TAMPA — Recent reports have suggested there is a shake-up in the Tampa Bay area real estate market with an increase in inventory, but with fewer buyers, leading to what could potentially be a cool down.

However, the real issue, experts say, is the condo market. Florida is famous for its condo living. In fact, approximately 2 million people live in condos, according to the Florida Department of Business and Professional Regulation. They want to be close to the beach, view the water from their living rooms, and put the yard work behind them. But as things look right now, condo living doesn’t appear to be as popular as it was. At least that’s what the market is saying. Part of the reason is there’s a lot involved when owning a condo. “Managing the condo, financing the condo, behavior around the condo. So, there’s an awful lot to know,” according to Jane McCroary with RE/MAX Metro on the beaches.

One of the condos she currently has listed is a two-bedroom at the Yacht and Tennis club of St. Pete Beach. It is on the market for $399,000.

“The original price was $469,000, which at the time was a decent market price, but the market continues to fall as more inventory comes in,” she said.

People just aren’t buying condos right, McCroary said.

“You have to realize the condo market at least in this area, a great percentage of those people are buying a second home and it’s easier to step away from buying a second home than if you really need to re-locate,” she said.

Also, stepping away — some of Florida’s long-time buyers, she says.

“We’re missing all the Canadians because of the U.S. trade situation currently with Canada,” she said. “The difference between the U.S. and Canadian dollars has gotten substantial. I have lost sales over that as well.”

Lastly, ramifications stemming from the Surfside condominium collapse have dealt a financial blow to the market.

State law now dictates that all condominiums three stories and higher undergo a structural assessment conducted by an engineer. And on the funding side, condo associations must now meet a reserves requirement.

“If it’s going to cost you $1.8 million to do the roof, you have to be on track with those savings, so that by the time you get to the roof replacement date, you have that $1.8 in the account,” McCroary explained.

To pay for the structural assessments, to meet reserve requirements and with increased insurance premiums, HOA fees have gone up, she said.

“I think it’s hurt some of the condos that are priced in the lower brackets because now the monthly fees for some of those condos in some cases are $800 a month for a condo that’s maybe $250,000 or $300,000,” she said. “That’s a lot of money for somebody buying in that bracket.”

For those considering buying or selling a condo right now, McCroary has some advice.

“If you’re a buyer, I think we’re at or nearing bottom. So, it’s a super time to buy. There are deals to be had,” she said.