( NewsNation ) — A new building safety law and skyrocketing insurance costs have sent condo HOA fees soaring in Florida.
Condo homeowners association (HOA) dues are up more than 15% in Tampa, Orlando, and Fort Lauderdale compared to a year ago, according to a new Redfin analysis . That’s nearly 10 points higher than the 6% median gain across the 43 metros Redfin analyzed.
HOA fees also rose in West Palm Beach (12.8%) and Jacksonville (7.6%). In dollar terms, Miami led all cities with median monthly dues of $835.
Florida is home to the fastest-cooling housing markets in the US
“Many buildings — even those without amenities — now have HOA dues north of $1,000 a month,” Rafael Corrales, a Redfin Premier agent in Miami, said in a statement.
Rising property prices aren’t the reason why condo prices are falling across much of the state.
Instead, there are two main drivers: New safety requirements and the state’s ongoing housing insurance crisis .