Florida
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.
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.
TAMPA, Fla – New SNAP restrictions will start Monday in Florida.
What we know:
These changes will ban the purchase of many sugary sodas, energy drinks, candy and ultra-processed, shelf-stable prepared desserts.
Hunger Free America, an advocacy group, is against these restrictions.
Joel Berg, the CEO, said some regulation is a good thing, but he wants to see it support access to healthy foods as a choice.
“We do support mandates to mandate that healthier food is available in stores that do accept SNAP,” Berg said. “So, it makes a lot more sense to make it easier to get healthier food.”
Berg said these restrictions are unnecessary in achieving a healthier America.
“We should make America healthier again by making healthy food more affordable, convenient and physically available,” Berg said. “We shouldn’t micromanage the eating patterns of adults to try to achieve that goal.”
The other side:
This is part of the Make America Healthy Again initiative.
U.S. Secretary of Agriculture Brooke Rollins said, “Under the MAHA initiative, we are taking bold, historic steps to reverse the chronic disease epidemic that has taken root in this country for far too long.”
What they’re saying:
Berg said that these changes, on top of cuts to the program nationwide, will increase hunger.
“It’s not that low-income Americans don’t want healthier food; it’s that they can’t afford healthier food,” Berg said.
This coincides with the announcement that there will be cuts to WIC, the Special Supplemental Nutrition Program for Women, Infants and Children, which supplies food to mothers and young children.
“President Trump’s budget just announced that he’s proposing taking away fruits and vegetables from the WIC program for pregnant women and children under five,” Berg said. “So, they’re taking away healthier food.”
The WIC cuts would take away $1.4 billion in fruit and vegetable benefits from 5.4 million people.
Big picture view:
The SNAP changes come as part of the MAHA movement and include more than 20 other states that will implement changes over the next two years.
The Source: Information in this story comes from WIC, SNAP and interviews done by Fox 13’s Danielle Zulkosky.
WEST PALM BEACH, Fla. (CBS12) — The engines are revving for one final day of high-stakes bidding and family fun at the South Florida Fairgrounds.
Barrett-Jackson’s Palm Beach auction reaches its grand finale today with an action-packed “Super Saturday” lineup, promising to close out the weekend with a full slate of collector car sales, live entertainment, and fan attractions.
“Super Saturday,” presented by Seminole Casino Coconut Creek, officially kicks off at 8 a.m. when gates, food courts, and the exhibitor marketplace open to the public.
What to expect
- 8:00 a.m. – 11:00 a.m.: The Fantasy Bid presented by Dodge begins early, running in tandem with the automobilia auction in the arena.
- 9:00 a.m. – 5:00 p.m.: Thrill-seekers can catch Dodge thrill rides on the Barrett-Jackson Performance Track.
- 10:00 a.m.: New amenities open to the public, including the Stella Artois, Staging Lanes, and Food Court patios, which offer shaded seating and auction views.
- 10:45 a.m.: The national anthem will be performed in the auction arena, signaling the start of the main collector car auction at 11 a.m.
- Afternoon Entertainment: DJ sets run from noon to 5 p.m. across the various patios, and a detailing clinic by Adam’s Polishes is scheduled for 2 p.m. near the South Showcase.
For those unable to attend, the whole event will be livestreamed throughout the day on the Barrett-Jackson website and the HISTORY channel from 11 a.m. to 6 p.m.
Today’s finale comes on the heels of a high-energy Friday that saw significant sales and notable celebrity interest.
Star power was evident throughout the day, particularly with vehicles tied to the Busch family. A 1957 Ford Thunderbird Convertible owned by Samantha Busch and a 1969 Oldsmobile 442 Custom Coupe were among the day’s heavy hitters, each fetching $159,500. Kyle Busch’s 1956 Chevrolet Bel Air Custom Coupe also drew a strong bid, selling for $143,000.
Other Friday highlights included:
- 1968 Ford Mustang Eleanor Replica: $137,500
- 2004 Dodge Viper SRT-10 Mamba Edition: $132,000
- 1972 Chevrolet K5 Blazer Custom SUV: $126,500
- 1957 Ford Thunderbird Custom Convertible: $121,000
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With a festival-style atmosphere and high-profile sales driving momentum, organizers expect a busy crowd for the final push at the auction block today.
ORANGE COUNTY, Fla. (CBS12) — A quiet Monday turned into a frantic race against time when a deputy stepped in to save a choking 1-year-old’s life.
According to the Orange County Sheriff’s Office, deputies responded to a call about a 1-year-old baby choking. Upon arrival, the responding deputy performed life-saving procedures to help the child breathe again.
See also: Two arrested after 6-year-old arrives at Florida school with bruises, deputies say
Body camera video shows a deputy holding the baby, flipping it over on its stomach, and beginning to pat the baby’s back.
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When the baby begins to cry, the deputy is heard saying, “he’s good.”
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