Florida Condo Crisis: No One Wants Them, Not Even The Owners

Many Florida condo associations have been happily plugging along for years pushing needed repairs into the future to avoid hefty fees. That's all coming to an end in 2024 with new condo legislation forcing them to review the structural integrity and save up for big repairs. As a result, owners are listing their condos en masse, causing prices to drop. This surge in listings has caused a huge increase in condo inventory across Florida. What is this going to do to the real estate market?

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SOCIAL MEDIA

[lobstermash]

It's not about how loud the neighbours are. It's about shoddy buildings with no sound-proofing, which should be illegal.

[anastasia]

my friend's mom bought a coop. the board suddenly tripled that maintenance fees. So shareholders were forced put their apartments up for sale. But buyers were scared off by the high maintenance fees so to try to sell the apartment, shareholders started drastically lowering the sale price. But then the board refused to accept the lower sale prices and forced the sellers to raise their prices to market value. It is a vicious circle and the coop /condo boards control your life in a very bad way. These boards should be illegal as they have no supervision. They can run a building into the ground with no accountability. Not to mention that you can present a perfectly suitable buyer to them and they can turn that person down for no reason and are not obligated to tell you why.

[andyroo]

When I retire, sell my townhome and move, I will NEVER buy into an HOA community again. HOA's are the biggest waste of money for a homeowner.

[thomasryan]

There was a lawsuit in NY after a couple bought a 700k condo. They learned they lived above heavy cigarette smokers. Their apartment reeked of cigarettes every night. The smokers tried to accommodate them and installed an exhaust fan from their own money, but this did little to solve the problem. Since there were no rules about smoking in the building, the lawsuit was lost. "Let the buyer beware".

[ent]

If condos are built correctly you cannot hear your neighbors.

[katme]

A condo is an apartment you buy and then still pay a giant monthly fee. What a scam.

[coderlicious]

I never never understood the concept of actually purchasing a condo. It’s an apartment – you can hear people underneath you on the other side of walls, etc. I moved to kind of a boring city in Idaho to be able to afford a decent house, and my God, the peace I experience, can’t put it into words

[ericboncuk]

We lived in a senior community (10 units in 5 duplexes) It was pretty seamless. One of the reasons it was good was all units had to be owner occupied.

[jpack]

Delaying maintenance as an association mirrors what happens at all levels of our society because saving money and keeping costs low takes precedence over everything else.

[aminah]

Extremely well said, transparent and upfront- Like having a front row seat of the Florida Condo Crisis, and helps people to make informed, educated decisions

[DrWho-Tardis]

My wife and I live in Western Pennsylvania and bought a condo on Venice “island” to escape during our winters. It was 2 blocks from the beach and public tennis courts next to our condo which attracted us and downtown was a block away with great restaurants. We put it up for sale within 3 months. What drove us away? Noise, noise, noise….noise from above units, noise from below units and noise from shared wall units. It was a nightmare! We will stay in our lovely Western Pennsylvania home and enjoy the seasons.

[lynnrush]

Condo prices in my area near St Petersburg are dropping drastically and still on the market.

[Dan-ojiq]

We are almost to the point of saying that buying or owning a condo is just as bad as buying or owning a time share unit. They are getting to be the same.

[CW-ezmn]

~8 years ago when I bought my condo, it was ~4.5 k per year for HOA, property taxes and insurance. Now my paid off condo’s HOA more than triple 2 years ago due Surfside collapse and we got 5k assessment! I glad I still have a job to pay for it but my neighbor just retire at 70 last year end up getting a part time job to pay for our HOA and future assessments. Most of my neighbors are elderly on fixed income, I can’t imagine how they’re paying for it. I’m sure they have liens on their paid off condos if they can’t get money from their kids.

[Billclint-if]

Really where are investors putting their cash? Isn’t it crazy how mortgage rates continue to rise with higher imports and declining exports, but the FED is yet to lessen cost. Something will eventually break if they keep raising interest rates and quantitative tightening.

[nightowl]

I read a comment on a different site. The commenter pointed out that most hi-rise condos were built with formica kitchen countertops, faux-marble bathroom countertops (some kind of synthetic material) and floors were carpeted. New owners remodel and update with granite, real marble and hardwood floors. The buildings were not designed for all this extra weight.

[miguelcadete]

I lived in a luxury apartment and I had the luxury of listening what my neighbors were doing, what they were cooking, when came and went. I got out early on my lease, it what was horrible experience.

[wendypierce]

When looking at a condo it’s so important to hang out at the building if you can, visit in the evening and see what it’s like when everyone gets home from work. Also, board burnout is a thing, I ran for the board at the place I used to own and got stuck there for more than a decade.

[FraaaaaankRizzo]

I rented a condo for a number of years. Never again. I’d certainly never buy one. We heard people in other units too. Learned that lesson by experience.

[mistiinseattle]

Ha! I fell for that and had no idea you could buy one and later get hit with massive assessments. They are NOT a wise step