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Florida condo market in “uncharted territory”

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Florida condo market in “uncharted territory”


Condo prices are plummeting across Florida as homeowners flood the market with new inventory in a last-ditch attempt to escape rising fees on their units, according to new Redfin data.

Eight out of the 10 U.S. metropolitan areas with the highest share of condos sold below their original list price in February were in the Sunshine State, a report showed, with Miami topping the list. A staggering 92.5 percent of condo owners in the South Florida city fetched less than they were hoping for when selling their units.

Why It Matters

Rising homeowners insurance costs and homeowner association (HOA) fees across the country have slowed down the condo market at the national level. In February, 68.4 percent of U.S. condos sold for less than their original asking price, up from 63.3 percent a year earlier.

The situation is particularly severe in Florida, where a new building safety law requiring regular inspections and reserve funds for repairs on aging condos three or more stories tall is bringing up fees beyond what many can afford.

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What To Know

Redfin analyzed 52 metros that had at least 100 condo sales in February and found that Miami had the highest share of homes sold below the original list price, at 92.5 percent. Condos in the city sold for 8.7 percent less than their original asking prices.

Six other Florida cities followed: Fort Lauderdale (92.1 percent), West Palm Beach (91.1 percent), Cape Coral (90.4 percent), Jacksonville (89.8 percent), North Port (87 percent) and Tampa (86.7 percent).

Dallas, Texas, had the eighth-highest share of condos selling for less than their original asking price, at 85.7 percent. It was followed by Orlando, Florida, at 84.8 percent and Houston, Texas, at 84.3 percent.

An aerial view of Miami on September 29, 2021.

Joe Raedle/Getty Images

In almost all the Florida cities listed in the top 10, with the exception of Miami and Jacksonville, the median original list price of a home had dropped in February compared to a year earlier.

In Miami, the median original list price in February was $450,000, up 7.9 percent year over year. In Fort Lauderdale, it was $257,000, down 3 percent year over year. In West Palm Beach, it was $290,000, down 4.1 percent. In Cape Coral, it was $339,000, down 5.7 percent. In North Port, it was $341,997, down 11.2 percent. In Tampa, it was $249,000, down 6 percent. In Orlando, it was $238,710, down 0.5 percent.

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In Jacksonville, the median original list price of a condo was $287,900, up 3.2 percent from February 2024.

In Fort Lauderdale, condos sold for an average 11.3 percent less in February than a year earlier; in West Palm Beach, for 12.3 percent less; in Cape Coral, for 10.3 percent less; in Jacksonville, for 8.3 percent less; in North Port, for 9.4 percent less; in Tampa, for 10 percent less; and in Orlando, for 9.2 percent less.

What People Are Saying

Tim Harper, a Redfin Premier real estate agent in the Orlando metro area, said in a statement: “The Florida condo market is in uncharted territory. We’re seeing a massive influx of condo inventory because a lot of senior citizens on fixed incomes can no longer afford their monthly payments, and a lot of other condo owners just want to move because they’re tired of dealing with rising HOA fees and special assessments.”

Alison Williams, a Redfin Premier agent from Sacramento, California, said: “Oh condos. Poor condos. HOA dues are just going up and up and up, primarily because insurance costs for homeowners associations are going up. When you buy a $400,000 condo, it often means paying a $500 monthly HOA fee, so for many people, it’s not really that affordable anymore. Some buyers are looking to small single-family homes instead because there’s no HOA.”

Asad Khan, a Redfin senior economist, said: “The good news if you’re a prospective condo buyer is that sale prices are now falling in some areas, and sellers are offering up concessions, meaning you might be able to get a good deal. If you’ve been priced out of owning a condo, know that rents are hovering below their pandemic highs thanks to an apartment building boom, so renters may also find success asking for concessions.”

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What Happens Next

While the U.S. condo market is slowing down across the country because of growing inventory, elevated prices and stubbornly high mortgage rates are dampening demand, meaning Florida is facing something of a crisis.

Many of the units for sale on the market are struggling to find interested buyers, and inventory piling up on the market is forcing sellers to considerably slash prices. The crisis building in Florida threatens to destroy the state’s reputation as a haven for retirees and snowbirds.



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‘The naughty list:’ Wrong tag leads to arrest of wanted Central Florida man

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‘The naughty list:’ Wrong tag leads to arrest of wanted Central Florida man


VOLUSIA COUNTY, Fla. – A wanted Central Florida man was caught after deputies noticed that his car had a wrong tag, according to the Volusia Sheriff’s Office.

In a release on Wednesday, deputies said they initially spotted a car with a tag that didn’t belong on it.

“A little research showed (the driver) had an open warrant for occupied burglary,” the release reads. “He tried to accelerate and ram his way out of trouble, but that only led to more charges.”

Body-camera footage shows deputies confront and ultimately catch the driver, identified as 33-year-old Dillon Cottrell.

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Dillon W. Cottrell, 33, of Bunnell (Volusia Sheriff’s Office)

According to the sheriff’s office, deputies also recovered a trafficking amount of fentanyl and other drugs.

Now, Cottrell faces charges of burglary, criminal mischief, fleeing law enforcement, trafficking in fentanyl, possession of a controlled substance without a prescription, aggravated battery on a law enforcement officer, resisting arrest, and obstructing law enforcement.

He is held without bond. His passenger, Kelli Jo Hands, was also arrested, deputies added.

Kelli Jo Hands, 39, of DeLand (Volusia County Jail)

“Both are still in jail and most likely spending Christmas there,” the release concludes.

Copyright 2025 by WKMG ClickOrlando – All rights reserved.



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Grand Rapids police chief is candidate for Florida job: Eric Winstrom faced early trial

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Grand Rapids police chief is candidate for Florida job: Eric Winstrom faced early trial


GRAND RAPIDS, MI – Just weeks into his new job, Grand Rapids Police Chief Eric Winstrom – sharing a small apartment with his wife and two children – was told that an officer was just involved in a shooting.

A former commander for Chicago Police Department, Winstrom had dealt with many shootings involving police.

Officer Christopher Schurr shot and killed Black motorist Patrick Lyoya after a Feb. 4, 2022, traffic stop. Schurr, a white officer, shot Lyoya in the back of the head.

Winstrom, who was named this week one of three finalists for police chief in Pensacola, Florida, recalled the tragedy in Grand Rapids in an MLive video 13 months after the killing.

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He became chief in Grand Rapids on March 7, 2022.

Protesters march through downtown Grand Rapids after a mistrial was declared in the Christopher Schurr murder trial after the jury could not come to a unanimous decision on Thursday, May 8, 2025. Schurr was charged with second-degree murder after killing Patrick Lyoya during a traffic stop in 2022. Joel Bissell | MLive.com

He described the shooting as “just like a slap across the face and a wake-up call because I had been involved in so many of these difficult situations in Chicago. So I was like, ‘Oh, OK, I guess we’re doing this here so quick’ and it was I would say a progression of sadness.”

Grand Rapids Police Chief Eric Winstrom
Grand Rapids Police Chief Eric Winstrom talks to media Tuesday, Nov. 11 after officers and an 18-year-old man exchanged gunfire in a Southeast Grand Rapids neighborhood. (John Agar | MLive)John Agar

He met with Lyoya’s family in his office, “crying literally with them.” He knew that Schurr, who was ultimately acquitted by a Kent County jury of second-degree murder, and his family were devastated, too.

Winstrom fired Schurr after charges were filed.

He knew that his officers had strong feelings, with many supporting Schurr, who said he acted in self-defense when Lyoya gained control of his Taser.

GR Fatal Stabbing 11.6.24
Grand Rapids Police Chief Eric Winstrom responds to the scene of a fatal stabbing. (Joel Bissell|MLive)Joel Bissell | MLive.com

Winstrom, who often responds to serious crime scenes, said: “I’ll say that this department – I’m sure everybody’s got their opinions – but from what I’ve seen they’ve handled it professionally … have not let it impact job performance at all which was something that I was really afraid of.”

That has happened in other U.S. cities after controversial police shootings. Lyoya’s supporters held many protests, particularly when the officer was on trial.

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Windstrom said that calls to defund police can lead to a ‘mass exodus’ of officers, which data shows results in increasing violence in minority neighborhoods.

He said that “officers in Grand Rapids, whether they agree with my decision to fire Christopher or not, come to work every day. They just do a phenomenal, professional job. I’m really proud of them.”

Winstrom is a finalist for the Pensacola job with Brian Dugan, a former Tampa police chief, and Erik Goss, the acting deputy chief in Pensacola, the Pensacola News Journal reported.

The selection process will occur Jan. 12 to 14.

Winstrom declined an MLive request for comment on Wednesday, Dec. 24, but issued a statement the previous day.

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He asked for patience while he considered what is best for him and his family. He said he will be “engaged here as ever” during the process and “I remain fully committed to ensuring the City of Grand Rapids is a community where people feel safe and are safe at all times.“

City Manager Mark Washington appointed Winstrom nearly four years ago knowing “that he was a highly qualified, top-tier professional in the field of public safety. While he hadn’t served as a Chief of Police, his potential was evident.”

Washington added: “Given the significant progress he has led within the Grand Rapids Police Department – specifically in advancing constitutional policing, enhancing transparency, and centering the department’s commitment to serve all residents – it is certainly not surprising that other communities would seek out his leadership and expertise.”



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Florida man charged in racially motivated attack plot

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Florida man charged in racially motivated attack plot


Federal agents arrested a 20-year-old Sarasota man after finding Nazi propaganda, pipe bombs, guns, ammunition, a pressure cooker, and instructions for making explosives inside his home. Investigators also discovered an index card outlining plans for a racially motivated attack, including placing motion-activated bombs for police. If convicted, he faces up to 20 years in prison.



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