Connect with us

Florida

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

Published

on

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. 

Advertisement

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. 

Advertisement

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.”

Advertisement

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.”

Subscribe to the CFO Daily newsletter to keep up with the trends, issues, and executives shaping corporate finance. Sign up for free.



Source link

Advertisement

Florida

Tallahassee gas prices rise due to Iran war; how to find cheapest pump prices

Published

on

Tallahassee gas prices rise due to Iran war; how to find cheapest pump prices


If you’re kicking yourself for not filling up your vehicle over the weekend or earlier this week, you have good reason.

Gas prices have been going up steadily — sometimes sharply — since the U.S.-Israeli strikes in Iran started Saturday, Feb. 28.

In Tallahassee, prices have jumped 26 cents from last week with an average gallon of gas currently sitting at $3.08, according to AAA. The highest price on record in Florida’s capital city was $4.84 a gallon in June 2022.

Advertisement

Since Monday, March 2, Florida gas prices have jumped almost 36 cents for a gallon of regular, according to AAA.

The war is spreading throughout the Middle East and at least six U.S. soldiers have been killed, including one from Florida.

Live updates: Senate won’t check Trump’s war

Here’s what you should know as the war with Iran continues.

Florida not alone in worrying about rising gas prices

Advertisement
play

Gas prices surge as Iran war closes Strait of Hormuz

Gas prices rise as Iran closes the Strait of Hormuz threatening oil supply and raising fears of global economic fallout.

Gas prices were already rising before the attacks on Iran began Feb. 28. It’s a regular seasonal swing as spring arrives, according to AAA. 

➤ Americans fret over gas prices as Iran war widens

Iran has retaliated with missile and drone attacks that have now killed at least six U.S. servicemembers, including one from Florida.

Advertisement

➤ Florida Army Reserve captain killed in Iran war

Analysts said the war will likely drive up prices by an additional 20 to 30 cents per gallon, partly due to supply issues and partly due to global uncertainty.

Here’s a look at gas prices per gallon of regular provided by AAA this week:

  • March 5: $3.251
  • March 4: $3.19
  • March 3: $3.061

Compare to:

  • Week ago: $2.983
  • Month ago: $2.891
  • Year ago: $3.107

What’s average price of gas in Florida?

AAA posted the average price in Florida on March 5 was $3.241, slightly less than the national average of $3.251.

Here’s a comparison of the daily average price of a gallon of regular this week as provided by AAA:

Advertisement
  • March 5: $3.241
  • March 4: $3.198
  • March 3: $3.068
  • March 2: $2.883

In comparison:

  • Week ago average: $2.940
  • Month ago average: $2.882
  • Year ago average: $3.084

Will Florida gas prices keep going up?

The national average price of gas is “likely to move toward $3.10 to $3.15 (per gallon) within one to two weeks … and to $3.20 to $3.25 within two to three weeks,” said Patrick De Haan, head of petroleum analysis with GasBuddy, on March 1.

On March 2, DeHaan said he expected gas prices “at average stations” nationally to increase by 10 to 30 cents in the coming week.

President Trump: Oil prices may be high ‘for a little while’

President Donald Trump told reporters March 3 oil prices may be high “for a little while.”

As soon as the war ends, “these prices are going to drop, I believe even lower than before,” Trump said. 

In a post on TruthSocial March 3, Trump said: “If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD.”

How can you find the cheapest gas?

Whether you’re traveling or at home, gasbuddy.com offers information to find the cheapest prices for gasoline.

Advertisement

Enter your state, city or ZIP code to find the Top 10 gas stations and cheap fuel prices.

Cheryl McCloud is a journalist for the USA TODAY Network-Florida’s service journalism Connect team. You can get all of Florida’s best content directly in your inbox each weekday day by signing up for the free newsletter, Florida TODAY, at https://palmbeachpost.com/newsletters.



Source link

Continue Reading

Florida

Florida college Republicans group chat reveals racist texts: ‘Avoid the coloreds like the plague’

Published

on

Florida college Republicans group chat reveals racist texts: ‘Avoid the coloreds like the plague’


It only took three weeks for a group chat for conservative students at Florida International University (FIU) to become a place where participants eagerly used racist slurs, prompting widespread condemnation from community leaders.

Abel Alexander Carvajal, secretary of Miami-Dade county’s Republican party and a student at FIU’s College of Law, reportedly started the chat after the killing of Charlie Kirk, the founder of Turning Point USA, in September 2025.

But on Wednesday, the Miami Herald published leaked WhatsApp conversations in which the college Republicans made racist, sexist, antisemitic and homophobic comments, including variations of the N-word used more than 400 times. Knowledge of the chat’s existence was revealed on the same day that Republican lawmakers in Florida pushed forward a bill to rename a one-mile stretch of road alongside FIU in honor of Kirk.

William Bejerano, who the Herald noted once tried to start an anti-abortion group at Miami Dade College, was the most prolific user of the N-word. Using the slur, Bejerano called for dozens of acts of extreme violence against Black people, including crucifying, beheading and dissecting.

Advertisement

Dariel Gonzalez, then the College Republicans’ recruitment chair, who has recently applied to become a GOP committee member, responded to the calls for violence by saying: “How edgy.” He repeatedly used “colored” to describe Black people, including writing: “Ew you had colored professors?!” and “Avoid the coloreds like the plague,” according to the Herald.

Carvajal, who was appointed to a two-year role on the city of Hialeah’s planning and zoning board earlier this year, confirmed to the paper that the group chat was his doing, but he denied knowledge of the problematic comments until the publication contacted him about its logs last week.

“It’s been five months since this was sent and this is the first time I’ve seen this message,” Carvajal told the Herald.

“I guess to an extent, I bear some responsibility, cause I created a chat. But if I had seen this at the moment, I would have removed [Bejerano] from the chat. I probably would have even blocked his number.”

The Herald found that Carvajal had deleted 14 messages sent by other participants in the chat and 42 of his own messages before the publication obtained the chat’s logs.

Advertisement

He also participated in some of the racist discussions. While referring to a Black student who allegedly left FIU’s College Republicans after a member of the group “called her a [N-word]”, the Floridian reported that Carvajal wrote: “Why didn’t miggress leave?” Elsewhere in the chat, the publication reported that Carvajal used “Miggress”, “Migglet” and “Migger” to refer to Black women, Black children and Black people, in general.

At one point, Gonzalez wrote: “You can fuck all the [K-word, a slur for Jewish people] you want. Just don’t marry them and procreate.”

Ian Valdes, the Turning Point USA FIU chapter president, responded, “I would def not marry a Jew,” before changing the group chat’s name from “Uber [R-word slur for disabled people] Yapping” to “Gooning in Agartha”. “Gooning” is a gen-Z slang term for male masturbation, while “Agartha” is a mythical white civilization promoted by Heinrich Himmler, one of the most powerful leaders in Nazi Germany next to Hitler.

Gonzalez reportedly described Agartha to the group chat as “Nazi heaven sort of”.

Kevin Cooper, the first Jewish chair of the Miami Dade Republican party, condemned the group chat in a statement published to X and called for Carvajal’s resignation.

Advertisement

“The majority of our board voted to request Carvajal’s resignation. We have commenced removal proceedings and look forward to resolution from the Republican Party of Florida,” he wrote.

That call was echoed by Juan Porras, a Republican state representative and Miami-Dade GOP state committee member, who said in a statement: “Leadership carries responsibility. When someone in a leadership role engages in this kind of behavior, it damages the trust placed in our party by voters across Florida. For that reason, I am asking the Miami Dade Republican party secretary to step down from this position.”

In a joint statement, Florida Republican state senators Alexis Calatayud, Ileana Garcia and Ana Maria Rodriguez denounced the chats and called for the expulsion from party leadership of its participants.

“The individuals in the group chat have exposed how profoundly misaligned their beliefs are to the views of the Republican party of Florida,” their statement said. “We call for the immediate expulsion of the individuals disseminating from any level of leadership of the Miami-Dade Republican Party … We will not tolerate bigotry or discrimination.”

Multiple leaked group chats from young Republicans have created controversy in recent years.

Advertisement

Last year, Politico published messages from a group chat of more than 100 conservatives across the country in which users also made racist and antisemitic comments. In 2022, a Young Republican group chat from North Dakota was revealed as a cesspool of homophobic and antisemitic rhetoric.



Source link

Continue Reading

Florida

Federal judge blocks DeSantis executive order declaring CAIR a 'terrorist organization'

Published

on

Federal judge blocks DeSantis executive order declaring CAIR a 'terrorist organization'


A federal court in Tallahassee has issued a temporary injunction blocking Florida Gov. Ron DeSantis’ executive order designating the Council on American-Islamic Relations (CAIR) a “terrorist organization.” U.S. District Judge Mark Walker’s order comes nearly three months after DeSantis signed his executive order on Dec. 8. The order directed Florida’s executive and Cabinet agencies, as […]



Source link

Continue Reading

Trending