Florida
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.
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.
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.”
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.”
A truck driver is accused of hitting a parked car and then driving off, according to Orlando police.
Rakeem Williams, 32, faces a charge of leaving the scene of a crash with property damage, according to an arrest affidavit.
Police said Williams attempted to drive down a narrow road near South Street when he hit the parked car.
🏆 Residential: The top home sale recorded in South Florida was in Pinecrest, where Ernesto and Magaly Santana parted with a 11,500-square-foot mansion at 10101 Southwest 60th Court for $13.4 million. Magaly Santana is an heiress to the Sedano’s Supermarkets fortune. The buyer was a trust tied to Alexei Y. Antipov. The home has seven bedrooms and six and a half bathrooms and sits on a 1-acre lot. It was on the market for about $15 million. Cristina Lujan of Brown Harris Stevens Miami had the listing, and Roberto Morales of Edmond Roberts LLC brought the buyer.
🏆 Commercial: The most expensive commercial deal logged in South Florida was in Miami, where a 5-acre development site at 90 Northwest 137th Avenue in Miami sold for $11.3 million. The seller was Miami-based Silver Eagle Enterprises. The buyer was a trust. The site sits within Miami-Dade County’s Urban Development Boundary, according to a listing with Avison Young.
📊 Residential: A 6,700-square-foot home at 3701 Park Avenue in Miami changed hands for $12.6 million, or nearly $1,900 per square foot. An LLC managed by Jonathan Leyva sold the property to a trust. The home, constructed last year, has six bedrooms, five full bathrooms and two half baths. Its last asking price was $13.5 million. The seller’s agent was Michael Garcia with Real Estate Sales Force. Debra Wellins with BHHS EWM Realty represented the buyer.
📊 Residential: In Miami Beach, Eli and Revital Finkelman — he is a tech entrepreneur — sold a waterfront home at 4510 Prairie Avenue for $11.5 million. The buyer was 4510 Acquisition LLC. The Finkelmans had owned the 5,600-square-foot home since 2019, when they purchased it for $7 million. The house, built in 2018, has six bedrooms and six and a half bathrooms. The sale works out to just over $2,000 per square foot. Citadel Realty’s Natalie Turetsky had the listing. Compass’ Mendel Fellig represented the buyer.
📊 Residential: Wade Davis, vice chairman of the board at TelevisaUnivision, and Dr. Jennifer Mascarenhas, an anesthesiologist, dropped $10 million to purchase a condo at 1643 Brickell Avenue in Miami. A trust was the seller. The seven-bedroom pad has seven and a half bathrooms across 10,000 square feet. The sale breaks down to $1,000 per square foot. The unit last sold in 2022 for $12 million. It went back on the market in December 2022 for $15 million; its last asking price was just under $12 million. Compass’ Liz Hogan represented both sides of the deal.If you like this digest, you can get it even earlier — every evening — by subscribing to TRD Data, here.
FAYETTEVILLE, Ark. – Behind a pair of four-run innings, the No. 5 national seed Arkansas Razorbacks recorded their third-consecutive run-rule victory by defeating South Florida, 10-2 (6 inn.) in the 2026 Fayetteville Regional Final to clinch their fifth Super Regional appearance in program history on Sunday afternoon at Bogle Park.
With the win, Arkansas will host a Super Regional next weekend at Bogle Park against Duke (42-15). The Razorbacks previously hosted Super Regionals in 2021, 2022, and 2025. It marked the first time in program history that Arkansas went undefeated in NCAA Regional play with all wins coming by run-rule.
South Florida got out to an early 1-0 lead courtesy of Jamia Nelson hitting into a 6-4-3 double play with no outs in the top of the second inning. The Razorbacks responded with four runs in the bottom of the second courtesy of an RBI double from Atalyia Rijo and a three-run home run from Kennedy Miller. South Florida cut the Hogs’ lead to 4-2 courtesy of a leadoff solo home run from Alexa Galligani in the top of the fourth inning. In the bottom of the fourth inning, Arkansas extended its advantage to six, plating runs courtesy of an Ella McDowell double, an RBI groundout from Tianna Bell, a Dakota Kennedy single, and Karlie Davison doubling down the line in right field. Dakota Kennedy then clinched the run-rule and the Hog’ Super Regional Berth in the sixth inning with a two-run double into the left-center field gap that made it the final, 10-2.
Arkansas smashed an NCAA Tournament program record six doubles while recording 11 hits in the win. In addition to Kennedy Miller’s three-run blast, Brinli Bain paced the Hogs offensively with a 3-3 day that featured her 18th double of the season, a run scored, and a walk. Karlie Davison continued her postseason tear at the plate with a 2-3 day that featured a pair of doubles, an RBI, and a run scored. Dakota Kennedy also recorded a pair of hits in a 2-3 effort with a double and three RBI.
Saylor Timmerman was dominant in relief, fanning four while retiring all nine batters faced to improve to 10-2 on the season. Timmerman relieved Payton Burnham, who allowed two runs on three hits and a walk in her three innings pitched.
Carley Ernst (5-5) took the loss for South Florida (44-17) after yielding four runs on four hits and a walk in 1.2 innings of work.
The Razorbacks are now 45-11 on the season with a program-record 24 run-rule victories and a 27-3 home record at Bogle Park. The Razorbacks’ 45 wins are the third-most in program history, trailing only the 1999 (46) and 2022 (48) teams.
HOW IT HAPPENED
Payton Burnham made her 17th start of the season for Arkansas, while South Florida went with sophomore right-hander Carley Ernst.
In the top of the first inning, Tianna Bell made an impressive play at first base on a hard-hit line drive from the Bulls’ Olivia Elliot. Burnham then issued consecutive flyouts to Reagan Johnson in center field to complete the 1-2-3 frame.
Brinli Bain doubled off the wall in center field with one out in the bottom of the first inning. South Florida second baseman Kathy Garcia-Soto then turned an unassisted double play to end the inning.
South Florida loaded the bases with no outs in the top of the second inning, courtesy of a walk and a pair of singles. The Bulls took the early 1-0 lead courtesy of Jamaia Nelson hitting into a double play. Burnham then induced a flyout to left field to end the inning with a runner stranded on third.
Karlie Davison continued her postseason tear at the plate with a double into the right-center field gap. A batter later, Atalyia Rijo tied the game with a double into the right-center field gap that plated Davison. Kailey Wyckoff drew a walk before Kennedy Miller gave Arkansas a 4-1 lead with a three-run home run to center field. Arkansas loaded the bases following Miller’s blast with a walk from Johnson, a single from Bain, and a walk from McDowell, but USF escaped with a flyout.
Rijo was the lone batter to reach base for either team in the third inning. Johnson made an impressive leaping grab on the warning track for the second out in the top half of the inning.
In the top of the fourth inning, South Florida cut the Hogs’ lead to 4-2 courtesy of a solo home run from Alexa Galligani. Following the home run, Saylor Timmerman entered the circle in place of Burnham and retired her first three batters faced courtesy of a diving stop by Ella McDowell at third and consecutive strikeouts.
Arkansas responded with four runs in the bottom of the fourth inning. Johnson singled through the right side with one out, then stole second base. Bain followed with a walk, and Ella McDowell drove in Johnson with an RBI double to give Arkansas a 5-2 lead. The Hogs would add two more runs courtesy of an RBI groundout from Tianna Bell and an RBI single from Dakota Kennedy. Davison added the fourth and final run of the stanza with an RBI double down the right-field line.
Both teams were retired in order in the fifth inning as Timmerman picked up her third strikeout of the contest.
Timmerman registered another 1-2-3 frame during the top of the sixth courtesy of a groundout, strikeout, and groundout. In the bottom of the sixth, Bain collected her third hit of the contest with a single through the right side to lead off the bottom of the sixth before being pinch-run for by Kasey Wood, who would advance to second on a walk by Ella McDowell. Dakota Kennedy ended the run-rule triumph with a double into the left-center field gap that allowed both Wood and McDowell to score, making it the final 10-2.
NOTABLES
- With the win, Arkansas earned its fifth trip to a Super Regional in program history. Arkansas previously made appearances in 2018, 2021, 2022, and 2025 while hosting its three previous Super Regionals.
- The Hogs’ 24th run-rule victory of the season broke the single-season program record of 23 initially set in 2025.
- Arkansas is 308-9 when scoring eight or more runs all-time, including a 173-1 mark during the Courtney Deifel era (2016-present). The Razorbacks are on a 121-game winning streak when scoring 8+ runs. The last loss the Razorbacks had when accomplishing the feat was a 12-11 loss to Oklahoma State on Feb. 11, 2021, during the season opener at the Best on the Bayou Classic in Monroe, La.
- Arkansas is now 27-28 all-time in NCAA Tournament play, including an 20-16 mark under head coach Courtney Deifel. The Razorbacks have now won six consecutive regional round games dating back to 2025.
- Brinli Bain registered her 18th double of the season, which is tied for the second-most by a Razorback in program history alongside Jessica Bachkora (2010).
- The Razorbacks 45 wins are the third-most in program history, trailing only a 46-win season in 1999 and the 2022 squad’s 48 wins. Arkansas has now eclipsed last season’s win total.
- The Hogs’ six doubles in the win were the most during an NCAA Tournament game and tied for the second-most in any game in program history, trailing only a pair of seven-double performances against Lamar on March 4, 2017, and Missouri State on April 28, 2010.
Up Next
The Razorbacks will face the Duke Blue Devils in Super Regionals. Duke beat Arizona twice on Sunday by the scores of 8-6 and 9-4. Game times will be announced in the coming days.
For schedule updates and other news, go to ArkansasRazorbacks.com, or follow @RazorbackSB on X, Instagram and Facebook.
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