Lots of people selling their rental properties.
Florida is a money loser with negative cash flow on your rentals.
Good luck getting affordable insurance and crazy condo HOA increases.
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I know a woman that bought a condo in a 50 year old building about 3 years ago, before the condo collapse in Surfside, FL. I told her to rent…… DO NOT BUY A CONDO.
Last year she was paying $880 HOA per month, in January the board raised HOA to $1270 per month.
$1270 per month for a building that’s very old and just the basics, no pool or gym.
I told her to sell her condo but now lots of people in this building (Hollywood, FL) are trying to dump their condo for a loss.
Crazy amount of condos had very little maintenance and won’t pass recertification because they kept HOA very low and did little maintenance on the building. This building have very little reserves to do any maintenance, just the landscaping, common areas, trash pick up, etc…
Recertification process:
Florida condominium buildings, particularly in Miami-Dade and Broward counties, are subject to recertification requirements to ensure structural integrity and safety, particularly after the Surfside building collapse. These recertifications, often referred to as "milestone inspections," are mandated for buildings that have reached certain age thresholds (e.g., 25, 30, 40 years) and are performed by licensed professionals. The process involves a comprehensive examination of the building's primary structural systems, electrical systems, and other critical components.
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This new law will definitely kill condo values as the building simply doesn’t have $10M in reserves to do all the necessary repairs to pass recertification process.
Nobody has $150K (per unit) for Special Assessment to do the repairs.
