In a shocking reversal that has caught many by surprise, older condominiums in South Florida are now fast selling in great numbers compared to their newer counterparts. With the data from the Miami Association of Realtors, one can hardly stand amazed that the average days of selling a condo in a building older than thirty years is just sixty-two days while that of a twenty-nine-year-old building condenser is seventy-nine days. This seventeen-day difference would seem to lie against the better judgment of buyer preferences mainly affected by affordability and market dynamics.
Not only that, but in addition to speed of sale, there has been a reported year-on-year change in June 2025 in the area where condo sales at $1 million and above have increased by 6.4%, while in the lower bracket at $100,000-$150,000, the sales skyrocketed by a whopping 38%. A bifurcated market shows strong demand on both sides of the luxury and entry-level sectors.
The affordability factor driving buyer behavior
From this analysis, we can conclude that the key push factor for the market shift is actually the price distinction between the older units and the new ones. According to a local broker working for Compass, Scott Diffenderfer states, “A 1,300-square-foot two-bedroom condo in a building less than 10 years old averages $1.15 million, while the same unit in an older building costs approximately $505,000-less than half that price.”
According to Alex Tukh, head of acquisitions at BH Group, “People are looking for affordability and the resales, generally, are less expensive in the same locations as new developments.” This price advantage enables buyers to buy and renovate older units for far less than new construction costs. Even if they were to spend $300,000 on renovations for a $700,000 older condo, buyers would still pay only $1 million instead of $2.5 million for a new condo.
Post-surfside regulations create unexpected opportunities
Ironically, the new regulations imposed by the state after the Surfside building collapse in 2021 have opened up opportunities for the market dealing with older condominiums. The laws dubbed “Condo 3.0” now require that buildings that are 30 years old and over undergo structural inspections and have adequate reserves for repairs. It was thought that this new law would initially devastate the market for older condos, but today buyer confidence is bolstered by it.
Diffenderfer says, “People are becoming very comfortable with the new law that went into effect in January requiring older buildings to repair and maintain their structures.” Older buildings that previously could not secure financing due to inadequate reserves can now qualify for loans, widening buyer access and opportunity.
Market dynamics favor older properties
The environment of the market today has created a perfect storm for the older condos. We have never seen such inventory in South Florida since 2011, and this means ten months of supply, giving buyers even more negotiating power. The median sale price of condos and townhouses has dropped just over 6% in the past year to $310,000, thus offering further affordability to purchasers of older units.
Eddie Blanco, the chairman of the Miami Association of Realtors, puts it that “demand for well-priced, Miami older condos remain strong, especially when factoring affordability. Condo units in older buildings are our market’s entry level for first-time homebuyers.”
Developer interest and redevelopment opportunities
This trend also highlights significant developer interest. Older buildings are being pursued for luxury redevelopment by companies such as BH Group. “Any investment we look at, we start with location. And a lot of these older condos are in prime locations. There’s no more land, necessarily, in these prime markets,” explains Tukh.
Redevelopment of these properties creates a win-win scenario for existing owners of condos who are relieved financially from their ever-increasing maintenance and upkeep, and for developers to acquire prime real estate in land-scarce markets.
Experts in the industry have expressed a brighter outlook for older condos. Diffenderfer foresees that “the value of older condos [will] come much closer to newer condos” as they undergo structural repairs mandated by the new regulations. The combination of affordability, key location, improved safety regulations, and decent buyer interest places Mexican old condos in South Florida as a promising segment for homebuyers and investors alike to pay attention to throughout the current affordability crisis.
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