On June 24th, we all watched together in horror as rescue teams searched for survivors of the shocking Champlain Tower South collapse in Surfside. Our hearts remain heavy for all those who lost their lives or loved ones in this devastating tragedy.
Alongside the sorrow, fear and worry crept in for many other South Florida condo owners: Is my building safe? Should I sell? Can I sell?
Let’s Talk About Safety First
The most important fact to affirm is this: Miami-Dade has one of the strictest building codes in the entire nation.
After Hurricane Andrew, building codes were bolstered with various measures such as stronger roof fasteners and impact-resistant windows for all new construction. In 2000, building codes were improved even further, prompting other areas of Florida, including Broward County, to revise their codes.
So, how did this happen? Human failure. Investigations show that mismanagement and poor enforcement of building inspections were at the root of the collapse.
Immediately following the Surfside event, housing officials ordered full inspections of hundreds of condo buildings, most urgently for those built before 2000, like Champlain.
Government agencies are rapidly inspecting buildings and making those reports available. Insurance companies are requiring proof of passed inspections. Transparency, somewhat lacking in previous years, is being prioritized.
Additionally, all residential building administrators have been ordered to either conduct and/or present proof of their 40-year recertification inspection — a measure exclusive to Miami-Dade and Broward Counties, but now likely to be adopted by other areas.
For condos built before 2000, there are additional new regulations in place. Although these require more effort and cost to pass safety certifications, they provide buyers and current owners with indispensable added security and peace of mind.
So, How Has This Affected the South Florida Condo Market?
Perhaps surprisingly to some (or many), new market statistics show that not a lot has changed in terms of South Florida condo sales.
In comparing year-over-year sales from June 23rd through July 7th in 2020 and 2021, Miami-Dade condo sales increased more than 159%, with units sold jumping from 397 to 1,028. Pending sales during this period also soared year-over-year, jumping from 927 to 1,647.
Some hard truths have been uncovered since that fatal morning, yet, as everyone works toward solidifying building safety standards and procedures across South Florida, we are seeing the Greater Miami condo market remain strong.
If you have any questions about buying or selling a Miami condo, get in touch for an expert, no-cost, no-stress consultation.
We’re always here for you.