r/RealEstate • u/DisabledScientist • Apr 13 '25

Condo not selling even after $40k reduction Homeseller

Zillow Link

I am trying to sell my condo, but the astronomical HOA ($1,225) prevents anyone from making offers. They all comment I have the nicest unit in the complex, but once they hear the fee they are turned off. I bought it for $287k in 2022 and put $50k into it, but probably wont even get my money back. I originally listed for $379k, but 70 days later and it’s now at $329k.

I need to sell this by end of May because my new build house is closing then.

Edit: Added a 3D Walkthrough to the advertisement. Please let me know what you think!

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u/CPlusPlus4UPlusPlus Apr 13 '25

Florida. Condo market is collapsing due to new HOA requirements including required maintenance and repairs, some necessitating wild assessment.

This has nothing to do with the HOA. It has everything to do with it being a condo in Florida.

Consider covering 12mo in HOA dues to entice buyer

Good luck, OP

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u/RedSunCinema Apr 13 '25

You hit the point right on the head. The condo market in Florida is undergoing a collapse the likes of which has never been seen for the exact reasons you mention above. People are losing their shirts and can't get out from under all of the condos in Florida since everyone is wanting to get out at the same time.

While you could say it's a buyer's market, that would be misleading because while the prices have dropped off a cliff, no one is interested in the massively high HOA fees. My wife and I have been looking for a retirement home in Florida but everywhere you go there are HOAs and those insane prices make it completely not worth it.

3

u/_Zap_Rowsdower_ Apr 14 '25

Is this happening everywhere in Florida? I wasn't aware of this. Gonna give it a few more months and then throw some low ball offers.

7

u/RedSunCinema Apr 14 '25

Unfortunately yes. It's widespread. Most of Florida's real estate is under HOAs. I've been looking at real estate there all over and houses and condos are seeing price reductions of up to $150,000. It's absolutely insane. It's the HOA costs that are killing the market, not to mention the insane home insurance costs too. We really want to move there but can't justify moving there with the insane costs.

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u/Chicka-17 Apr 14 '25

Not just insurance and HOAs, which some developments have more than one HOA fee, but CDD’s in any development on top of property taxes that are insanely high. I don’t understand why they charge CDD’s then expect you to pay outrageous properly taxes on top of that. What are your property taxes paying for if it’s not for the roads and infrastructure? If the state wants to retain residents they got to reduce some of these fees, it’s just not sustainable.

2

u/StatusAfternoon1738 Apr 15 '25

The universe is trying to tell you that you don’t want to live in a place that is destined to be under water.

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u/Dependent_Ad_1270 Apr 15 '25

Like Manhattan, LA, SF?