ST. PETERSBURG, Fla. — Following the collapse of the Champlain Towers South building in South Florida in 2021, state legislators passed stricter laws when it comes to structural safety inspections and reserve studies. 

What You Need To Know

  • Florida's new condo law requires buildings that are 30 years old or more to undergo inspections before Jan. 1, 2025

  • Existing condo-townhouse sales totaled 8,339, down 20.5% over June 2023, according to data from Florida Realtors Research Department.

  • Renee Mott, a real estate agent in St. Petersburg, says the average condo is selling for just over $300,000. 

Those new inspections need to be done on high rise condominiums older than 30 years, by the end of December 2024.

This is just one reason agents say they believe condominium owners have had a tough time selling.

"Condo sales are down," said Renee Mott of Future Home Realty in St. Petersburg. "Especially in comparison to 2022. Of course, we were like 208% as opposed to July of this year, 18%.”

Mott has been a real estate agent in the Tampa Bay area for almost a decade.

She said while summer time is generally slower for condominium sales, the new state law has caused issues statewide. Mott recommended patience to sellers, adding it is a buyers market right now.

“A perfect time to buy. Right now, the average condo sale is $300,000 in Pinellas County," said Mott. "That's been pretty steady for the last two months.”

Buyers also will find themselves with double the inventory compared to 2022. Buying or selling though, Mott recommends a seasoned, knowledgeable agent.

“So many variables come into play," Mott said. "For example, they're raising their reserves. What inspections have been done? What are on the calendar to be done? How will that reflected in the next year as far as assessment."

Many of the condominium sales today are cash sales, Mott said, as it has been difficult for some to find lenders in the current market.