For condominium associations, all sorts of issues may arise from time to time. For example, a condo association may become entangled in a legal dispute, have difficulty enforcing documents, become involved in a standoff with a developer or have a hard time collecting funds. In Miami-Dade, and all other parts of Florida, the condominium market is constantly changing, which can also affect condo associations.
A recent report draws attention to some of the concerns that people may have concerning the condo market in South Florida. In fact, Miami-Dade is seeing a significant increase in luxury condominium inventory as foreign purchasers have backed off. Between the fourth quarter of 2015 and the same period in 2016, there was a 69 percent increase in luxury condominium inventory in the region.
When it comes to condominiums in the $2 million to $4.9 million price range, Miami-Dade has 58 months worth of supply. However, for condominiums that are selling at more than $5 million, the supply in Miami-Dade is 108 months. Because of the current market, many sellers in South Florida have lowered their prices.
Regardless of the type of problems a condo or homeowners association is facing, figuring out the most sensible way to tackle the issue is paramount. Understanding condominium association law can be tricky and many people who are facing these hurdles feel as if they do not have enough time. However, there are steps they can take to gain a clearer understanding of the smartest course of action. For example, some consult a legal professional who has handled many of these cases.
Source: TheRealDeal.com, “Condo inventory skyrockets in South Florida as foreign buyers remain on sidelines: EWM,” Francsico Alvarado, Feb. 1, 2017