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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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Man punches trooper during I-95 traffic stop in Brevard County, Florida Highway Patrol says

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Man punches trooper during I-95 traffic stop in Brevard County, Florida Highway Patrol says


BREVARD COUNTY, Fla. – A Florida Highway Patrol trooper was punched in the face after pulling over a van on Interstate 95 in Brevard County near the Indian River County line, according to FHP.

Traffic cameras showed a large law enforcement presence along I-95 near the 166-mile marker on Monday morning.

According to an FHP report, a trooper was conducting traffic enforcement in the southbound lane when he spotted a white 2007 Ford Transit van weaving in the center lane and nearly clipping a semi-tractor-trailer. When the trooper pulled the van over, all seven occupants bailed out of the passenger side and fled west into the nearby woods on foot.

The trooper made contact with one of the men — later identified as Luis Angel Gomez Lopez, 18, of Orlando — who also tried to run toward the woods, the report states.

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After Gomez Lopez ignored repeated verbal commands to stop, the trooper deployed his department-issued Taser, striking Gomez Lopez in the back. Gomez Lopez kept resisting, and the trooper deployed a second Taser cycle. During the struggle, both Gomez Lopez and the trooper tumbled down an embankment, the report states.

While the trooper was trying to handcuff Gomez Lopez, Gomez Lopez struck the trooper with a closed fist on the right side of his face, the report states. The trooper was then able to gain control and place Gomez Lopez in handcuffs. A Brevard County deputy helped secure Gomez Lopez in the patrol unit.

Multiple agencies responded to help search for the six men who got away, including the Brevard County Sheriff’s Office, the Florida Fish and Wildlife Conservation Commission K-9 unit, the BCSO Aviation Unit “STAR,” and the Indian River County Sheriff’s Office drone unit. All six suspects were not located, according to the report.

Gomez Lopez was evaluated on scene by Brevard County Fire Rescue, then transported to the hospital for medical clearance before being booked into Brevard County Jail.

He faces a felony charge of battery on a law enforcement officer and a misdemeanor charge of resisting an officer without violence, the report shows.

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Anyone with information on the six suspects on the run is urged to call the Florida Highway Patrol.

Copyright 2026 by WKMG ClickOrlando – All rights reserved.



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South Florida officers sue Ben Affleck and Matt Damon, claiming details in ‘The Rip’ are too real

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South Florida officers sue Ben Affleck and Matt Damon, claiming details in ‘The Rip’ are too real


Entertainment

“The Rip” features Affleck and Damon as South Florida police officers who find millions of dollars inside a house. Parts of the movie were inspired by a real 2016 case.

FILE – Matt Damon and Ben Affleck attend the world premiere of “The Rip” at Alice Tully Hall, on Jan. 13, 2026, in New York. Photo by CJ Rivera/Invision/AP, File

MIAMI (AP) — Two South Florida police officers claim Ben Affleck and Matt Damon’s recent action thriller “The Rip” used too many real-life details in its fictionalized narrative, causing harm to the officers’ personal and professional reputations, according to a defamation lawsuit.

Jason Smith and Jonathan Santana, sergeants in the Miami-Dade Sheriff’s Office, filed the lawsuit in Miami federal court earlier this month against Artists Equity, a film production company owned by Affleck and Damon. Court filings don’t say how much the officers are suing for, but the civil complaint says they’re seeking compensatory damages, punitive damages and attorney fees, as well as a public retraction and correction.

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“The Rip” features Affleck and Damon as South Florida police officers who find millions of dollars inside a house. Parts of the movie were inspired by a real 2016 case, where police found over $21 million linked to a suspected marijuana trafficker in a Miami Lakes home.

An attorney for Artists Equity declined to comment when reached Monday by The Associated Press. But in a March 19 response to the plaintiffs’ demand letter, Leita Walker, an attorney for Artists Equity, wrote that the film does not purport to tell the true story of that incident or portray real people, which had been stated by a disclaimer in the film’s credits.

Although Smith and Santana aren’t named in the film, the lawsuit claims that Santana was serving as the lead detective assigned to the real case, and Smith was the sergeant who supervised the investigative team. The film’s inclusion of real details about the case gives the impression that the characters are based on the plaintiffs, the suit said.

And this, the lawsuit claims, has given friends, family members and colleagues the impression that the plaintiffs committed the criminal acts that appear in the film, which include (SPOILER ALERT) conspiring to steal seized drug money, murdering a supervising officer, communicating with cartel members, committing arson in a residential neighborhood, endangering the lives of civilians, repeatedly violating core law-enforcement protocols and executing a federal agent rather than making an arrest.

Walker wrote in March that the plaintiffs haven’t even identified which particular character is supposed to be based on Smith or Santana, so even if “The Rip” was actually about a real-life narcotics team, there’s no way to connect any of the characters to the plaintiffs.

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“The Rip,” directed by Joe Carnahan, debuted in January on Netflix. It’s currently rated 78% Fresh on Rotten Tomatoes.

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South Florida and Miami news today

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South Florida and Miami news today


You’re watching the NBC6 South Florida News streaming channel, which plays local South Florida news 24 hours a day, seven days a week. You can find the “NBC6 South Florida News” streaming channel on your phone or computer, and on Peacock, Samsung, Roku, Xumo or on our app, so you can watch our local news on your schedule.



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