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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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Florida man charged with DUI after crashing e-bike into tricycle in Key West, deputies say

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Florida man charged with DUI after crashing e-bike into tricycle in Key West, deputies say


A 53-year-old Key West man was arrested on DUI and drug charges after deputies say he crashed an e-bike into a tricycle while intoxicated.

According to the Monroe County Sheriff’s Office, the crash happened around 10:26 p.m. on Wednesday, April 1, near South College Road and U.S. 1 in Key West. Deputies said there were no serious injuries reported.

Authorities identified the man as Christian Everett Madrid. He faces charges of driving under the influence, possession of marijuana, possession of drug paraphernalia, and smuggling contraband into a detention facility.

Investigators said Madrid was riding an e-bike when he collided with an adult riding a tricycle. The other rider told deputies that Madrid ran into him and appeared to be intoxicated.

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Deputies said Saturday that Madrid was taken into custody after failing field sobriety exercises at the scene.

While being booked into jail, authorities said approximately three marijuana cigarettes were found in his possession, leading to the additional contraband charge.

What Florida law says about riding an e-bike while intoxicated

Under Florida law, electric bicycles are generally treated like traditional bicycles, meaning riders are not required to have a driver’s license and are not subject to the same registration rules as motor vehicles. However, when it comes to impairment, the law still applies.

Florida’s DUI statute makes it illegal to operate any vehicle while under the influence of alcohol or drugs to the extent that normal faculties are impaired. Courts in Florida have interpreted “vehicle” broadly, and that can include bicycles and e-bikes in certain cases, according to law firm The Ticket Clinic.

A first-time DUI conviction in Florida can carry penalties including fines ranging from $500 to $1,000, up to six months in jail, probation, and mandatory substance abuse education. Additional charges, such as drug possession or bringing contraband into a jail, can increase potential penalties.

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Injury-plagued Florida eliminated from playoff contention

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Injury-plagued Florida eliminated from playoff contention


SUNRISE, Fla. — Maybe the end for the Florida Panthers came when Brad Marchand was shut down for the season last month. Or maybe it was when Seth Jones broke his collarbone and wound up missing 26 games. Or, maybe it was 20 minutes into training camp, when captain Aleksander Barkov blew out his knee.

Nobody knows when the season was officially doomed.

Doesn’t matter now. The Panthers are out.

Games remain, but the Panthers were mathematically eliminated from playoff contention on Saturday with a 9-4 loss to Pittsburgh. For the first time since 2022, a team other than Florida will represent the Eastern Conference in the Stanley Cup Final and for the first time since 2023, a team other than the Panthers will be the one hoisting the greatest chalice in sports.

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They’ve known this was coming for a while. It’s just official now.

“Obviously, no one’s happy about the situation,” Panthers forward Sam Bennett said. “But it’s about really just sticking together as a team and going through this as a team. We’re all sticking together. It’s not fun sometimes. But we’re just trying to make the best of it.”

By the time the regular season ends in a couple of weeks, the Panthers will have gone well past the 500 man-games-missed mark this season because of injury. Barkov, the captain who Panthers coach Paul Maurice believes is the best player in the world, missed the entire year and a chance to captain Finland at the Milan Cortina Olympics as well.

Jonah Gadjovich will wind up missing 72 games with an upper-body injury. Tomas Nosek missed 60 games with a knee injury. Dmitry Kulikov is up to 58 games missed, most with a shoulder injury and now a badly broken nose. Matthew Tkachuk missed 47 games while recovering from surgery to repair a sports hernia and torn adductor.

Cole Schwindt missed more than half of the season with a pair of injuries. Marchand will miss 29 games and Jones missed 26. Niko Mikkola, Evan Rodrigues, Sam Reinhart, Uvis Balinskis and Anton Lundell were all shut down for the season at least a couple of weeks ago. Aaron Ekblad broke a finger this week and he won’t play until next season.

And it was no laughing matter at the time, but Eetu Luostarinen missed nine games — after getting burned while barbecuing.

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“I’d say we had some adversity,” Maurice said.

Add it all up, and Florida is likely going to finish the season with no more than eight players who dressed in last year’s Cup-clinching win against Edmonton on the ice. The Panthers bent, bent, bent all season and finally broke.

“They’ve been true to it,” Maurice said, speaking of the team’s culture. “And we’ve had some tough nights, but the bench has been right and they’re cheering for each other. They’re engaged in the game. They’re talking about the game. It’s just, you’re just not going to be able to produce, not going to be able to execute a whole bunch of things that you normally expect to.”

Put simply, the Panthers might just need a break.

They were in 67 playoff games over the last three seasons, the most in the NHL — and unbelievably, more than 17 other franchises played in that span combined. They’ve logged tons of miles, taken tons of hits and done it all with very short offseasons because their Cup runs kept stretching into June while non-playoff teams are done in April.

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“I think we all know … how good this hockey team is,” Bennett said. “We know how good we’re going to be when we have everyone healthy and everyone back. So, there’s obviously a ton of excitement, I think, in anticipation for next year.”

With good reason. Hockey operations president and general manager Bill Zito has had the vast majority of the core under contract for some time: Barkov, Tkachuk, Reinhart, Bennett, Marchand, Carter Verhaeghe, Jones, Ekblad, Gustav Forsling, Lundell, Rodrigues, Mikkola, Kulikov, Balinskis, Reinhardt and Jesper Boqvist are among those who are signed. The biggest question is at goalie, where Sergei Bobrovsky will be a free agent, but one who is believed to want to remain with the Panthers.

All that talk can wait, at least for a couple of more weeks.

“We’re just focused on this year,” Jones said after the loss Saturday.

Things, if the Panthers are lucky, should look very different next season. Or put another way, things could look like how they were in June 2024 and June 2025, when Florida won the Cup. The celebrations started like this: NHL commissioner Gary Bettman would say a few words, then hand the Cup to Barkov, who would skate away and hoist.

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The Panthers felt like that could have happened again this season. For about 20 minutes, anyway. It was at the 20-minute mark of the first full-team training camp practice where Barkov blew out the ACL and MCL in his knee.

“You know right away. Oh, you knew it was bad,” Maurice said. “He’s a tough one. He doesn’t go down lightly. It was as close to being at a funeral as there can be. The 19th minute, we are humpin’, up and down the ice. And I’m taking it all in thinking, ‘Oh, we’re right there. These guys are focused, they’re fit, they’re pushing themselves. I’m not even yelling at them anymore.’ And then that happens.

“The next three days were a prolonged funeral service. We didn’t know it was going to be for our season.”

If the Panthers were in the playoff chase, Barkov might be playing now. If there was a Game 1 of Round 1 sometime in the next couple weeks, the expectation is Barkov would have been ready. And now, the Panthers will pivot to Game 1 of next season.

They won’t be the defending Cup champions anymore. It might actually rekindle the desire to win it again.

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“Bill Zito’s vision for this team has just been so bang on,” Maurice said. “We have full faith in the vision that he has for the group, and the core is going to be here next year. We’ll all be excited about that.”



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Naples man accused of terror threats arrested after daylong standoff

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Naples man accused of terror threats arrested after daylong standoff


Collier County deputies ended a daylong standoff with a Naples man accused of making terrorist threats.

Deputies arrested Peter Hooker, 60, at his home, Lago Apartments complex at the intersection of Livingston and Radio Roads on Friday, April 3, the sheriff’s office social media reported.

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Hooker is charged with written threats to kill, do bodily injury or conduct a mass shooting or an act of terrorism, a felony.

Deputies received reports that Hooker had made written threats of violence. When deputies arrived about 9:25 a.m., Hooker refused to come to the door.

Concerned that Hooker may be armed, multiple units, along with fire and EMS, responded.

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Throughout the day Hooker continued to ignore deputies’ commands to come to the door, the reports indicate.

Deputies evacuated areas of the complex and closed sections of Livingston and Radio roads.

“This was a complex and evolving situation, and our deputies addressed it with professionalism from start to finish,” Sheriff Kevin Rambosk said. “I also want to thank the public for their cooperation and patience as first responders worked to bring this to a peaceful conclusion.”

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