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.
Nearly 85 percent of the condo units listed for sale in Palm Beach County are located in Vintage buildings that are at least 30 years old.
Vintage condo listings account for more than 5,100 units of the nearly 6,100 total units listed for resale as of Jan. 13, 2025, near the peak of the 2024-25 South Florida Winter Buying Season that stretches from November though April.
Palm Beach Vintage condo sales statistics and charts are located at the bottom of this report behind the paywall.
Vintage condos are listed in Palm Beach County for an average price of nearly $530,595 per unit and about $358 per square foot.
Overall, Palm Beach County condos are listed for resale at an average price of nearly $744,010 per unit and about $421 per square foot.
In the wake of the Surfside condo collapse, Florida requires these older buildings to undergo a strenuous Milestone Study conducted by licenses engineers and or architects before reaching their 30-year anniversary of receiving a Certificate of Occupancy (CO).
A vintage condo is not an industry designation but rather a term we began coining in August 2024 to identify older units that have existed for at least 30 years.
It is worth noting that buildings located within three miles of the coastline can be required - depending upon the county - to conduct Milestone Studies at the 25-year mark.
Condo buildings older than 30 years, in general, are said to be tougher to sell, more expensive to insure and burdened with significant association maintenance fees and special assessments.
These obstacles for Vintage condos are the result of a series of changes to the Florida Condo Law in the aftermath of the collapse of the Champlain Towers South in the town of Surfside on the barrier island in Miami-Dade County on June 24, 2021, according to a recent report.
It is against this backdrop that we ran the Vintage condo statistics in order to create a starting point to track older units in the South Florida region.
As part of staying informed about the changing market conditions, we also launched a weekly index called the Miami Condo Association Financial Cliff Investors Index™ on Jan. 1, 2025, to coincide with the start of Florida’s 2025 Condo Association Financial Cliff.
The purpose of the Miami Condo Cliff Index™ is to track the financial health and stability of the South Florida condo market based on active listings and pending sales.
We crunch a lot of statistics each week and then publish the results byway of a series of reports posted on MiamiCondo.Club.
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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.
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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