Florida condo market roiled by structural safety standards law

A Florida law enacted after the Surfside condo tower collapse is causing turmoil in the condominium market.

The law, which requires buildings to meet certain structural safety standards, is forcing condo associations to assess hefty fees to make repairs on older properties. In some cases, the cost per unit runs into six figures, according to the Wall Street Journal.

As a result, some owners who cannot afford the assessments are putting their homes up for sale. Prices have plummeted, with some owners having to settle for over 40% less than what they paid for their units.

The inventory of condo units for sale in South Florida has more than doubled since the first quarter of last year. A jump in Florida home insurance costs is another factor driving some to sell, but most of the impact seems to be from the new structural standards law.

Units built less than 30 years ago are selling for about 38% more today than in 2020, but units 30 years or older now fetch almost 12% less than they did that year. The new law requires buildings to pass structural inspections no later than 30 years after they are built.

Massachusetts’ Gov. Maura Healey and Lt. Gov. Kim Driscoll have taken the unusual step of setting up a nonprofit to advocate for pro-housing efforts at the local level. One Commonwealth Inc., will work to provide political and financial support for local housing initiatives, a key pillar of the governor’s agenda.

MFPRO+ News | May 21, 2024

Baker Barrios Architects announces new leadership roles for multifamily, healthcare design

Baker Barrios Architects announced two new additions to its leadership: Chris Powers, RA, AIA, NCARB, EDAC, as Associate Principal and Director (Healthcare); and Mark Kluemper, AIA, NCARB, as Associate Principal and Technical Director (Multifamily).

Mass Timber | May 17, 2024

Charlotte's new multifamily mid-rise will feature exposed mass timber

Construction recently kicked off for Oxbow, a multifamily community in Charlotte’s The Mill District. The $97.8 million project, consisting of 389 rental units and 14,300 sf of commercial space, sits on 4.3 acres that formerly housed four commercial buildings. The street-level retail is designed for boutiques, coffee shops, and other neighborhood services.

Brooklyn's colorful Van Sinderen Plaza affordable housing project includes retail, public spaces. Photo courtesy GLUCK+

Affordable Housing | May 14, 2024

Brooklyn's colorful new affordable housing project includes retail, public spaces

A new affordable housing development located in the fastest growing section of Brooklyn, N.Y., where over half the population lives below the poverty line, transformed a long vacant lot into a community asset. The Van Sinderen Plaza project consists of a newly constructed pair of seven-story buildings totaling 193,665 sf, including 130 affordable units.

USA, Scenic Boston multifamily downtown financial district city skyline and skyscrapers.

MFPRO+ News | May 13, 2024

Special multifamily report indicates ‘two supply scenarios’

Could we be headed towards a “period of stagflation?” That's the question Andrew Semmes, Senior Research Analyst, poses in the Matrix May 2024 Multifamily Rent Forecast update.

MFPRO+ News | May 10, 2024

HUD strengthens flood protection rules for new and rebuilt residential buildings

The U.S. Department of Housing and Urban Development (HUD) issued more stringent flood protection requirements for new and rebuilt homes that are developed with, or financed with, federal funds. The rule strengthens standards by increasing elevations and flood-proofing requirements of new properties in areas at risk of flooding.