The Florida condominium market is experiencing significant challenges due to a combination of rising insurance costs and new safety regulations following the implementation of the Condo Safety Act. Local real estate agents report an increase in inventory, with the number of condo listings rising from approximately 2,926 units to 5,623 units over the past year, contributing to longer selling times and a shift towards a buyers’ market. The new regulations require older condominiums to undergo milestone inspections, leading to potentially hefty special assessments for owners, further straining affordability. Despite these hurdles, some experts suggest that well-maintained properties may still attract buyers amid the turmoil.
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