The gap between condo sellers and buyers in Miami is huge.
A Redfin report found that in August, Miami had nearly 11,500 condo listings and just 3,270 buyers — 250 percent more sellers than purchasers.
Miami was No. 2 on Redfin’s report. The biggest gap on a percentage basis was in San Antonio, Texas, where condo sellers outnumbered buyers 585 to 120 — by 386 percent. Other cities in Texas and Florida were among the five metros with the largest gaps, according to the report, which looked at the 50 most populous metros in the U.S.
Tampa, ranked third, with 241 percent more sellers (5,183 listings) than buyers (1,519).
Farther down the list, Fort Lauderdale had 10,517 condo sellers to just 3,300 buyers in August: a 219 percent difference.
In Jacksonville, 1,808 sellers outnumbered 578 buyers, a 212.5 percent difference.
Orlando had 2,886 sellers to 988 buyers, 192 percent more.
And West Palm Beach had 190 percent more sellers (6,847) to buyers (2,359).
This trend isn’t isolated to Florida or Texas. The report found that more sellers than buyers exist in all but seven of the biggest metros, including in Nassau County, N.Y., and Newark, N.J.. It makes sense. The housing market is still slow, and single-family homes hold more of their value than condos. Houses appreciate in value faster than condos due to the ownership of land.
But Florida, the condo capital of the U.S., is definitely feeling a bit more pain.
What does this mean for the market?
Buyers have more leverage, and should be able to score a good deal. But it’s not so easy to purchase a condo today. Many buildings still don’t have sufficient financial reserves, which means buyers who are using traditional financing have to put at least 25 percent down. A number of condo buildings are also beginning to fully fund their reserves or pay for maintenance and repair projects they had avoided for years, as required by the post-Surfside law.
Other cost hikes make it difficult to purchase a condo: Insurance and property taxes are high.
But if you have the cash to pay for all of this, and eventually could resell the unit for a profit, you’re in a good position. The issue is that most people can’t afford that. The gap will remain high unless a large number of sellers sell (less likely), lower their prices (we’re seeing lots of price reductions) or remove their listings from the market. Some will also have to sell at a loss, or could lose their condos via foreclosure.
Redfin agent Cecilia Cordova wrote in the report that there’s enough condo inventory for two years’ worth of buyers: “My message for people who are interested in a Miami condo: Buy it now with no competition, if you have the buffer to afford future hikes in HOA fees and special assessments.”
What we’re thinking about: The aging condo stock in Palm Beach has weathered the worst of the crisis hitting buildings across Florida, and many buildings are in better physical and financial conditions than they were before. What other cities may be more insulated? And what cities will be hardest hit by the post-Surfside laws? Send me a note at [email protected].
CLOSING TIME
Residential: French insurance mogul Solly Azar sold unit 2601 at Oceana Bal Harbour at 10201 Collins Avenue in Bal Harbour for a record $30.5 million. The buyers were Dan Fischel and Sylvia Neil, who are prominent legal experts from Chicago.
Commercial: Spanish billionaire Amancio Ortega’s Ponte Gadea acquired the Sabadell Financial Center at 1111 Brickell Avenue in Miami for $274.4 million. New York-based KKR and Orlando-based Parkway sold the 30-story tower in what is the region’s largest office sale so far this year.
— Research by Mary Diduch
NEW TO THE MARKET
The waterfront mansion at 176 Spyglass Lane in Jupiter hit the market for $39.9 million. George and Sarah Ann McMahon paid $24 million for the 1.5-acre property in 2021. The McMahons founded Palm Beach Gardens-based investment firm American Infrastructure Partners. Their 19,206-square-foot mansion, with five bedrooms, six bathrooms and two half-bathrooms, was built in 2016 and expanded in 2023, according to the listing. The Admirals Cove property is on the market with Rob Thomson of Waterfront Properties & Club Communities.
A thing we’ve learned:
Whooping cough cases in Florida have surged 81 percent this year, with 1,295 reported as of late September compared to 715 in all of 2024. Doctors warn that the alarming rise, which is driven by waning immunity and lower vaccination rates, puts babies and unvaccinated children at greatest risk.
Elsewhere in Florida
- Billionaire Ken Griffin said that Citadel’s planned Brickell office tower will likely cost about $2.5 billion to develop, more than double earlier estimates, due to inflation and a “more fully developed site program,” Griffin told Bloomberg.
- Griffin is among the heavy hitters headlining the America Business Forum conference in early November. President Donald Trump, Lionel Messi and Will Smith will also be in attendance, marking Miami Mayor Francis Suarez’s last hurrah before leaving office. Suarez is president of the event’s board and was part of the effort to relocate the conference to Miami, Bloomberg reports.
- The new owners of Fort Lauderdale’s Galleria Mall, led by developer Russell Galbut, plan a major redevelopment of the property that could add nine 30-story towers, a hotel and workforce housing under Florida’s Live Local Act. Galbut said the plans, which were filed by the previous owner, are being revised and will be resubmitted, according to the Sun Sentinel.
- Publix Super Markets are now allowing open carry following a recent appeals court ruling that overturned the state’s ban, Miami New Times reports. The publication called stores across Miami-Dade, including Brickell, Coral Gables, Sunny Isles Beach, Kendall and Doral.
