Compared to 2023, Florida cities are seeing double-digit increases in condo and HOA fees.
Real estate brokerage company Redfin says fees have jumped by 15% in cities like Orlando, Tampa, and Fort Lauderdale. The reason is skyrocketing insurance costs and new state safety regulations.
Depending on where you live, condo fees were around $500-$600 a month. Ashley Webster from the Fox Business Network (FBN) reported that those same owners are now seeing their costs go up anywhere from $2,000 to $3000 per month.
“With condo owners being hit with higher costs and hefty special assessments, the market is open for those looking for a bargain,” because owners simply can’t afford to make those payments,” said Webster.
The latest analyses by Redfin do show a drop in condo prices across the state.
Compared to last year, Jacksonville saw a 7% drop in prices. Prices in Tampa have dropped around 5%. Cities like Fort Lauderdale saw a decline of 4%. Miami 2.2%) and Orlando just 0.5%).
While prices have dropped, analysts point out maintenance costs are still high.