Florida condominium gross sales final yr reached their lowest level in virtually a decade, in keeping with a Florida Realtors report. It’s one other measure of the monetary disaster that has gripped apartment homeowners and associations within the state for the reason that lethal collapse of the Champlain Towers South in 2021.
The Realtors group reported that closed gross sales in 2024 barely topped 90,000, a far cry from the excessive level of 160,000 models offered in 2021. Gross sales in 2016, the earliest publicly out there report, had been simply above the 100,000-sold mark.
From 2023 to final yr, closed gross sales, not together with foreclosures and brief gross sales, fell by 10.5%. Correspondingly, the out there stock of apartment models in Florida has tripled since 2021, the report famous.
Brokers and apartment homeowners have mentioned that guidelines imposed by the Florida Legislature in 2022 have compelled condominium associations to beef up their reserve funding and pay for pricey new structural inspections and overdue repairs. On the similar time, property insurance coverage premiums have soared as a number of carriers have curtailed writing condos and have raised charges.
That has all meant hundreds of {dollars} in new month-to-month prices for unit homeowners, and lots of have mentioned they’ve little alternative however to promote, typically at costs effectively beneath what they’d anticipated. The report indicated that the median sale worth rose steadily from 2016 to 2023 however dropped a bit in 2024 to about $322,000.
Many apartment associations and homeowners had hoped to see a particular session of the Florida Legislature this winter that will enable extra time for associations to construct reserves and make repairs. However to date, that has not occurred. As a substitute, a session known as unexpectedly this week has centered solely on immigration issues.
The 2024 Realtors’ report might be seen here.
Related: Does Florida’s 15-Year Roof Age Rule Discourage More Wind-Resistant Products?
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