The Golden Key Condominiums in Bay Harbor Islands have successfully navigated recertification and new regulations while maintaining affordability. Despite rising prices in high-end condos, the general sales of condos in Miami-Dade and Broward continue to decline, attributed to difficulties in financing, inventory shortages at lower price points, and increasing costs. A recent report shows a polarized market, with contrasting trends in lower and higher price tiers. New legislation aims to provide financial relief to condo owners through extended inspection deadlines and other measures.
"We're seeing a highly polarized market, with sales moving either in the lower price-tier markets that are affordable for most buyers or in the high-end markets where cash buyers make up about half or more of the sales."
"Barely 1% of the nearly 2,400 condominium buildings in Miami-Dade, Broward and Palm Beach are approved for Federal Housing Administration loans, according to the U.S. Department of Housing and Urban Development."
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