Condos in Miami-Dade County's older buildings have started selling more quickly than new structures. This shift follows a new Florida condo safety law requiring inspections and repairs to ensure structural integrity. Older condos, particularly those well-maintained, spend an average of 62 days on the market; newer condos take 79 days. Increased inspection and repair costs are prompting some owners to sell. However, these regulations may enhance buyer confidence in the long-term value and safety of older condos. The median price of Miami condos has surged significantly over the past decade.
"Older buildings, even those from the '60s - the buildings that have been well maintained over the years - those are the ones buyers are purchasing," Alfredo Pujol, the Miami Association of Realtors' chairman-elect, told the Miami Herald.
"Property values are continuing to increase, and a lot of homeowners are downsizing," Pujol said. "We're seeing buyers coming in from New York and Chicago who know what they're getting into and that the repairs and upgrades being done will add value in the future."
Collection
[
|
...
]