After the Surfside condo collapse in June 2021, Florida implemented new safety regulations, leading to increased HOA fees, squeezing housing affordability and triggering a correction in coastal condo markets.
The year-over-year changes in condo prices are significantly weaker than that of single-family homes in Florida, indicating a notable distinction in market performance between the two.
As of recently, condo prices have decreased in 18 of Florida's 25 major metro markets, while the single-family home market demonstrates relative resilience, with only six showing price drops.
Despite national upticks in both condo (up 2.4%) and single-family home values (up 3.5%), Florida's condo market struggles significantly due to structural safety mandates affecting older properties.
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