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Ken Johnson, a real estate expert and real estate economist, said on the Anti-Social podcast last week that while it is true that the condominium market is currently suffering, it is not in the crisis that some are calling it. He said he was not depressed.
Johnson, a professor at Florida Atlantic University, said Miami's condo market is one of the most volatile in the country. “Condos are the canary in the coal mine for Miami,” he says. “The role of condominiums also connects to other housing markets.”
Seattle-based real estate brokerage Redfin said Florida's condominium market has been affected by rising insurance costs due to an intensification of natural disasters and rising HOA fees following the Surfside condo collapse in 2021. It was reported that the market was sluggish due to the current situation.
“[It's]definitely having a negative impact on the number of transactions that we're seeing. I think this is probably also driven mostly, if not exclusively, by these ratings. I believe it. The issue is not insurance or interest rates,” Johnson said.
But Johnson said he wasn't playing Chicken Little and that the market was just going through its usual cyclical ups and downs. And Miami's market is unique, he said, with a lot of foreign investment and some residents visiting only part-time and only a few people. Several times a year.
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“If I'm a buyer, there's probably going to be some good buys in the near future,” he said. “The condominium market will be much more sensitive to pricing than single-family homes.”
Johnson also talks about the single-family home market on Anti-Social – Newsflash Gen Zers, he says, your fears about owning a home are no different than previous generations.
Antisocial also delves into creepy comments caught on tape by the lead detective in the Oscar Olea case, and the village's next steps in regulating electric bikes and scooters.
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antisocial
A public relations podcast that entertains and discusses current events and the downsides of social media. We're broadcasting from the island paradise of Key Biscayne, but the topics and guests can be from anywhere.
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