Florida is facing a crisis in the condominium market due to rising costs, especially due to insurance increases, special fees, and difficulties obtaining financing. Many owners have opted to sell their units after seeing their insurance premiums double, facing extraordinary fees of thousands of dollars, and significant increases in HOA fees. The situation has generated a wave of sales that has saturated the market and reduced prices, especially in older buildings.

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Properties over 30 years old have lost up to 22% of their value in the past two years, while new buildings have gained value. This phenomenon is due to new structural regulations imposed after the collapse of the Champlain Towers building in 2021, which killed 98 people. However, less than 25% of associations have complied with the regulations.

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In addition, more than 1,400 condominiums in Florida are on Fannie Mae's "blacklist," further complicating the sale because many lenders won't finance units with pending repairs or inadequate insurance. A mistake on a form can even put a building on the list.

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Governor Ron DeSantis and the State Senate are seeking legislative solutions to extend deadlines and reduce non-essential costs. However, for many families, the situation has already resulted in significant financial losses after investing in properties they cannot sell.