NYT: Buyers Gain Negotiating Edge As Florida 'Saddled' By Condo Oversupply
The New York Times examined the Florida condo market, which is reeling from changes adopted in the aftermath of the Surfside condo collapse in June 2021.
The South Florida condo market has been struggling despite efforts by figureheads of the Miami real estate industry to spin the narrative, including quietly attempting to change the way market conditions are measured.
The efforts may end up being for not after the New York Times published an article on Aug. 21, 2025, calling a “buyers market” for Florida condos due to unit owners “flooding the market” with resale listings.
“We’re in a completely different world from when people were queuing up to see open houses and multiple offers were coming in above asking price.”
- Peter Zalewski of the Miami Condo Investing Club™
The New York Times story chronicled how the condo market has changed dramatically since the Surfside condo collapse in June 2021 when nearly 100 people died and a $1 billion settlement was eventually paid out to the families of the victims.
“Five years after the Covid-19 pandemic sent condo prices skyrocketing in Florida, the market is now lagging as new building regulations drive up costs and foreign buyers stay away,” according to the New York Times.
The New York Times piece explores Florida’s adoption of legislation that “mandated inspections” of condo projects, especially Vintage buildings that are at least 30 years old.
“As a result, owners are facing hefty renovation bills, forcing many to put their units up for sale, flooding the market,” according to the story.
Added to this, foreign buyers - the lifeblood of the South Florida real estate market - are said to be “bowing out,” according to the New York Times.
To this point, we reported on Aug. 10, 2025, that Miami International Airport (MIA) experienced a 1.2 percent drop in international passenger traffic through the airport in the first half of 2025.
Coming into 2025, projections had MIA’s international passenger traffic growing by about 8.5 percent this year, just as it had in the years 2023 and 2024.
If the pace continues throughout 2025, MIA would experience a 9.7 percent swing in international passengers - some of whom are surely prospective condo buyers - coming into the tricounty South Florida region of Miami-Dade, Broward and Palm Beach.
A drop in 2025 international passenger traffic would mark the first decline at MIA since the pandemic year of 2020.
Bigger picture, it would also be only the fourth time in 20 years that MIA international traffic is down.
The New York Times story reported that Florida is “saddled” with 10 months of condo supply.
Equilibrium is considered to be six months of supply. More months of supply indicates a buyers market, and less months of supply suggests a sellers market.
It is worth noting, a growing number of Miami real estate professionals are increasing claiming that equilibrium is now nine months of supply, according to a recent report.
This is the most months of condo supply that Florida has faced since 2011. Added to this, the number of condos listings on the market statewide is up about 25 percent on a year-over-year basis to 73,225 units in 2025, according to the story.
“We’re in a completely different world from when people were queuing up to see open houses and multiple offers were coming in above asking price,” said Peter Zalewski of the Miami Condo Investing Club™.
To balance the report, the New York Times said that “it’s not all doom and gloom” and provided an alternative perspective from Tim Weisheyer, the president of Florida Realtors.
“Just a few years ago, buyers were struggling to shop the market and find what they wanted,” Weisheyer said.
The reversal, Weisheyer said, is “providing individual buyers an opportunity to access home ownership.”
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