Listings for condos in Florida are surging as changes requiring regular checks on older properties come into force and homeowners association (HOA) expenses continue to rise.
Experts have warned that the number of condos up for sale is likely to continue skyrocketing, especially in South Florida, where the tragic Surfside condo collapse took place on June 24, 2021. Craig Studnicky, CEO and broker at ISG World, told NBC Miami that he’s “very concerned” about the condo market in South Florida.
Listings for condos in Florida are surging as changes requiring regular checks on older properties come into force and homeowners association (HOA) expenses continue to rise.
Experts have warned that the number of condos up for sale is likely to continue skyrocketing, especially in South Florida, where the tragic Surfside condo collapse took place on June 24, 2021. Craig Studnicky, CEO and broker at ISG World, told NBC Miami that he’s “very concerned” about the condo market in South Florida.
According to the new regulation, buildings already 30 years or older must have inspections done before the end of the year—meaning that a crucial deadline is looming for many condo owners.
“A lot of these folks that live in these buildings are older, most are retired. They’re on fixed income,” Studnicky told the network. “They do not want to write those checks for special assessments. They’re hoping that somebody’s going to come in and buy them, but there’s nobody out there that wants to take that risk right now.”
In a previous comment to Newsweek, Studnicky called the surge in condo listings in Florida “a mass exodus driven by fear, with retirees caught in the crossfire.”
“Condo owners in aging buildings are rushing to sell before the physical examinations start that could reveal structural defects, but they’re already late to the party,” he said. “We’re seeing a flood of 30-plus-year-old units on the market, and buyers are steering clear.”
After all the old folks all are forced out by the inspectors, the condos will sit empty, then there will be someone like Blackrock who will buy it all up for a song, and turn them into subsidized housing for illegals.
Unless someone has a better idea. But you might want to look at who the local slum lords are meeting with now.