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.

The U.S. is ill-prepared to provide adequate housing for the growing ranks of older people, according to a report from Harvard University’s Joint Center for Housing Studies. Over the next decade, the U.S. population older than 75 will increase by 45%, growing from 17 million to nearly 25 million, with many expected to struggle financially.

Yale University breaks ground on the nation's largest Living Building student housing complex

University Buildings | Dec 8, 2023

Yale University breaks ground on nation's largest Living Building student housing complex

A groundbreaking on Oct. 11 kicked off a project aiming to construct the largest Living Building Challenge-certified residence on a university campus. The Living Village, a 45,000 sf home for Yale University Divinity School graduate students, “will make an ecological statement about the need to build in harmony with the natural world while training students to become ‘apostles of the environment’,” according to Bruner/Cott, which is leading the design team that includes Höweler + Yoon Architecture and Andropogon Associates.

Almost a million apartment units are currently under construction in the U.S., says Apartment List.

MFPRO+ News | Dec 7, 2023

7 key predictions for the 2024 multifamily rental housing market

2024 will be the strongest year for new apartment construction in decades, says Apartment List's chief economist.

Codes and Standards | Dec 7, 2023

New York City aims to spur construction of more accessory dwelling units (ADUs)

To address a serious housing shortage, New York City is trying to get more homeowners to build accessory dwelling units (ADUs). The city recently unveiled a program that offers owners of single-family homes up to nearly $400,000 to construct an apartment on their property.