The old Florida condominiums are suddenly sold faster than the new constructions

The condominiums built more than 30 years ago are becoming some of the most popular properties in southern Florida, and recent data show that they are sold faster than the newest units, often for less than half of the price.

“I think these old condominiums will be like classic cars,” said Scott Differeferfer based in Compass Broker, based in Miami, Fox News Digital. “There are only some people who prefer them. They have much more charm for some people, some of them have excellent designs and excellent cabinets, and things that are much more expensive in new condominiums.”

“People are looking for affordableness,” said BH Group’s Chief of Acquisitions, Alex Tukh, Fox News Digital, “and Bresses, in general, are less expensive in the same places as the new developments, so it is a problem of affordability.”

One July Miami Realtors report He discovered that Miami-Dade condominiums in buildings of 30 years or more are spending less time in the market than those of the buildings of 29 years or less, 62 days compared to 79.

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The trend is linked to affordable pressures, new regulations and redevelopment opportunities, according to Differefer, which specializes in sales of older condominiums, and Tukh, whose signature leads the re -urbanization of older condominiums in luxury projects.

The construction of condominiums is shown in the Brickell financial district of Miami. (Getty images)

“People are becoming very comfortable with the new law that came into force in January, which requires the oldest buildings to repair and maintain their structures,” said Differefer, referring to the so -called condo 3.0 bill.

The law followed the collapse of June 2021 of the Champlain Towers South Condominium in Surfsis, Florida, which killed 98 people and caused radical changes in the State Condominium Security rules. Federal and state researchers then determined that the tragedy arose from serious structural deficiencies, especially in the pool cover, where the concrete was inadequate and the reinforcement steel had been corroded.

“The price of new constructions and new buildings is much more than older buildings than … the market is talking and many people cannot afford these new buildings,” he continued. “In Miami-Dade County, the recent average sale price of a 1,300 square feet condominium, two bedrooms and two bathrooms in a building of less than 10 years is $ 1.15 million … the same (in a) oldest building … it costs $ 505,000. Therefore, it can see that it is less than half.”

The renovations also take into account the value of the oldest condominiums: “If you buy a condominium of $ 700,000 and put $ 300,000, it still has a million dollars compared to $ 2.5 million for a new construction of the same condominium in Miami Beach.”

BH Group, on the other hand, has been working to collect older buildings for an eventual demolition for new luxury compilations. In the developer’s opinion, major condominiums attract investors when considering market demand and land scarcity.

“Any investment we see, we start with the location,” Tukh said. “And many of these older condominiums are in main locations. There is no more land, necessarily, in these main markets. Therefore, we have to look for (for) other ways of creating additional value in those markets, and redevelopment is one of them.”

“Reouthbanization is an option, especially when it is not feasible to continue trying to maintain a property that is functionally obsolete or that simply does not have the density that the New Zoning allows … definitely, the new regulations have an impact for the owners and the joints of the oldest communities, and it could be a beneficial benefit for all. Know, a decent payment day also.”

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Tukh also retreated any criticism about the displacement and affording of older condominium residents in the southeast of the state of the Sun.

“Florida, South FloridaIt is still affordable, “he argued.” You may not get oceanic fronts, but you can still get a good quality neighborhood, insurance and good schools. Florida has many things: security, pro-negocium, without State Tax for Income … There has been a lot of influx of people and continues. “

The Southern Condominiums market has also been promoted by continuous migration to the region. Between 2020 and 2024, the population of Florida grew approximately 8.2%, the fastest rate in the nation, adding almost 1.8 million residents. The Miami Metropolitan Area-Fort Lauderdale-West Palm Beach Beach, which includes Miami-Dade, Broward and Palm Beach counties, classified between the three main US regions for population growth from 2022 to 2023, largely driven by international migration, according to US census data.

DIFFEERFER is aimed at bursting the myths about security around the oldest condominiums and the erroneous idea number 1 that they are a “money well.”

“The greatest thing is that it is a money well … just behind that, it is security. There are people who think they are insecure and you really have to return and look, just a building has collapsed. There are tens of thousands of condominium buildings in Florida in the water that are old, and only one has collapsed,” said the compass agent.

He predicts that trust will grow as repairs are completed: “This new law also requires that reservations are implemented so that these buildings are prepared for future repairs. Once this large initial financial accountant occurs, I think it will be excellent for the market. All buildings may feel that they are safe, which are financially stable.”

For buyers, the real estate agent has optimism that the major condominiums represent affordability and opportunity, while on the developer’s side, they exemplify the future of the horizons of southern Florida.

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“The future is so brilliant that we have to use tones at this time,” said Differefer. “The old condominiums, the opportunity is so incredible … Once these repairs are carried out, it will be obvious and I think you will see that the value of the oldest condominiums is very close to the newest condominiums.”

“We recently closed three older condominium reurbers … The future seems very brilliant,” said Tukh. “There are many older associations and cooperatives that are excellent objectives for redevelopment. Therefore, we are very optimistic in the market.”

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