If you currently own or are thinking about buying or selling a condo this is the update for you. There are many reasons people buy condos and they can be a great second home, vacation rental or primary residence, however let’s dig into what you need to know. Scroll down for the graphs and supporting data, including best selling complexes.
Over 68% of condos in Florida are affected by the Florida Senate Bill 4-D. This requires condos that meet certain criteria have a Structural Integrity study completed by December 31, 2024. The study can be costly and following that the property may require repairs. See below for the criteria.
Of the 1.05 million units that the requirement impacts, many HOAs have had to increase fees in order to cover the study, and or subsequent repairs. Property taxes and property insurance have also had an impact on fees.
In the Jacksonville Metro Area, condos make up 12% of listings and the number of condos on the market is rising, however when we look at listings by market share it is consistent since January.
Buyer demand for condos has decreased by 17% as compared with 2023. Condo sales as a percentage of overall sales has been slowly declining since 2021.
The most popular complexes in St Johns County are Palencia, Vista Cove, Conquistador, Belleza, The Greens and Summer House. See the top 20 list below by sales.
In some communities there are so many listings that the complex is saturated and they are having a harder time selling. This is due to unrealistic list prices, too many in the same complex for sale, and/or condo fees that are higher that what most people are prepared to pay. Granted some of these fees include almost all running costs and are not apples to apples in what they include.
Average days on market for an average condo is 55 days.
What we know:
- The Structural Integrity Study is required for condos and co-ops that are 3 stories or more in height must have a milestone inspection once the building reaches 30 years in age, and every 10 years thereafter.
- If the building is within 3 miles of coastline, the milestone inspection must be conducted when the building reaches 20 years of age, and every 7 years thereafter.
- Initial studies for existing buildings due by December 31, 2024. These studies require a detailed inspection and cost estimation for the maintenance and replacement of common elements over a 30-year span.
HOW MANY CONDOS IN FLORIDA DOES THIS IMPACT?
ARE MORE CONDOS HITTING THE MARKET DUE TO THIS?
ARE THE NUMBER OF CONDOS ON THE MARKET INCREASING?
HAS BUYER DEMAND FOR CONDOS CHANGED OVER TIME?
HOW LONG WILL IT TAKE TO SELL?
ARE CONDO SALES DECLINING?
TOP 20 BEST SELLING HOA COMPLEXES – ST JOHNS COUNTY
WHICH COMPLEXES ARE TAKING THE LONGEST TO SELL?
