FL condos doomed ?

[VitaMan]

Inventory increasing steadily.
Insurance costs and the 2025 FL laws to repair and fund older condos approaching quickly. HOA fees doubling, tripling, special assessments in tens of thousands.


Current owners cannot afford that as most are on fixed incomes. Buyers hard to find even at reduced prices......who wants to be obligated to pay all the fees ?


It is said many buildings will have to be demolished or sold back to developers for refurbishment. Are the developers still around to be interested to buy the buildings back ?

[txdot-guy]

Considering that Florida already has the highest cost of home insurance in the country, the increasing adverse impact of climate change I expect that a number of people will be moving out of florida for cheaper climes. A lot of people will be taking a haircut on their condos if something doesn’t change. I think a number of people in the business could see this coming but changes were never made because no one wanted to rock the boat.


Florida home insurance rates highest in US, and expected to climb higher

By the numbers: here's what you should know about Florida homeowners insurance:

Florida homeowners pay the most for home insurance, with an average annual rate of $10,996 in 2023.
Insurify predicted costs will go up another 7% in 2024 to $11,759.
Six of the 10 most expensive cities in the U.S. for homeowners insurance are in Florida.
Sixty percent of homeowners don't carry separate flood insurance, and 13% erroneously believed their standard policy included it.

[soldierboy44]

Holy highway robbery Batman!..............My home owners insurance just went up to $970 from $840 over one year and I told the INS CO to go fuck themselves and found a cheaper rate for both home and auto!

[Salty Again]

... I know of a developer fellow who will be buying some of
the buildings there... Has a 'andful already.
The fellow got HUGE plans for the area and the whole state of Florida.

.... The home owner insure costs starting to sky-rocket are mostly
due to the weather storms and what-not.

### Salty

[Why_Yes_I_Do]

Originally Posted by Salty Again

... .... The home owner insure costs starting to sky-rocket are mostly due to the weather storms and what-not...

Fun trivia fact: 100% of hurricanes in the US occur along the coast lines and have since the beginning of history. They occur so routinely, that they even have a standardized naming system for them. Though there is a rule where if a storm is super-double-dupper bad, they will retire the name from the list permanently, kinda like they do with jersey numbers in the sports world.

[Fizley]

Might be a great time to buy. Buy when condos are distressed and no one else wants to buy. Coupon!