Despite the collapse of a condominium building in June and the growing threat of rising sea levels, condo sales in South Florida have only accelerated, new data suggest.
“The flow of capital to South Florida shows absolutely no sign of abatement,” Ana Bozovic, founder of Analytics.Miami told the South Florida Sun Sentinel newspaper.
The firm, which produces regular reports on the Florida real estate market, said that for the third quarter of this year, sales for condo units in Miami-Dade County were the highest in years. Some 6,250 units sold in the quarter, and the most expensive units, those priced at more than $1 million, saw a 228% increase over 2019 levels, the newspaper reported.
After the 12-story Champlain Towers South in Surfside collapsed in June, killing 98 people, real estate observers feared that the market would dry up. But the Analytics report shows the opposite has happened.
In Palm Beach County, almost 5,000 condos sold in the third quarter, marking a 22% increase over 2019. In nearby Broward County, more than 5,600 condo units sold in the third quarter, a 19% increase from 2019.
Brokers said that some sales in the area immediately surrounding the Champlain Tower site have slowed, and nearby sales slowed immediately after the collapse, then picked up after that. More potential buyers have been inspecting properties more closely, including checking basements and parking areas, for structural problems, the report said.
The hot market could change, however, if insurance carriers begin to shy away from properties that don’t meet repair and maintenance standards, or don’t have records of proper care, according to a principal with Condo Vultures, a property database website.
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