Florida

Florida condo market in “uncharted territory”

Published

9 months ago

April 4, 2025

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.

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.

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.”

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.

Source link

Related Topics:Condo Featured Florida housing housing market South Florida

Click to comment

Florida

Is weed legal in Florida? What to know before traveling for holidays

Published

1 hour ago

December 15, 2025

Press Room

Is weed legal in Florida? What to know before traveling for holidays

Medical marijuana is legal for Florida residents with a state-issued card and a qualifying condition.
Possession of marijuana without a medical card can lead to penalties ranging from fines to felony charges.

Can Floridians or those traveling to Florida for the holidays light one up while taking part in festive activities? Doing so will result in your name being added to the state’s naughty list.

While it’s legal in about half the country, recreational marijuana remains illegal in Florida.

An amendment last year to make recreational marijuana legal in the Sunshine State came close and got a majority of the vote, but it failed to hit Florida’s required 60% threshold. The group behind it is trying again in 2026.

Here’s what you need to know about marijuana laws in Florida before the holiday.

Is marijuana legal in Florida?

Yes, but only for some people.

Medical marijuana is legal in Florida for residents diagnosed with a specific set of conditions who have applied for and received a Medical Marijuana ID Card or caregivers who have received a Medical Marijuana Caregiver Card.

Is recreational marijuana legal in Florida?

No. During the 2024 General Election, an amendment that called for legalizing recreational marijuana in Florida failed to get the 60% of votes needed to pass.

Is medical marijuana legal in Florida?

Medical marijuana is legal here, but only for Florida residents with the following conditions who apply for and receive a Medical Marijuana Card:

Cancer
Epilepsy
Glaucoma
HIV (human immunodeficiency virus)
AIDS (Acquired immune deficiency syndrome)
PTSD (post-traumatic stress disorder)
ALS (amyotrophic lateral sclerosis)
Crohn’s disease
Parkinson’s disease
Multiple sclerosis
Comparable medical conditions or status to the above
A terminal condition
Chronic nonmalignant pain

Note that under a new Florida law as of July 1, medical marijuana registration will be revoked if a patient or caregiver is convicted or pleads guilty or no contest to drug trafficking, sale or manufacture.

Can I bring weed if I have a medical marijuana card from another state?

No. The state of Florida does not offer reciprocity. A bill in this year’s legislative session that would have changed that died in committee.

Can I get busted for possessing weed in Florida?

Without a Medical Marijuana Card (or Medical Marijuana Caregiver Card, for people assisting medical marijuana patients who are minors or who need help), if you are caught with pot, you will be penalized. Marijuana advocacy group NORML lists the following penalties under Florida Statutes:

Possessing 20 grams or less: First-degree misdemeanor, up to one year in jail and maximum $1,000 fine.
Possession of paraphernalia: Misdemeanor, up to one year in jail and maximum $1,000 fine.
Possessing marijuana within 1,000 feet of a school, college, park or other specified areas: Felony, mandatory three-year sentence and maximum $10,000 fine.
Possessing from 20 grams: to 25 pounds: Felony, up to five years in jail and maximum $5,000 fine.
Possessing from 25 to 2,000 pounds of marijuana: First-degree felony, from three to 15 years in jail and $25,000 fine.
Possessing from 2,000 to 10,000 pounds of marijuana: First-degree felony, from seven to 30 years and $50,000 fine.
Possessing more than 10,000 pounds of marijuana: First-degree felony, from 15 to 30 years and $200,000 fine.

However, many communities and municipalities have decriminalized possession of up to 20 grams of marijuana, meaning if you’re busted, you’ll get a fine (which will go up each time). You may be required to attend a drug education program or do community service.

Areas that have decriminalized pot include Alachua County, Broward County, Cocoa Beach, Hallandale Beach, Key West, Miami Beach, Miami-Dade County, Orlando, Osceola County, Palm Beach County, Port Richey, Sarasota, Tampa and Volusia County.

Is it legal to sell weed in Florida?

Only licensed medical marijuana dispensaries may sell marijuana in the state of Florida. Even with a medical marijuana card, you may not buy your pot anywhere but at a licensed dispensary.

People charged with selling marijuana can face the following:

25 grams or less, without renumeration: Misdemeanor, maximum 1 year in jail, $1,000 fine.
20 grams to 25 pounds: Felony, maximum 5 years in jail, $5,000 fine.
25 to less than 2,000 pounds or 300-2,000 plants: Felony, three to 15 years, maximum $25,000 fine.
2,000 to less than 10,000 pounds or 2,000-10,000 plants: Felony, seven to 30 years, maximum $50,000 fine.
10,000 pounds or more: Felony, 15 to 30 years, maximum $200,000 fine.
If within 1,000 feet of a school, college, park, or other specified areas: An additional 3-15 years, $10,000 fine.

Are low-THC products like delta-8, delta-9, delta-10 or THC-O legal in Florida?

Assorted different types of so-called “diet weed” cannabinoids, such as delta-8, delta-9, delta-10 and THC-O, which are derived from hemp and not marijuana and contain lower levels of THC, are legal here under the 2018 federal Farm Bill that allows farmers to grow industrial hemp.

Last year, the Florida Legislature passed SB 1698, a bill that effectively banned delta-8 and delta-10 products and set a 5-milligram-per-serving limit for delta-9 THC, but Gov. Ron DeSantis vetoed it, reportedly to protect small businesses.

However, they remain federally illegal.

Can you get a DUI in Florida on marijuana?

Yes. Drivers under the influence of drugs, including marijuana, face the same penalties as drunk drivers in Florida.

That ranges from up to six months of jail time, a fine between $500 and $1,000, a license suspension, 50 hours of community service and a 10-day vehicle impoundment (for the first offense) to up to five years in prison, up to $5,000 in fines, lifetime license revocation and more for the fourth offense.

Penalties go up fast if there is a minor in the vehicle or you cause property damage, injury or death.

Source link

Florida

Rabbi Eli Schlangar among 15 dead in Sydney attack; South Florida increases security at Jewish sites

Published

14 hours ago

December 15, 2025

Press Room

Rabbi Eli Schlangar among 15 dead in Sydney attack; South Florida increases security at Jewish sites

AVENTURA, Fla. — A devastating terror attack at Bondi Beach in Sydney, Australia, has left 15 dead, including Rabbi Eli Schlangar, a beloved figure in the Jewish community.

The attack unfolded during the annual Chanukah by the Sea event, a celebration where Rabbi Schlangar had served as one of the organizers and the emcee.

South Florida Rabbi Tzvi Dechter, who had known Schlangar for decades, spoke tearfully about the profound loss.

The two first met when they were teenagers, and their friendship grew over the years. Dechter recalled the personal qualities of his dear friend, not just his leadership in the Jewish community, but the kind and caring person he was.

“I loved him very much, obviously. A lot of people can describe his community leadership, but you forget about the person himself,” Dechter shared. “He was a husband, a father, and he was a friend to so many. He genuinely cared.”

Schlangar was deeply rooted in the Sydney Jewish community, particularly among the 5,000-member Russian-speaking Jewish population.

His impact reached far beyond his role as a religious leader, and he leaves behind several children, including a two-month-old baby.

Dechter revealed that the two had become “cousins” after marrying cousins, a bond that strengthened their connection.

The tragedy took an even more personal turn for Dechter, as he confirmed that Eli’s wife was among the dozens of people injured in the attack. The death toll is expected to rise, with as many as 40 people still hospitalized in critical condition.

The impact of the attack has rippled across the globe, with authorities increasing security measures in Jewish communities, particularly in South Florida.

Local officials have heightened patrols around synagogues and Jewish schools, with a Broward Sheriff’s Office (BSO) deputy assigned for security.

Authorities in Sydney continue to investigate the details of the attack, while local communities, both in Australia and abroad, mourn the loss of Schlangar and all the victims.

Source link

Florida

Florida high school football team pulls off miraculous touchdown to help win state championship

Published

1 day ago

December 14, 2025

Press Room

Florida high school football team pulls off miraculous touchdown to help win state championship

NEWYou can now listen to Fox News articles!

A Florida high school state football championship finished with a phenomenal ending for one team and absolute heartbreak for the other on Saturday night.

Lake Mary High School was down six points with seven seconds left in the Florida High School Athletic Association Class 7A title game against Vero Beach. Noah Grubbs dropped back to pass and rolled to his right. He gained momentum and fired the ball, which was tipped and caught short of the goal line.

CLICK HERE FOR MORE SPORTS COVERAGE ON FOXNEWS.COM

A Lake Mary quarterback looks to throw in the FHSAA Class 7A state championship, Dec. 13, 2025, at Pitbull Stadium in Miami. (Crystal Vander Weit/TCPALM/USA Today Network via Imagn Images)

As Vero Beach defenders tried to keep receiver Barrett Schultz out of the end zone, Schultz’s teammate Tavarius Brundidge Jr. came around and took the ball out of Schultz’s hands. Brundidge ran the ball into the end zone to complete the wild and chaotic play.

The touchdown tied the game, and Lake Mary would kick the extra point to win, 28-27.

INDIANA’S FERNANDO MENDOZA WINS 2025 HEISMAN TROPHY

A Lake Mary player in the FHSAA Class 7A state championship, Dec. 13, 2025, makes a catch at Pitbull Stadium in Miami. (Crystal Vander Weit/TCPALM/USA Today Network via Imagn Images)

“I was just hoping and praying like everyone else that he was going to come down with the football and Barrett did,” Lake Mary head coach Scott Perry said, via TC Palm. “… We were just going to keep fighting and fighting until the final whistle.”

Vero Beach tried to run out the clock the best they could. The team decided to take a safety with 12 seconds left, and gave the ball back to Lake Mary.

A Vero Beach player is stunned after the FHSAA Class 7A state championship, Dec. 13, 2025, at Pitbull Stadium in Miami. (Crystal Vander Weit/TCPALM/USA Today Network via Imagn Images)

CLICK HERE TO DOWNLOAD THE FOX NEWS APP

It was the first state championship for Lake Mary in its history.

Follow Fox News Digital’s sports coverage on X and subscribe to the Fox News Sports Huddle newsletter.

Ryan Gaydos is a senior editor for Fox News Digital.

Source link