Broward County
Condominium sales in South Florida have significantly declined, with August sales dropping by double digits compared to last year. This trend has persisted in Miami-Dade and Broward counties for 11 of the past 12 months, and in Palm Beach County for 10 months. The supply of condos has surged, particularly in Broward (up 100%), Palm Beach (77%), and Miami-Dade (58%). Despite increased inventory, condo...
Broward County commission approved a master plan to address the housing affordability crisis, aiming to implement financial, legislative, and zoning solutions. The plan includes recommendations for cities to allow various housing programs and establish affordable housing trust funds. Funding concerns were debated, with a proposed split of Tax Increment Financing revenue for affordable...
In August, Broward County's single-family house prices remained steady at the median price of $600K, while condo prices ↓ MoM to $275K.Single-family house prices in Broward County ↑ 7% yearly in August from a median of $562.5K.Condo prices in Broward County ↑ 4% yearly in August from $265K....
Since 2021, Florida has implemented a law requiring condominium associations to set aside sufficient reserves for structural repairs, causing a wave of foreclosures across Broward County due to the combination of expensive repairs and rising insurance costs. The law will go into effect in 2025, but no comprehensive fixes have been promised to ease the burden of the reserve requirement. Continue to...