Listings for condos in South Florida will likely continue to rise as a crucial deadline for inspections on older buildings looms closer.
Listings for condos in Florida are surging as changes requiring regular checks on older properties come into force and homeowners association expenses continue to rise.Experts have warned that the number of condos up for sale is likely to continue skyrocketing, especially in South Florida, where the tragic Surfside condo collapse took place on June 24, 2021.
'We're seeing a flood of 30-plus-year-old units on the market, and buyers are steering clear.'The new regulation, SB 4-D Bill, was introduced in May 2022 in the aftermath of the collapse of the Champlain Tower South in Surfside which killed 98 people in 2021. Investigations following the incident revealed that the condo association had postponed major structural repairs to avoid raising assessment.
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