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Florida homeowners have no choice but to lower condo prices as insurance and HOA fees 'skyrocket,' Redfin says

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Florida homeowners have no choice but to lower condo prices as insurance and HOA fees 'skyrocket,' Redfin says


Hurricanes and homeowners’ associations have cooled Florida’s hot condo market. Condo homeowners have been forced to lower their listing prices to offload their properties—going against the national trend of rising condo prices, a Redfin report published Monday shows. 

Condo prices in Jacksonville dropped nearly 7% year-over-year, while Miami’s decreased almost 3%. Meanwhile, average U.S. condo list prices are up over 8%, according to Redfin. The major culprit? Climbing costs associated with owning a condo in Florida, namely surging insurance and HOA costs in the aftermath of the collapse of the Champlain Towers South condominium in Surfside, Fla., experts say. In 2021, the beachfront condo building collapsed and killed 98 people.

“Two events happened recently that affected the Florida housing market: Hurricane Ian in 2022 and the Champlain Towers collapse in 2021,” Craig Stunicky, founder and CEO of South Florida luxury real estate firm ISG World, tells Fortune. “In reaction to the hurricane, flood insurance rates went up.”

Now, the state of Florida requires that all condos have “adequate reserve for replacements,” Stunicky says, meaning that condo associations must have enough money on reserve to replace structures. Take a roof’s lifespan, for example, which is about 25 years. “If the estimated replacement cost for a roof is $2 million, the association must collect $80,000 annually to accumulate the replacement cost by the end of the 25-year period,” according to insurance firm CRC Group. 

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Needing that cash on hand makes HOA fees higher—and more condo properties out of reach for homebuyers.

“Realtors are not selling the properties well,” Stunicky says. “The single-family home market sales are not affected as much, although flood insurance has doubled or even tripled. South Florida is unique because there is very little inventory and huge demand, so condos are really being affected.”

Where and why condo prices are falling

Jacksonville, Miami, and Orlando condos have seen the most significant price drops during the past year, according to Redfin data. Jacksonville condo owners slashed prices 6.5%, Miami prices dropped 2.5%, and Orlando’s fell nearly 5%. 

Meanwhile—as Stunicky says—single-family homes are faring better, meaning that their prices have actually increased. In Miami, for example, the median sale price of single-family homes increased by double digits year-over-year, sales rose by 9%, and new listings also shot up 13%, according to Redfin.  

Condo sales, on the other hand, are slow because the cost of both buying and owning a condo has surged. Homeowners insurance in Florida increased about 40% year-over-year in 2023—and a whopping 102% during the past three years, according to the Insurance Information Institute. 

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Florida insurance costs three times the national average, which clocks in at $1,759 per year for $250,000, according to Bankrate. While HOA fees can vary greatly from building to building, the costs can be “shocking,” Juan Castro, a real estate agent in Orlando, told Redfin. In some cases, condos that once had a $400 monthly maintenance fee may now have a $700 fee, which is “causing buyers to rethink their plans.”

And real estate investor Elena Nuñez Cooper says that condos don’t typically have a cap on HOA fees, and many people can buy a single-family home for “less than what most luxury condos cost, not even including HOA fees.”

Especially for millennials, “an ever-increasing HOA fee may not be feasible for budget reasons versus a home price that’s locked in via a mortgage,” Cooper says.

With insurance and HOA fees as high as they are, sellers have little choice but to lower their listing prices as condo ownership becomes less attractive—and affordable. 

“These increased expenses, paired with economic uncertainties like inflation and potential interest rate hikes, are prompting potential buyers to exercise caution,” Matt Dunbar, senior vice president of the southeast region for Churchill Mortgage, tells Fortune. “As a result, the higher financial burden associated with condos is leading buyers to explore other housing options that may offer more financial benefits and fewer ongoing expenses.”

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The new versus the old

While condo prices are falling and are becoming less attractive to some buyers, they’re by no means an obsolete housing type in Florida. Stunicky says that existing properties that are less than 10 years old are “extremely popular” among condo homebuyers, but “if we are considering condos that are pre-construction, that is a different story.”

New condos aren’t as popular anymore because they typically come with a higher price tag, Stunicky says. Once a property is valued at more than $2 million, it’s more difficult to find Latin American buyers, who dominate that housing market. 

“We are seeing more Latin American buyers in Orlando than in South Florida,” Stunicky says. “The American buyer is still interested in properties over $2 million, but is concerned with the date of delivery for these properties. For buyers, a huge concern is not the architecture, design, or location, but rather the timing.”

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2 Florida men arrested after scamming $20K from man in California

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2 Florida men arrested after scamming K from man in California


Two Florida men were arrested in Port St. Lucie after being accused of conducting a bank scam on a man in California, police said.

Trey Romans, 21, is facing several charges, including one count of grand theft and one count of scheme to defraud, while Jean Dorcena, 25, was charged with one count of grand theft, one count of Scheme to defraud, and one count of unlawful use of a two-way communication device to facilitate a felony.

According to Port St. Lucie Police, on Oct. 30, the man in California reported that he was scammed out of $20,000 after he received a call from someone who claimed they were a Chase Bank representative.

The victim told authorities that the caller said his account was compromised and told him to physically transfer his funds to another Chase Bank in Port St. Lucie.

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After listening to the caller, the victim withdrew his money from the bank, put it in a yellow envelope and then mailed it through FedEx.

Police said that the victim became suspicious after sending the money, searched the address and found out it was a residential address and not a bank.

After the victim couldn’t reach anyone at FedEx because they were closed, he called local law enforcement, who told him to call PSLPD.

In Florida, officers were able to find the local FedEx distribution and take the package before it was delivered, and detectives set up a plan to lure Romans and Dorcena to the delivery location.

With the help of FedEx employees, the package was delivered to the Port St. Lucie address, and detectives saw the two suspects arrive in a Hyundai SUV.

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Romans was seen getting out of the car, while Dorcena, who was the driver, stayed behind.

Body camera footage captured the two being arrested by police.

Police said they also spoke to the resident of the drop-off address, who told them he knew the suspects, and that Dorcena asked him if he could have a package delivered to his home, but not to open it.

The resident was not suspected of knowing what was being delivered to his home.

During a search of their vehicle, officers found around 17 grams of marijuana.

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The two remain at the St. Lucie County Jail with no bond.

A check with the victim’s money will be sent to him.



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Central Florida sees surge in food aid requests as WIC delays hit vulnerable households

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Central Florida sees surge in food aid requests as WIC delays hit vulnerable households


ORLANDO, Fla. – More than 420,000 Floridians use WIC, according to a 2024 USDA report — the fourth highest number in the country.

However, those benefits are delayed for many in Central Florida due to the government shutdown, leaving families without a way to pay for baby formula and nutritional food for their children.

Destiny Perez-Prado is trying to figure out how she’s going to feed her seven children this month since her WIC and SNAP benefits are delayed.

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“It’s still just heartbreaking, you know, to think that for Thanksgiving, we might not be able to celebrate Thanksgiving — you know, have the food that we need, food that would be typically accessible to us,” Perez-Prado said.

Her benefits pay for around $800 in groceries each month, and WIC specifically covers her more expensive items like baby formula, Pediasure, and other nutritional foods.

“It’s so expensive. Just a can of formula — the cheapest is $28, I believe. And it’s crazy. Some kids need specialized formulas,” she said.

Between being a single mother, college student, and self-employed, Perez-Prado says getting a second job to afford groceries is nearly impossible.

“I have two children with autism — a little girl and a little boy — and then my third with ADHD. So for that, you know, it’s hard for me to keep a consistent job, even with my degree,” she explained.

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One Heart for Women and Children is stepping in to help Perez-Prado. Founder Stephanie Bowman says about 30,000 people in Orange County use WIC — and many of them now need extra help.

“We’ve had 500 calls just this week from individuals we’ve never seen or heard from before,” Bowman said.

One Heart typically helps around 20,000 people per month, but that demand is rising due to the shutdown.

“What we’ve had to do is give families less food — and we never want to do that. But we want to make sure that every individual who comes to us can get food,” Bowman added.

Perez-Prado says she’s working to become financially stable one day, but right now her priority is feeding her kids.

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“You know, they still deserve to eat. They’re babies — they didn’t ask to be here. And even if we as parents didn’t go about it the way certain people think we should to avoid problems like this, it’s still a problem. We’re still here, and we still need help,” she said.

If you’d like to donate to help out, click here.

Copyright 2025 by WKMG ClickOrlando – All rights reserved.



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‘It’s unfair:’ SNAP cuts leave Central Florida seniors struggling for food

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‘It’s unfair:’ SNAP cuts leave Central Florida seniors struggling for food


OSCEOLA COUNTY, Fla. – SNAP benefits for thousands of families here in Central Florida are cut off, leaving many scrambling to afford the food they need, including local seniors. Many have medical needs that require special diets, and they say food banks just can’t always meet them.

“Being a citizen and being on the income that I’m on—it is hard. To tell you the truth, it’s unfair,” said senior Shirley Williford, who is among those impacted by the delay.

On Saturday, Williford and another local senior, Kim Augenstein, received notifications that their SNAP benefits for November would be pushed back. For Williford, who lives on a fixed income and doesn’t have transportation, it’s a nightmare.

“I only have high blood pressure. I kind of went on a diet myself. The food that I need for my diet—I’m not going to be able to get it,” Williford said.

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Augenstein, who was recently diagnosed with diabetes, said losing those benefits could put her health at risk. “When you’re almost a diabetic or you are a diabetic, you have to have that food for your insulin. If you go without food, that’s a big problem,” she said.

[VIDEO: Central Florida food programs face challenges as federal SNAP support stops]

Now, the seniors are relying on local organizations in Osceola County, such as Clarita’s House Outreach Ministries and the Black Empowerment and Community Council, which are already seeing a rising demand.

“Families are already so tight with money and resources. For us to be at this critical time, it’s important that we rally together,” said Tiffany Jeffers with the Black Empowerment and Community Council.

But those groups say the ongoing government shutdown is also limiting the resources they can offer. “The grant writers keep saying we can’t do this one or that one. So many programs are being cut. Some of the grants we would normally get—recurring grants—we’re no longer getting, and that’s definitely because of government funding,” said Doreen Barker, founder of Clarita’s House Outreach Ministries.

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In the meantime, seniors are helping each other by sharing rides and picking up groceries—but they’re still hoping the shutdown ends soon.

“I don’t think it needs to be cut down. It doesn’t need to be cut off—because I depend on those food stamps,” Williford said.

The Black Empowerment and Community Council is partnering with Solid Rock Community Church in Kissimmee and AARP next week to distribute food and resources to those impacted by the SNAP delays.

Copyright 2025 by WKMG ClickOrlando – All rights reserved.

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