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.
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Condo Market Inventory Tracker
A Snapshot Of South Florida Vintage Condos
| Databases | Active Listings | Months Of Supply |
|---|---|---|
| Condos | 15,388 | 8.2 |
| Luxury Condos | 985 | 9.1 |
| Shortsales | 19 | 12.1 |
| REOs | 98 | 5.8 |
| Rentals | 12,874 | 3.7 |
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.
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