Florida condo and townhouse sales dropped 10.5% in 2024, the lowest in 15 years, according to trade association Florida Realtors, after a hike in special assessments and monthly fees due to new statewide condo safety legislation.

New data from real estate company Redfin suggests condo sales are moving inland and prices there are going up. The median sale price for condos — meaning 50% of the condos cost less and 50% cost more — rose 5.4% year over year on average in January, Redfin said in a release Monday, while condos on Florida's Gulf Coast saw a drop of 4.8% and condos on the Atlantic Coast dropped 3%. “Insurance is much cheaper inland than on the coast, which leads to lower HOA fees and more affordable monthly payments for condo owners,” said Christopher Maggart, a Redfin sales manager covering Orlando. “Condo buildings in central Florida also tend to be newer and up to date with recent regulations. "The condo buildings here that are older than 30 years tend to be no taller than two stories, so they’re not required to go through the inspections that often drive up HOA dues.”

Florida’s property owners are paying the highest premiums in the country. Old Port Cove Towers condo president Mike Beck says windstorm insurance is over a million dollars in North Palm Beach building.

Florida law triggers special assessment, HOA hikes

 

Legislation passed in 2022 after the deadly June 2021 collapse of a 12-story condo in Surfside that killed 98 people led to a series of reforms in safety standards and requirements for milestone inspections for condo developments over 30 years old (about two-thirds of all condos in Florida), structural integrity inspections for condos three stories high and higher, and mandatory monetary reserves for large maintenance repairs and any needed structural upkeep or replacements, among other changes.

To get the money, condo associations imposed special assessments and significant hikes in monthly fees, which may have led to more condo owners selling but fewer people interested in buying.

Gov. Ron DeSantis called for a special session to address condominium law reforms but he and the Florida Legislature fought over the immigration reforms he wanted and little was done.

Several bills have been filed for the upcoming regular session, including bills to:

• allow condo associations for condos under six stories to opt out of the mandatory structural integrity reserve study;
• restrict condos eligible for the new My Safe Florida Condominium Pilot Program to those three stories or taller; and
• create a program to provide grants of up to $2,500 for low-income senior citizens who own a condo if it's their homestead and more.

Where are the cheapest HOA condo fees in Florida?

According to Redfin's analysis of three months of MLS data ending Jan. 31, 2025, in Florida metro areas (where condos make up at least 5% of housing stock and had at least nine condo sales in January 2025), these are the median monthly HOA fees for condos with the year-over-year changes:

Inland Florida Tallahassee: $250 (up 25%) Ocala: $300 (up 11.1%) Gainesville: $346 (up 11.3%) Orlando: $490 (up 9.6%) Lakeland: $522 (up 27.6%)

Gulf Coast Homosassa Springs: $384 (down 14.7%) Tampa: $655 (6.5%) Punta Gorda: $726 (up 14.5%) North Port: $745 (down 2.7% Cape Coral: $804 (up 10.2%) Crestview: $804 (up 10.2%) Panama City: $831 (up 4.5% Pensacola: $889 (down 6.4%) Naples: $1,000 (up 9.6%)

Atlantic Coast   Jacksonville: $500 (up 8.7%) Palm Bay: $622 (up 8.2%) Fort Lauderdale: $646 (up 7.7%) Port St. Lucie: $672 (up 6.3%) Sebastian: $700 (up 14%) West Palm Beach: $719 (up 6.4%) Deltona: $751 (up 7.3%) Miami: $965 (up 10.4%) Key West: $1,063 (up 2.9%)