Old apartments in Florida suddenly sell faster than the new construction

The apartments that were built more than 30 years ago have become one of the most important characteristics in South Florida, where modern data has shown that they sell faster than the latest units – often at less than half of the price.

“I think these old apartments will be like classic cars,” said Scott Defunderfir, her partner at Fox News. “There are only some people who prefer them. They have a lot of magic for some people, some of them have great layouts, great cabinets, and more expensive things in new apartments.”

“People are looking for the ability to withstand costs,” BH Group, the head of the BH Group, told Fox Tukh to Fox News Digital, and resales are less expensive in the same sites as new developments, so it is the problem of cost to afford.

July A report from Miami brokers I found that Miami Dead apartments in the 30-year-old buildings spend less time on the market than those in buildings of 29 years or less-62 days compared to 79.

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This trend is associated with the ability to withstand costs, new regulations and redevelopment opportunities, according to Diffender – which specializes in sales of the old apartment – and Tukh, whose company leads the re -development of old apartments to luxury projects.

“People have become very comfortable for the new law that entered into January and require the largest buildings to fix and preserve their structures,” Davunderfir said, in reference to the so -called Condo 3.0 project.

Follow the law June 2021 The collapse of Champlin Towers in the south Buildings in Surfside, Florida, who killed 98 people and pushed comprehensive changes to the rules of the apartment safety in the state. Federal and government investigators later decided that the tragedy stems from dangerous structural deficiencies, especially on the surface of the pond, where concrete was insufficient and augmented steel erosion.

“The new construction price and new buildings are much more than old buildings that … the market speaks and many people cannot afford the costs of these new buildings.” “In Miami Dead Province, the average last selling price of 1,300 square feet, and a two -bedroom apartment, is in a building less than 10 years of $ 1.15 million … the same largest building (in an old building).

Renewal also works on the value of old apartments: “If you buy an apartment worth $ 700,000 and put $ 300,000 in them, you are still a million dollars for $ 2.5 million for the new construction of the same size in Miami Beach.”

BH GroupOn the other hand, it works to obtain old buildings to eventually demolish the new luxury structures. From the developer’s point of view, old apartments attract investors when considering demand for market and land scarcity.

“Any investment we look at, we start with the site,” Talk said. “Many of these old apartments are in major locations. There is no longer a land, in these main markets. Therefore, we have to look for other ways to create additional value in those markets, and re -development is one of them.”

“Re -development is an option, especially when it is not possible to continue to try to preserve the next functional property or does not have the density that is allowed to divide the new areas … Certainly, the new regulations have an impact on the developed and good play for old societies, and this can be a victory for all of the concerned. You have, as you know, the day of decent payment as well.”

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Tukh has also retracted any criticism of the displacement of the oldest residents in the apartment and the ability to bear the costs in southeast Sunshine.

“Florida, South FloridaHe said: “It is still affordable for everyone, you may not get the front fronts, but you can still get a well -quality neighborhood, and safe and good schools. Florida has many things that go on: safety, pro -business, any state income tax … there was a lot of people’s flow, and continues.”

The apartment market was also fueling in South Florida by continuing migration to the area. Between 2020 and 2024, the population of Florida grew by approximately 8.2 %, the fastest rate in the country, adding approximately 1.8 million people. The Miami-Fort Lauderdel-West Palm Beach-which includes the provinces of Miami Dead, Bradar Palm Palch-was ranked among the three best American areas for population growth from 2022 to 2023, largely driven by international migration, according to American statistics data and Miami.

Diffender aims to move myths about safety about old apartments and wrong belief No. 1 as a “hole of money”.

“The largest is that it is a financial hole … Behind that, though, it is safety. There are people who think they are unsafe and you really have to return and look – not only one building.

Confidence is expected to grow with the completion of reforms: “This new law also requires reserves so that these buildings are ready for future reforms. Once this initial initial financial account occurs, I think it will be great for the market. All buildings will be able to feel safe, and that they are financially stable.”

For buyers, the real estate agent has optimism that the old apartments represent the ability to afford costs and opportunities, while they are running next to the developer, where they represent the future of South Florida.

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“The future is very bright, we must wear shades at the present time,” noted. “Old apartments, the opportunity is very amazing … Once these repairs are completed, you will be irrational and I think you will see the value of old apartments approaching many newer apartments.”

“We recently closed three redevelopment of old housing units … the future looks very bright,” said Tok. “There are many older associations and cooperatives that are great goals for re -development. So, we are very optimistic about the market.”

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