Palm Beach Condo Market Struggles As Listings Of Vintage Units Spike To 84%
In this latest issue of the Miami Condo Market Intelligence Report™, we examine the surging number of Vintage condos - at least 30 years old - listed for resale in Palm Beach County.
Volume 2025, Issue 5 (Subscribe here)
For this week’s Miami Condo Market Intelligence Report™ newsletter, we are sharing some of the information that we have collected about the Palm Beach condo market at the start of the 2025 Florida Condo Association Financial Cliff.
In anticipation of this pivotal year for Florida condos, we dug into the final 2024 condo statistics for each of the markets in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach.
For Palm Beach County, we discovered that the condo market - which was a sellers market in 2021, 2022 and less so in 2023 - is firmly in a buyers market, due, in large part, to the growing number of Vintage units - at least 30 years old - listed for resale.
Currently, Palm Beach County has about 10.1 months of condo supply - both Overall units as well as Vintage units - listed for resale at the start of the 2025 Condo Cliff.
In 2024, buyers purchased an average of nearly 605 condo units monthly in Palm Beach County, according to CondoVulturesRealty.com.
If the 2024 transaction pace were to continue in 2025, it would take more than three financial quarters for all of the units to trade if no new listings were put on the market, which seems unlikely given skyrocketing maintenance fees, hefty special assessments and stubbornly high mortgage rates.
As a rule of thumb, a balanced market has about six months of supply available for resale. More months indicates a buyers market and less months a sellers market.
Not surprisingly, Vintage condos dominate the share of resale listings on the market, accounting for about 84 percent of the nearly 6,100 Palm Beach County resale listings.
Unfortunately for Palm Beach County sellers hoping to achieve their asking prices, Vintage condos are available at significantly lower prices compared to the overall market.
For example, the average asking price for a Palm Beach County Vintage condo is nearly $530,600 per unit and about $358 per square foot.
Compare this to the overall Palm Beach condo market where the average asking price is nearly $745,000 per unit and about $421 per square foot.
As a result, condo sellers could increasingly be faced with the likelihood of having to reduce their asking prices in the upcoming year to get deals done.
Industry watchers have said that value-minded buyers may be willing to once again consider Vintage condos - despite the Surfside condo collapse - if the units are located in buildings that have completed their necessary life-safety examinations as required by the revised Florida Condo Law.
It is worth noting that we share a portion of our research for free with subscribers to our newsletter and readers of MiamiCondo.Club.
If you want access to all of our published information and charts, we would encourage you to join the Miami Condo Investing Club™.
The objective of the Club is to create a community that shares realtime, actionable information on the latest real estate trends, opportunities and service providers in South Florida.
The Club is ideally suited for Do-It-Yourself (DIY) condo buyers and real estate professionals, alike, who can rely on our latest statistics, expert opinions and access to consulting services.
Additionally, we encourage you to listen or view our podcast wherever you get podcasts. The podcast is available on Apple, Spotify and/or YouTube.
As a reminder, we are always available for consulting, expert witness work and buyside brokerage services just as we have been since 2006.
If you are seeking information on condo resales in South Florida, please visit CondoVulturesRealty.com or call the office at 305.865.5859.
— Peter Zalewski, Founder of the Miami Condo Investing Club™
Story 1
Palm Beach County Vintage Unit Prices Discounted 29% At Start Of Condo Cliff
Vintage condos are units located in buildings that are at least 30 years old. Florida requires Vintage condo buildings to undergo strenuous Milestone Studies to ensure life safety for residents.
Story 2
Florida Faces Condo Foreclosure Surge After Special Session Implosion
In this episode of the Miami Condo Minute™ micropodcast, host Peter Zalewski - founder of the Miami Condo Investing Club™ - discusses the implosion of the Florida Legislature’s Special Session that was requested by Gov. Ron DeSantis to deal with pressing issues, including providing relief for cash-strapped condo owners facing skyrocketing fees.
Story 3
Stress Test: Can South Florida Withstand Coming Wave Of Condo Foreclosures?
A Florida legislator predicted that a wave of condo foreclosures will begin hitting Florida in March 2025. We ran the numbers to better understand South Florida's distressed condo market.
Story 4
Is Miami-Dade County's Condo Market Starting To Unravel?
The Jan. 28, 2025, update to the Miami Condo Cliff Index™ shows that Miami-Dade County's market for Overall condos and Vintage condos - at least 30 years old - are both weakening rapidly.
The views and opinions expressed in this report are for general informational purposes only. It is believed to be accurate and complete based on current market trends but cannot be guaranteed or warranted as circumstances change without notice. It should not be considered as financial, legal, tax or investment advice. This content should not be relied upon as the sole basis for making any financial decisions. Before making any investment or financial decisions, you should consult with a qualified professional to determine the suitability of any investment or strategy for your individual circumstances and goals.
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