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HOA Fees Surging in the Sunshine State 

Appraisal Buzz

In Tampa, FL, the median monthly homeowners association (HOA) fee jumped 17.2% HOA fees also rose in West Palm Beach (12.8%), Jacksonville (7.6%) and Miami (5.7%). It’s common for HOA fees to increase over time as property prices increase, but that’s not what’s happening in Florida. That’s the steepest increase among the 43 U.S.

HOA 370
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Double whammy: Florida condo market grapples with rising insurance costs, milestone inspections

Housing Wire

What is happening with condos is that we have the condo safety act that was implemented, and the milestone inspections, and then the reserve fundings that are going to be required,“ Pithers added. While condo complexes have their own master insurance policies, some of the cost of these policies is passed to owners through monthly HOA fees.

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Owning a condo in Florida is becoming less attractive: Redfin

Housing Wire

Meanwhile, homeowners association (HOA) fees multiplied for many condo buildings in the aftermath of the 2021 Surfside condo collapse. In May 2022, the Florida Legislature introduced a new condominium safety law, which mandates more rigorous inspections and stronger financial reserves for HOAs.

HOA 482
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6 things you should do after moving into your new home

Housing Wire

Understand HOA Rules. One of the first things you should do when you move is gain an understanding of HOA rules. Some HOAs require status updates on the property, like when the mortgage is transferred. Make sure you inspect your HVAC system to see if anything is broken or looks like it’s on the verge of being broken.

HOA 488
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Buyers backing out of purchase agreements at elevated rates: Redfin

Housing Wire

“Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue.

Buyers 436
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Going to Extremes

Appraisal Buzz

Couple that with the new Florida regulation requiring HOAs to maintain reserve funds for future expenses related to maintenance and inspections, and it’s no surprise that HOA dues are soaring. And in some condominium markets in Florida, home values are taking a hit as insurance premiums skyrocket.

HOA 370
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Buyers Retreat as Home Prices Hit All-Time High in June

Appraisal Buzz

“Buyers often back out during the inspection period because they find something they don’t like, but affordability is really the underlying issue.

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