Florida's condo market is in distress due to soaring insurance premiums, unexpected repair assessments, and restrictive lending practices. Owners like retirees Rob and Karen Dickson face unsustainable financial burdens, leading to widespread sell-offs. The sharp rise in costs, particularly for older buildings, has resulted in market stagnation, prompting many to list their condos for sale. Younger, newer properties in areas like South Florida are still appreciating, but older units are declining in value, reflecting a deeper crisis in the state's real estate landscape.
"Within two years, a hurricane doubled their insurance costs, and a $7,200 special assessment for building upgrades hit, partially offset by $2,000 from insurance."
"Across Florida, condo ownership costs have surged, driven by a trifecta of rising insurance rates, mandatory repair assessments and scarce financing options."
Collection
[
|
...
]