Happy Friday, Orlando. A partly cloudy start to the day will lead into scattered showers and storms this afternoon. Highs will reach 93° with lows hovering near 77°. Here’s what’s on deck:

• Florida Condo Listings Skyrocket Amid New Regulations and Rising Costs

• What’s Happening this Weekend?

Let’s dive in.

REAL ESTATE

Florida Condo Listings Skyrocket Amid New Regulations and Rising Costs

What’s happening: Condo listings in Florida are skyrocketing as new regulations requiring inspections of aging buildings take effect and HOA costs continue to climb. The surge is particularly acute in South Florida, where the 2021 Surfside condo collapse has created heightened awareness and urgency around structural safety.

By the numbers: In the second quarter of 2024, 20,293 condos were listed in Palm Beach, Broward, and Miami-Dade counties, a dramatic increase from 8,353 during the same period last year. Nearly 90% of these units are in buildings over 30 years old, many facing looming inspection deadlines by year-end.

Driving the trend:

• New state regulations mandate inspections for buildings over 30 years old, leading to fears of costly repairs and special assessments.

• Many condo owners, particularly retirees on fixed income, are anxious to sell before potential structural issues are uncovered, but buyers are hesitant to take on these risks.

Zoom in: The recent SB 4-D Bill, enacted in response to the Surfside tragedy, has exacerbated the situation by requiring proof of funds for necessary maintenance and repairs, further straining condo owners financially.

What’s next: With the December 31st deadline looming for inspections, real estate experts predict the number of condos on the market will continue to swell, creating a buyer’s market where older units struggle to attract interest. Former state senator Jeff Brandes has called for emergency action to address what he describes as a “man-made crisis,” urging Florida’s legislature to mitigate the financial burden on condo owners, particularly vulnerable seniors.

Read more here (Newsweek)

ON THE DOCKET

What’s Happening this Weekend?

1. Orlando City faces off against Cruz Azul tonight in the Leagues Cup Round of 32. The match kicks off at 7:30 PM at Inter&Co.

2. The Central Florida Home Expo is at the Orange County Convention Center this weekend. Doors are open from 10-6 on Saturday and again from 10-5 on Sunday. Admission is free.

3. Before It Melts, a new ice cream shop in Lake Nona, hosts its grand opening party on Saturday from 12-4 PM.

4. Following the grand opening, Lake Nona Live is back from 6-10 PM with live music in front of the Beacon.

QUICK HITS

In Other News…

1. Wendy’s is testing new AI drive-thru technology at one of its Orlando locations off of Dowden Road.

2. Orlando-based blood center OneBlood has fully recovered from the organization’s recent ransomware attack and is now operating at normal levels.

3. A new report from ADP shows Florida wages continuing to grow despite a decrease nationally.

Thanks for tuning in to today’s edition of the newsletter. See you back here on Monday.

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