Posting this blog entry, I want to highlight that although Wisconsin condo sale prices keep rising, it’s still important to mention my recent discussions with at least two board members from different condo associations over the past six months. The condo members reached out to me to discuss area condo fees and the rates others charge. Despite the differences among Wisconsin condominium associations, they share a common issue: rising insurance costs. While Wisconsin condo owners haven’t experienced a drop in sale prices, the article below points to the current impact of soaring insurance costs in Florida, and decreasing condo sale prices there.
Florida Condo Prices Drop as Insurance Crisis Deepens
Sales of condos in Florida have plummeted in January even as prices fall amid high costs of home insurance, according to real estate platform Redfin.
Owners are looking to offload these properties as evidenced by a jump in listings. But the homes are proving difficult to sell, with insurance costs skyrocketing in Florida, making buyers more reluctant to invest in condos in the Sunshine State.
Some of the major metros are seeing a plunge in the sale of homes. Jacksonville, for example, saw the median sale price fall by 6.5 percent compared to a year ago, as the number of sales took a nose-dive by more than 27 percent.
Miami, meanwhile, saw the median sale price year-over-year slide in January by 2.5 percent amid sales declines of nearly 9 percent. Some parts of the state like Cape Coral and North Port are statistically doing well, as they started at a low base after being hit by Hurricane Ian, Redfin pointed out. (story continues)
