Malcolm Fabre, president of the Summerhouse condominiums association in St. Augustine Beach, said concerns about the assessments are driving a surge in sales.
“I’ve had several people call me and say they’re doing that,” Fabre told local media News4JAX.
The financial strain stems from years of underfunded maintenance reserves. Bill Hughes, research director at the University of Florida’s Kelley A. Bergstrom Real Estate Center, noted that condo owners are now confronting years of deferred costs.
“They’re stuck in the middle,” he said, referring to the sudden need to budget for overdue repairs.
The Northeast Florida real estate market is feeling the effects. October saw a 118% year-over-year increase in condo listings, with many owners seeking to avoid impending financial obligations. Despite this surge in inventory, Northeast Florida Association of Realtors president Rory Dubin said the regulatory changes have pushed more condo owners to sell but he insists that demand remains healthy.