After the deadly collapse of a 12-story condominium tower in the Surfside suburb of Miami, Florida, in 2021, state lawmakers implemented new requirements for older condominiums.
For some associations, the costs are in the millions of dollars, and condo owners, many of whom are retirees on fixed incomes, are on the hook.
Longtime analyst Peter Zalewski, founder of Miami-based real estate consultancy Condo Vultures, calls it the condo cliff.
In the usually busy summer season, sales were down 21.5% year over year and the average price was down 2.4%.
In the third quarter of this year, active listings were up 60% from the same period the year before.
Persons:
Peter Zalewski, who's
Organizations:
Miami, Condo, Dade
Locations:
Surfside, Miami , Florida, Champlain, South Florida, Miami, Broward, Palm Beach