conference room at the Embassy Suites by Hilton in Palm Beach Gardens along PGA Boulevard on Wednesday. Speakers either gave quick-hit presentations or participated in question-and-answer panels, and nearly a dozen people had addressed the room before lunch was served. Many engaged with the attendees the way a motivational speaker would by attempting to drum up passion; not necessarily for one's inner psyche but for the world of real estate. Wedged among tips on achieving ultra-luxury sales, networking with billionaires and cashing in big on crypto, Brad O'Connor, the chief economist for Florida Realtors, provided a market update for the county. This included the reality that mortgage and property insurance rates still are high, domestic migration and job growth have slowed, and condo issues pervade. Because of this, 'closed sales in Palm Beach county have significantly declined,' O'Connor said. 'Psychologically, I am sure that is painful.' This tracks with what the Broward, Palm Beaches & St. Lucie Realtors' May market report found, which was an about 7% decrease in closed sales of single-family homes and a 17% decrease in townhome and condo sales from May 2024 to May 2025 in Palm Beach County. But though the county's market may be slowing down, O'Connor reiterated that a significant number of homes are selling, just not at the rate they were a few years ago. And the dollar amount of closed sales for this year so far in the county is at nearly $10 billion, which is 3.6% higher than this time last year, O'Connor said. That could perhaps be attributed to the fact that the number of South Florida homes selling for at least $1 million has been going up since 2019, especially in Palm Beach County, Gay Cororaton, a research economist at the National Association of Realtors, said in her presentation. Cororaton went on to present a real estate outlook, which mirrored the update given by O'Connor. She said she expects: — Mortgage rates to lower in 2026 to between 6% and 6.5%. — An rise in single-family home sales. — A 'modest price appreciation,' particularly in the million-dollar homes pocket. — Consistent demand for office and multifamily space. — Less demand for industrial and retail space because of the federal tariffs. When it comes specifically to the condo market, the challenges there may weaken with the passage of House Bill 913, which Gov. Ron DeSantis signed Monday. The law will 'increase transparency and accountability' on condo associations and provide 'needed financial relief for condo owners' through reserve study extensions, reserve fund contribution pauses, providing alternative funding options and requiring associations to make it easier for residents to access records, such as financial records. Erin Michelle Miller, a Florida attorney focused on transactional real estate law, advised the crowd to become 'condo connoisseurs' by remaining updated on requirements and laws such as HB 913. 'You want your deal to stick together,' she said. Michael Meyers, the Palm Atlantic Division president for Lennar, a developer with projects across South Florida, believes the negative influences in the market — elevated insurance rates, for example — will pass. 'We're still in Florida, we're still in one of the greatest places to live and work,' he said. Meyers offered this insight while sharing the floor with Joey Hartman, the vice president of sales at developer PulteGroup. Hartman promised an aggressiveness with purchasing land and chasing affordability for buyers, which could be a welcome refrain for much of the South Florida market not in the upper echelon of people seeking new million-dollar homes. Redevelopment also was discussed as an opportunity for buyers, sellers and developers. 'There's an opportunity to purchase those buildings that are not good anymore and look for value in them, see opportunities where there might be assessments as we continue to improve this incredible state of Florida,' said Jay Parker, the president of Douglas Elliman Development Marketing, a luxury real estate firm. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-06-2025
- Business
- Yahoo
9 Cities in Florida Where Renting Is Now More Expensive Than Owning
Florida, with its balmy weather, expansive beaches and laid-back communities, continues to attract new residents every year. In the fourth quarter of 2024, closed sales of existing single-family homes totaled 56,496, up 1.1% compared to the previous-year figure, according to Florida Realtors. Still, home prices in Florida are, overall, cooling. The average Florida home value is $389,400, down 3.2% over the past year. Does this mean now is the time to buy your Florida dream home? Find Out: Read Next: You'll need a lot of research and personal financial guidance to answer that question. One big thing you'll want to consider is how much rents average in your desired city. How do they compare to average monthly mortgage costs in the area? To help show where renting is much costlier, GOBankingRates analyzed the average cost of rent and mortgages in different cities. These are the nine spots in Florida where rents currently cost more than mortgages. Average value of single-family home: $290,046 Average monthly mortgage cost: $1,517 Average monthly rent: $2,067 How much more rent costs than mortgage, annually: $6,599 Check Out: Average value of single-family home: $233,845 Average monthly mortgage cost: $1,223 Average monthly rent: $1,791 How much more rent costs than mortgage, annually: $6,812 Average value of single-family home: $394,070 Average monthly mortgage cost: $2,062 Average monthly rent: $2,633 How much more rent costs than mortgage, annually: $6,852 Average value of single-family home: $300,252 Average monthly mortgage cost: $1,571 Average monthly rent: $2,210 How much more rent costs than mortgage, annually: $7,668 Average value of single-family home: $368,694 Average monthly mortgage cost: $1,929 Average monthly rent: $2,629 How much more rent costs than mortgage, annually: $8,404 Average value of single-family home: $381,289 Average monthly mortgage cost: $1,995 Average monthly rent: $2,717 How much more rent costs than mortgage, annually: $8,662 Average value of single-family home: $298,288 Average monthly mortgage cost: $1,560 Average monthly rent: $2,290 How much more rent costs than mortgage, annually: $8,754 Average value of single-family home: $325,771 Average monthly mortgage cost: $1,704 Average monthly rent: $2,569 How much more rent costs than mortgage, annually: $10,380 Average value of single-family home: $210,248 Average monthly mortgage cost: $1,100 Average monthly rent: $2,079 How much more rent costs than mortgage, annually: $11,751 Methodology: For this study, GOBankingRates analyzed the average cost of rent and mortgages to find places where rent is more expensive. Using Zillow Research Data's Zillow Home Value Index and Zillow Observed Rental Index the average single-family home value and average rental cost per month can be sourced. By assuming a 20% down payment and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. The difference in rent and mortgage was calculated and the top 100 places with a cheaper rent than mortgage were kept for this study. The livability index was sourced from AreaVibes and included as supplemental information. The total population, population ages 65 and over, total households, and household median income were all sourced from the U.S. Census American Community Survey and included as supplemental information. To be qualified for this study, all places had to have all data sources available. All data was collected on and is up to date as of April 21, 2025. More From GOBankingRates Clever Ways To Save Money That Actually Work in 2025 This article originally appeared on 9 Cities in Florida Where Renting Is Now More Expensive Than Owning Sign in to access your portfolio
Yahoo
07-05-2025
- Business
- Yahoo
Gov. DeSantis vows veto: 'Florida last' tax cuts 'dead on arrival,' he says
Gov. Ron DeSantis said May 7 he would veto a proposed cut to the state sales tax, claiming it would jeopardize his push for cuts to property taxes. 'Any 'Florida last' tax package is going to be dead on arrival,' he told reporters at an event in Tampa. 'We are not going to kneecap our ability to provide you property tax relief just so we can give a little bit of a benefit to Canadian tourists. That is not going to happen, so you can take that to the bank.' The veto threat could upend what was called a 'framework' for a budget deal agreed to by House and Senate leaders, who failed to reach an agreement during the 60-day regular session that ended May 2. Lawmakers are set to return to Tallahassee May 12 to hammer out the details on a likely $115 billion budget. But the framework includes a $1.6 billion cut to the state sales tax, lowering it from 6% to 5.75%. The total tax cut package would come to $2.8 billion, but what it will include is yet to be determined. Florida Gov. Ron DeSantis (left), House Speaker Daniel Perez. DeSantis has been feuding with House Speaker Daniel Perez, R-Miami, since the start of the year on several issues, including tax cuts. While Perez originally pushed for a 0.75% cut to the sales tax, saving consumers about $5 billion, DeSantis has insisted on a property tax cut. In a statement responding to DeSantis' remarks, Perez said lawmakers could cut the sales tax and property taxes and rejected the Governor's framing of the issue. 'I'm concerned about how confused the governor seems to be. He is threatening to veto the largest state tax cut in history, and his excuse is that it limits our ability to cut local property taxes? That's bizarre," Perez said. "We can cut the sales tax by the largest amount in the history of our country and place a ballot initiative on property taxes on the 2026 ballot. This isn't about whether we can do both – it's about whether we will." After floating the idea of eliminating property taxes completely, but without a concrete plan to do so, DeSantis unveiled a proposal on March 31 at a conference with Florida Realtors in Orlando to provide up to $1,000 for homestead property owners. Under that plan, the state would pay for the portion of property taxes that go to K-12 public schools, backfilling it with state money and giving homestead owners a rebate. That would allow homeowners to get the rebate later this year, which would be faster than the normal route of property tax cuts, where the Legislature puts a measure on the ballot in 2026 and, if voters approve, homeowners would see the cuts in 2027. More: The winners and losers (so far) of the 2025 Florida legislative session But neither the House or the Senate included that plan in its budget, and it doesn't appear it will be part of talks between chambers next week. Perez panned that plan in his statement, likening it to a proposal Democratic California Gov. Gavin Newsom would support: "I give the governor credit for starting this debate, but he's had months to produce an actual plan to lower property tax rates, and we're still waiting. An imaginary plan can't cut real taxes." "The Governor's team would like to respond that they do have a plan: send $1,000 checks from the state treasury as a fake refund for local property taxes. In fairness, it is consistent with the governor's record. He likes these Newsom-style 'free' money giveaways. Giving away $1,000 checks in a way that doesn't actually lower property taxes isn't a Band-Aid much less a solution," Perez added. The House advanced an alternative plan to use tourist development taxes to backfill a cut in property taxes next year, but the Senate is unlikely to accept that proposal as it also includes eliminating tourist development councils, which the tourist industry argues are needed to keep people flocking to the state. The lack of action on property taxes has angered DeSantis, who dubbed Perez's chamber the 'House of Pettiness' at one point in the session. DeSantis has emphasized that his property tax proposal would benefit Florida residents more, as opposed to a sales tax cut which he says would disproportionately help tourists. In the 2021-22 budget year, state economists estimated that households paid 66% of sales taxes, with tourists paying 16% and businesses paying 18%. That was at a time when tourism was still rebounding from the COVID-19 pandemic doldrums. DeSantis also claimed a sales tax cut would be used by House leaders to claim there isn't enough revenue to pass property tax cuts. 'We're going in a tangent that is not going to help people in any meaningful way that are Florida residents but will put the final nail in the coffin of any hope to do property tax relief,' he said. Perez, though, is standing by his sales tax cut. "The House has negotiated a tax package that will put $30 billion back into the economy over the next ten years," Perez said. "If the Governor wants to veto that, he's welcome to explain to the voters why he thinks they do not deserve actual and meaningful tax relief. Maybe the truth is he just wants to spend all of it and be the only one who decides how.' (This story was updated to add new information.) Gray Rohrer is a reporter with the USA TODAY Network-Florida Capital Bureau. He can be reached at grohrer@ Follow him on X: @GrayRohrer. This article originally appeared on Tallahassee Democrat: Budget battle erupts: DeSantis torpedoes tax deal with veto threat
New York Post
22-04-2025
- Business
- New York Post
Why Florida condo owners are scrambling to sell — and why it's overwhelming the market
A wave of financial strain is sweeping through Florida's condominium market, pushing owners to the breaking point and flooding the area with for-sale signs. Skyrocketing insurance premiums, unexpected repair assessments and restrictive lending practices have turned the dream of coastal living into a costly burden for many, particularly in older buildings, according to the Wall Street Journal. As prices slide and sales stall, the state's once-booming condo sector faces a deepening crisis. Rob and Karen Dickson, retirees who relocated from upstate New York to a gated Punta Gorda community in 2021, embody the struggle. 6 Florida's condo market is in crisis as skyrocketing ownership costs, driven by doubled insurance rates, hefty special assessments, and soaring HOA fees, have pushed many owners to sell. Christopher Sadowski They purchased their third-floor condo, complete with a golf course view, for $319,000, according to the Journal. 'It was wildly affordable,' Rob told the outlet in an interview, recalling leisurely days of golf, clubhouse lunches and poolside relaxation. But the idyll didn't last. Within two years, a hurricane doubled their insurance costs, and a $7,200 special assessment for building upgrades hit, partially offset by $2,000 from insurance. Monthly homeowners' association fees jumped 25% to nearly $800, then climbed to $1,000. Unable to keep up and missing their grandchildren, they listed the condo last summer, competing against 43 other units in their community. 6 After enjoying their Punta Gorda condo purchased for $319,000 in 2021, the couple faced a $7,200 assessment and HOA fees rising to $1,000 monthly, forcing them to sell at a loss and leave Florida. Christopher Sadowski They accepted an offer $20,000 below asking and returned to New York. 'Florida is actually paradise,' Rob said. 'It was superb, but things changed.' The Dicksons' story is far from unique. Across Florida, condo ownership costs have surged, driven by a trifecta of rising insurance rates, mandatory repair assessments and scarce financing options. The fallout has triggered a sell-off, depressing prices and overwhelming the market. While South Florida's newer condos continue to appreciate — Miami-Dade County saw an 8% median price increase in February from a year earlier, fueled by corporate relocations — older properties are in free fall. 6 Statewide, condo prices have dropped 1% to 6% monthly since July 2024, with older buildings hit hardest, depreciating 22% in two years due to new structural regulations post the 2021 Surfside collapse. – Statewide, condo prices have declined 1% to 6% annually each month since July 2024, with a 3% drop in February, according to Florida Realtors. Buildings over 30 years old have seen values plummet 22% in the past two years, per ISG World, a South Florida real-estate firm, while newer condos have gained 12% over the past decade. The collapse in older condo values stems largely from stringent new regulations enacted after the 2021 Surfside condo collapse that killed 98 people. These rules, requiring structural inspections and reserve funds for repairs, had a compliance deadline of December 2024. Yet, fewer than 25% of Florida's condo associations have reported meeting the standards, according to the Department of Business and Professional Regulation. 6 Compliance is low, and financing is tight, with lenders hesitant and more than 1,400 condos on Fannie Mae's blacklist, exacerbating the selloff. Christopher Sadowski With Florida housing 20% of US condos — over half of which are at least 30 years old, per the UF Bergstrom Center for Real Estate Studies — the regulatory burden is reshaping the market. 'If these buildings are subject to reserve requirements, buyers want to make sure they're getting into a situation where the condos have their act together,' Brad O'Connor, chief economist at Florida Realtors, told the Journal. 'Whether it's the lenders or the buyers themselves, we've seen a slowdown in condo demands.' Financing woes are compounding the problem. Lenders are increasingly wary of condos, particularly those undergoing structural repairs. 'They won't want to finance anything until the repairs are done,' Anibal Torres, a mortgage lender with CMG Financial, added. 6 Gov. Ron DeSantis has acknowledged the issue, signaling potential relief efforts as the market strains under these pressures. oldmn – More than 1,400 Florida condos are on Fannie Mae's 'blacklist,' flagged for insufficient insurance or critical repair needs, making mortgages nearly impossible to secure. Florida leads the nation in blacklisted condos, further chilling sales. Jake Harrington, president of a 17-year-old condo board in Boynton Beach, is grappling with the consequences. His building's $7 million facade renovation, averaging $15,000 per unit, was meant to enhance value. Instead, a clerical error on a form — suggesting the property partly functioned as a hotel — landed it on Fannie Mae's blacklist, derailing sales. 'This is going to be a beautiful property restored beyond its original state after we get off this project, except we're on the blacklist for a typo,' Harrington told the Journal. 'It's just frustrating.' 6 A general view of a condo with for sale signs next to each other in Indian Rocks Beach, Florida. Christopher Sadowski The crisis has caught the attention of state leaders. At a Miami community center, Gov. Ron DeSantis acknowledged the market's distress. 'We've got a problem with our condo market right now,' he said. 'We have a problem that was introduced by legislation that was passed in recent years.' While he signaled potential relief, no concrete measures have emerged.
