Exorbitant HOA fees force Florida retirees to sell their condos and relocate

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Exorbitant HOA fees force Florida retirees to sell their condos and relocate

‘They can’t keep up with the payments’: Exorbitant HOA fees force Florida retirees to sell their condos and relocate

If you live in a Florida condo, you may be facing some unexpected challenges in the form of higher homeowner’s association fees this year.

A Redfin

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found that HOA dues have risen sharply, with three Florida metro areas experiencing increases that more than double the fee hikes in other cities nationwide.

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And this is having a negative impact on the condo market and owners are now forced to choose between selling for less or staying in a home where their costs have gone up dramatically.

Florida condos are seeing a staggering surge in HOA

Redfin analyzed HOA fees during the three months ending July 31 for condominiums in 43 metro areas across the ******* States. While the

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showed a 6% median gain among all the cities analyzed, dues went up far more in the Sunshine State.

In fact, Tampa saw the sharpest cost increases in the nation, with dues jumping a whopping 17.2% year over year. Orlando was a close second, with median HOA fees rising 16.7%, and Fort Lauderdale had the third-highest increase, at 16.2%.

Other Florida metros, including West Palm Beach and Jacksonville, also saw above-average HOA fee increases, at 12.8% and 7.6% respectively. Miami, at first glance, appears to have been spared with just a 5.7% increase, but that’s largely because dues were already so high there. With an average median cost of $835 monthly, Miami condo fees are higher than any other area in Redfin’s review.

While these price increases are astronomical, there are ample reasons why Florida condo owners are being hit so hard.

One of the biggest justifications for rising costs is the passage of Senate Bill 4-D in Florida, which was passed in the wake of the Surfside Condo collapse. The 12-story condo fell in June 2021, ******** more than 100. Aimed at preventing further tragedies, Senate Bill 4-D set new inspection requirements and new reserve requirements to ensure there are funds for repairs. HOAs are collecting

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.

Insurance costs have also skyrocketed throughout Florida for condos and single-family homes, with a Redfin

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revealing three-quarters of all Florida property owners indicated premiums were up.

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These added costs, combined with inflation occurring nationwide, have pushed HOA dues to record-high levels, leaving many condo owners concerned about paying their bills.

Read more: Car insurance rates have spiked in the US to a stunning $2,150/year — but you can be smarter than that.

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Property values are taking a hit

With HOA fees skyrocketing, property values of condo buildings are falling — especially in the metro areas where dues are seeing the biggest jumps. In fact:

Jacksonville condo ***** prices fell 6.6% year-over-year based on July data, which is the biggest decrease of any metro area

Tampa condo ***** prices declined 4.9%

Fort Lauderdale prices declined 4.2%

Miami condo prices fell 2.2%

Orlando ***** prices were down 0.5%

These declines occurred at the same time as condo prices across all 43 metro areas gained 1.9%. The simple truth is that many buyers are scared away by expensive condo fees that appear to be rising rapidly.

Unfortunately, this leaves property owners facing a difficult choice: stay as dues become unaffordable or sell the condo for a reduced value and try to find somewhere more affordable to live at a time when

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and where many condos in Florida are experiencing the same fee increases.

Those considering buying a condo should carefully research HOA costs both now and in the past to see how quickly dues are rising. For those who already own properties, cutting back to afford HOA fees may be their best and only option — short of being able to find a more affordable place to live outside of the Sunshine State in an area not plagued by these issues.

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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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