As the demand for real estate in Miami-Dade begins to soften, the county's condominiums have recorded a slight decrease in property values, down by nearly 1% compared to 2024. This trend marks a stark contrast to the overall increase of about 7% in real estate values across the county. This is compounded by several challenges such as new state mandates on condo maintenance, stricter certification rules and the rising costs of insurance, leading to reduced buyer interest and signaling a looming crisis for the condominium market, according to Property Appraiser Tomás Regalado.
"The condos are the next great crisis, because of a perfect storm," Regalado said, indicating that various factors contribute to the decline in the condominium market.
Miami-Dade's report showed an 8.5% increase in overall property values, but condo values have seen a decline, highlighting a shift in the market.
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