Compared to 2023, Florida cities are seeing double-digit increases in condo and HOA fees.
Real estate brokerage company Redfin says fees have jumped by 15% in cities like Orlando, Tampa, and Fort Lauderdale. The reason is skyrocketing insurance costs and new state safety regulations.
Depending on where you live, condo fees were around $500-$600 a month. Ashley Webster from the Fox Business Network (FBN) reported that those same owners are now seeing their costs go up anywhere from $2,000 to $3000 per month.
“With condo owners being hit with higher costs and hefty special assessments, the market is open for those looking for a bargain,” because owners simply can’t afford to make those payments,” said Webster.
The latest analyses by Redfin do show a drop in condo prices across the state.
Compared to last year, Jacksonville saw a 7% drop in prices. Prices in Tampa have dropped around 5%. Cities like Fort Lauderdale saw a decline of 4%. Miami 2.2%) and Orlando just 0.5%).
While prices have dropped, analysts point out maintenance costs are still high.
Eric Auciello, a Redfin sales manager in Tampa says the fees and cost have adversely affected the value of many units.
Though condo prices have somewhat declined, the biggest increase in condo fees has occurred in South Florida, in the counties of Palm Beach, Broward, and Miami Dade.
Talk radio financial analyst Steve Beaman says that every time the government gets involved and starts mandating new safety regulations, the costs are always going to increase.
“You can agree or disagree that after the condo collapse in South Florida back in 2021, new state guidelines were needed,” said Beaman. “But there is no argument that when a state or local government says new rules or regulations must be met, your cost will go down. In fact, it’s just the opposite because somebody has to pay for the cost and somebody has to pass that cost on to the consumer,”
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