Latest news with #TimWeisheyer
Newsweek
7 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.
Malaysian Reserve
24-07-2025
- Business
- Malaysian Reserve
Fla.'s Housing Market: Inventory Up, Prices Continue to Moderate in June
ORLANDO, Fla., July 23, 2025 /PRNewswire/ — In June, closed sales of single-family existing homes statewide rose 2.8% compared to a year ago, according to Florida Realtors®' latest housing data. Continuing trends seen over the past few months, Florida's housing market also reported higher inventory levels (active listings), and easing median sales prices in June and second quarter (2Q) 2025 year over year. 'As Florida's housing market continues to transition toward balance, opportunities are emerging on both sides of the transaction,' said 2025 Florida Realtors® President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. 'Motivated sellers who understand today's market dynamics are attracting qualified buyers and enjoying the benefits of accumulated equity in their homes, and with June marking a positive year-over-year increase in single-family sales, the momentum is real. 'Whether buying or selling, there is no question Floridians benefit from having a Realtor® by their side – someone with true insight, real data and experience to guide them through the complexities of this evolving market.' Last month, closed sales of existing single-family homes statewide totaled 23,827, up 2.8% year-over-year, while existing condo-townhouse sales totaled 7,809, down 6.4% over June 2024, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. For 2Q 2025, statewide existing single-family home sales totaled 72,155, down 2.6% from 2Q 2024, while statewide existing condo-townhouse sales totaled 24,864, down 14.2% year-over-year. Closed sales may occur from 30- to 90-plus days after sales contracts are written. Looking at the for-sales picture, Florida Realtors Chief Economist Dr. Brad O'Connor said June's 2.8% increase in closed sales of single-family homes year-over-year represented the first gain in that metric since January. He noted, 'This rebound helped to temper what would have been an otherwise very sluggish second quarter for closings. As a result, second quarter single-family sales were only down 2.6%. And, condo and townhouse sales were down by 20% relative to a year ago in May, so June's decline of only 6.4% was far less severe by comparison.' The statewide median sales price for single-family existing homes in June was $412,000, down 3.5% compared to June 2024, while the statewide median price for condo-townhouse units was $300,000, down 7.7% from a year ago. For 2Q 2025, Florida's single-family median sales price was $414,900, down 3.1% compared to the same quarter a year ago; the condo-townhouse median for 2Q was $310,000, down 6.1% year-over-year. The median is the midpoint; half the homes sold for more, half for less. Turning to listings, O'Connor said, 'There were 2.7% fewer single-family homes listed for sale this June than in the same month last year. That's the second straight month with a decline after we saw a fair amount of growth in new listings over the first four months of the year. Single-family new listings for the second quarter overall were down by 0.7%, and this trend will likely continue through the summer months. 'New listings of condos and townhouses were down 7.5% year over year in June, and by 6.2% for the second quarter overall. This cooling of new listings has led to a slowdown in inventory growth in recent months, despite sales being well below where they were last year.' On the supply side of the market, single-family existing homes were at a 5.6-months' supply in June and 2Q 2025, while condo-townhouse properties were at a 10-months' supply for both timeframes. While inventory growth has slowed, the level of months' supply in both property categories favors buyers at the negotiating table, O'Connor said, particularly when it comes to the 10-months' supply level statewide for condos and townhouse units. To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the June 2025 and 2Q 2025 data report PDFs under Market Data. Florida Realtors® is The Voice for Real Estate® in Florida. It provides programs, services, continuing education, research and legislative representation to 238,000 members in 50 boards/associations. Florida Realtors® Newsroom website is available at
Yahoo
22-05-2025
- Business
- Yahoo
Fla.'s Housing Market: Rising Inventory, Easing Median Prices in April
ORLANDO, Fla., May 22, 2025 /PRNewswire/ -- Florida's housing market reported more inventory of for-sale homes (active listings) and easing median prices in April compared to a year ago, according to Florida Realtors®' latest housing data. "Florida's home buyers and sellers are continuing to adjust to the normalization of the state's housing market, a welcome sign for those who have been waiting for more inventory and a cooling off of the incredibly hot market we have had over the past few years," said 2025 Florida Realtors® President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. "More for-sale inventory creates increased opportunities for homeownership. "From the Panhandle through Central Florida to the Keys, consumers can turn to one of Florida's Realtors® – experienced real estate professionals in their local communities who guide consumers through the complex process of buying or selling a home." In April, closed sales of existing single-family homes statewide totaled 23,572, down 4.5% year-over-year, while existing condo-townhouse sales totaled 8,710, down 14.8% over April 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written. "The number of single-family homes that were listed for sale in Florida's Multiple Listing Services (MLSs) in April was 2.7% higher than a year ago," said Florida Realtors Chief Economist Dr. Brad O'Connor. "That's the smallest year-over-year increase for new listings that we've seen so far this year, but it's still a sign that a rising number of homeowners who were waiting for mortgage rates to fall before selling have become resigned to the idea that rates may not be going down to the levels they originally hoped – at least not any time soon. Life events happen and housing needs change over time. "Closed sales of single-family homes fell 4.5% in April compared to a year ago and are now down a little under 3% for the year overall. Affordability continues to be the No. 1 issue impeding sales growth around the state." The statewide median sales price for single-family existing homes last month was $412,734, down 4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $315,000, down 6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. "As long as mortgage rates stay about where they are now, we should continue to expect some price erosion in most markets around the state – particularly in those markets where there's still a lot of competition from new construction," O'Connor explained. "That could all change, however, if mortgage rates start trending downward closer to 6%, which would spur more buyer competition. "There is still a lot of latent housing demand out there with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market." On the supply side of the market, new listings for existing single-family homes were up 2.7% last month compared to compared to April 2024. New listings for condo-townhouse units in April were down 2% year-over-year. Looking at the state's condo-townhouse market, O'Connor said, "Condos continue to face all of the demand-weakening factors that have impacted the single-family home market like high mortgage and insurance rates, but on top of that, they have been affected by association fees rising to meet the new reserve requirements, and they have been more difficult to secure financing for." Inventory (active listings) for both property categories rose in April: Single-family existing homes were at a 5.6-months' supply while condo-townhouse properties were at a 10.3-months' supply. To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the April data report PDFs under Market Data. Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to about 238,000 members in 50 boards/associations. Florida Realtors® Newsroom website is available at View original content to download multimedia: SOURCE Florida Realtors Sign in to access your portfolio
Yahoo
22-05-2025
- Business
- Yahoo
Fla.'s Housing Market: Rising Inventory, Easing Median Prices in April
ORLANDO, Fla., May 22, 2025 /PRNewswire/ -- Florida's housing market reported more inventory of for-sale homes (active listings) and easing median prices in April compared to a year ago, according to Florida Realtors®' latest housing data. "Florida's home buyers and sellers are continuing to adjust to the normalization of the state's housing market, a welcome sign for those who have been waiting for more inventory and a cooling off of the incredibly hot market we have had over the past few years," said 2025 Florida Realtors® President Tim Weisheyer, broker-owner, Dream Builders Realty and dbrCommercial Real Estate Services in Central Florida. "More for-sale inventory creates increased opportunities for homeownership. "From the Panhandle through Central Florida to the Keys, consumers can turn to one of Florida's Realtors® – experienced real estate professionals in their local communities who guide consumers through the complex process of buying or selling a home." In April, closed sales of existing single-family homes statewide totaled 23,572, down 4.5% year-over-year, while existing condo-townhouse sales totaled 8,710, down 14.8% over April 2024. Closed sales may occur from 30- to 90-plus days after sales contracts are written. "The number of single-family homes that were listed for sale in Florida's Multiple Listing Services (MLSs) in April was 2.7% higher than a year ago," said Florida Realtors Chief Economist Dr. Brad O'Connor. "That's the smallest year-over-year increase for new listings that we've seen so far this year, but it's still a sign that a rising number of homeowners who were waiting for mortgage rates to fall before selling have become resigned to the idea that rates may not be going down to the levels they originally hoped – at least not any time soon. Life events happen and housing needs change over time. "Closed sales of single-family homes fell 4.5% in April compared to a year ago and are now down a little under 3% for the year overall. Affordability continues to be the No. 1 issue impeding sales growth around the state." The statewide median sales price for single-family existing homes last month was $412,734, down 4% from the previous year, according to data from Florida Realtors Research Department in partnership with local Realtor boards/associations. Last month's statewide median price for condo-townhouse units was $315,000, down 6% over the year-ago figure. The median is the midpoint; half the homes sold for more, half for less. "As long as mortgage rates stay about where they are now, we should continue to expect some price erosion in most markets around the state – particularly in those markets where there's still a lot of competition from new construction," O'Connor explained. "That could all change, however, if mortgage rates start trending downward closer to 6%, which would spur more buyer competition. "There is still a lot of latent housing demand out there with lots of would-be buyers just waiting for affordability to improve enough for them to jump into the market." On the supply side of the market, new listings for existing single-family homes were up 2.7% last month compared to compared to April 2024. New listings for condo-townhouse units in April were down 2% year-over-year. Looking at the state's condo-townhouse market, O'Connor said, "Condos continue to face all of the demand-weakening factors that have impacted the single-family home market like high mortgage and insurance rates, but on top of that, they have been affected by association fees rising to meet the new reserve requirements, and they have been more difficult to secure financing for." Inventory (active listings) for both property categories rose in April: Single-family existing homes were at a 5.6-months' supply while condo-townhouse properties were at a 10.3-months' supply. To see the full statewide housing activity reports, go to the Florida Realtors Newsroom and look under Latest Releases or download the April data report PDFs under Market Data. Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to about 238,000 members in 50 boards/associations. Florida Realtors® Newsroom website is available at View original content to download multimedia: SOURCE Florida Realtors
Yahoo
20-02-2025
- Business
- Yahoo
Orlando airport authority has target to name new CEO
Editor's note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal. The Greater Orlando Aviation Authority is closer to naming its new CEO. Tim Weisheyer, chair of the GOAA board, said during a Feb. 19 board meeting Los Angeles-based search firm Korn Ferry — which handled GOAA's prior CEO search — initially identified 45 candidates and has slimmed those down to 13. Remaining candidates will be further whittled down through discussions with board members to identify who to interview. The authority oversees both Orlando International Airport and Orlando Executive Airport — the former of which is the busiest airport in Florida, with 57.21 million flyers during 2024. Click here to read the full story on the Orlando Business Journal's website. Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
