[3rd&Brown]

Originally Posted by DCReid

And even though I see news articles of new very expensive high rise and resort -like condos announced in south Florida, Florida's older condos are facing another issue due to the insurance issue and the new reserve requirements because of the collapse of Surfside condo a few years ago:

Condo owners are beginning to face the reality of a law passed in 2022 that requires structural integrity studies and compels condo associations to set aside money for repairs.

The new rules are bringing massive repair bills and threatening the viability of maintaining some older buildings, which has portended a wave of buyouts from developers. But many condo owners and associations have yet to confront that reality...Condo owners at some properties have committed to repairs that can cost more than $100K per unit...More than 72% of existing Miami condos listed for more than $2M went unsold from September 2023 through February 2024 and were pulled from the market after an average of 111 days, according to an analysis of MLS data from Agent Story, a website that provides reviews of brokers. Condos priced between $1M and $2M fared slightly better, but 62% remained unsold before being pulled off the market after an average of 90 days...

https://www.bisnow.com/south-florida...-condos-123810

But the market in Florida according to talking heads is totally okay. Got it.