As Florida Condo Prices Fall, What’s a Condo Seller to Do?

Mandates that associations have adequate reserve funds for maintenance and repairs mean older buildings could be retired to make way for new development.

Pastel stucco condos with palm trees in Florida.
(Image credit: Getty Images)

Condo prices in Florida have been steadily falling, fueled by an increasing rate of motivated sellers.

Certainly, high interest rates are a part of this trend, but a closer look suggests that changes to the Florida Condominium Act — the state’s laws governing condominium associations — may be a major factor behind the market trend and also suggests that a development boom could be coming.

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Joseph Hernandez
Partner, Real Estate Practice Group, Bilzin Sumberg Baena Price & Axelrod LLP

Drawing on his prior experience as a banker and general counsel for a private equity firm, Joe Hernandez counsels a variety of clients in negotiating and structuring complex commercial real estate transactions. He represents real estate developers, financial institutions, private equity firms, family offices and public entities in all phases of such transactions, with deals across the United States, Latin America and the Caribbean.