Published by Peter Zalewski
7/1/2024 
11:13:05 PM An increasing number of South Florida condo sellers are “dumping” their units at almost “fire sale” prices in anticipation of the rapidly approaching 2025 Condo Association Financial Cliff in Florida.
Florida Rep. Vicki Lopez (R – District 113) said she is aware of unit owners who have slashed their asking prices in order to unload their units before the state mandated Structural Integrity Reserves Studies (SIRS) – and the related funding plans that will likely be paid for with new special assessments – are required to be completed by 2025.
“People are trying to dump their condos because they can’t afford the assessments,” Lopez told WLRN’s “Florida Roundup” host Tom Hudson during the June 28, 2024 episode. “They’re trying to sell them. It’s almost like a very quick response to ‘I’m getting this assessment. I cannot pay it. Let’s put the put the condominium on the market.’”
Lopez said the situation is being exasperated by lenders that are refusing to finance unit transactions in South Florida condo associations that do not have “adequate reserves” to pay for future upkeep of their respective communities.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on CondoVultures.com.
If you want the reports emailed to you, just sign up for the Miami Condo Market Intelligence Report With Peter Zalewski™ newsletter at: PeterZalewski.substack.com
If you are interested in participating in a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida, we encourage you to join the Miami Condo Market Investing Club™.
The objective of the Club is to create a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida.
The Club is also ideally situated for Do-It-Yourself (DIY) condo buyers who can rely on our latest statistics, expert opinions and access to consulting services.
Additionally, we encourage you to listen or view our podcast wherever you get podcasts. Additionally, the podcast is available on Apple, Spotify and/or YouTube.
This information is believed to be accurate and complete but cannot be guaranteed or warranted. For more information, please call 305.865.5859 or visit CondoVulturesRealty.com
Copyright © 2024 Condo Vultures®, LLC. All Rights Reserved.
Condo Market Inventory Tracker
A Snapshot Of Tricounty South Florida Region Of Miami-Dade, Broward And Palm Beach
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 24,016 | 10.2 |
| Luxury Condos | 3,740 | 15.1 |
| Shortsales | 30 | 15.0 |
| REOs | 126 | 6.6 |
| Rentals | 21,476 | 3.9 |
Peter Zalewski is a licensed real estate broker and consultant focused on the South Florida condo market. Zalewski is a former special contributor to the Miami Herald and a former real estate columnist for The Real Deal magazine. Zalewski now hosts the Miami Real Estate Investing Podcast that is available in audio and video wherever you get your podcasts.
Confused about whether it is the appropriate time to buy or sell a condo in South Florida? The experts at CVR Realty are here to assist you in crafting a strategy during this uncertain time. Unlike many brokers offering services, our organization has been through the cycles and can assist you to capitalize on the situation.
For a free consultation, please contact the South Florida Condo Experts
or Visit
Directions