1245 ET - In January, inland Florida's median condo sale price rose 5.4% year over year, outpacing a 3.7% increase for single-family homes, Redfin says, while Gulf Coast condos fell 4.8% and Atlantic Coast dropped 3%. Inland condos benefit from cheaper insurance, lower HOA fees, and newer buildings compliant with recent regulations, unlike costlier coastal areas. Statewide, HOA dues have spiked due to natural disasters, rising insurance costs, and post-2021 Surfside collapse reforms. Florida's 2022 law mandates inspections for condos over 30 years old and sufficient repair reserves, prompting fee hikes and special assessments by Dec. 31. Though inland condo prices rose in three of five metros Redfin studied, the pace has slowed. (chris.wack@wsj.com)
(END) Dow Jones Newswires
February 24, 2025 12:45 ET (17:45 GMT)
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