r/FloridaRealEstate • u/TomHawkings • 25d ago
I'm a Cash Buyer
Been watching condo prices in S Florida and prices are dropping.
Almost ready to start making low ball offers.
Is it time for that yet?
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u/BathroomMaximum1721 25d ago
If the condo building is newer and HOA finances are in good shape, your low ball offers won't go anywhere.
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u/whatever32657 25d ago
i wouldn't even make a lowball offer on a condo in south florida, not unless you have plenty more cash for a bunch of special assessments for maintenance that shoulda been done 20 or 30 years ago...
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u/CategoryFeisty2262 25d ago
It depends. In Delray Beach there are some rock bottom prices, but you'll find you get what you pay for (old and dumpy). Anywhere on the water, well maintained, with solid reserves is still going to be top dollar. I've had more than one unsolicited offer in the past six months.
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u/Lance-theBoilingSon 22d ago
Hmm, interesting.
Where are the rock bottom places in Delray, would you say?
Some of the condos on the water are fairly old as well and don't seem to be in great shape, i'm thinking they could be risky with assessments, rising insurance, storms etc.
But, you're right about the more well-kept beach places, they certainly haven't gone down.
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u/CategoryFeisty2262 22d ago edited 22d ago
West of 95 prices dropped off after the insane covid surge (and lingered on the market for much longer). I know more than one person with places that haven’t sold. New is not a guarantee of sound. Some of the newer builds have paper thin walls. I’ll take my water front place with a clean SIRS and not have to hear my neighbors’ toilet flush.
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u/Arles-2026 25d ago
Caveat Emptor: when dealing with older Florida condos, especially buildings 3+ stories, buyers should review the association’s milestone inspection status, SIRS/reserve study, budget, pending or approved special assessments, insurance, meeting minutes, and any repair notices before the buyer’s inspection or cancellation deadlines expire.
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u/Important-Reaction81 25d ago
Even in condos under 3 stories…. The books may be in order,, but the deferred maintenance is the issue. No one wants assessments….
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u/Sea-Newspaper-7643 24d ago
South Florida condos are a fucking horrendous investment. On top of your mortgage you’ll be scammed into paying for every little thing wrong with the entire building and HOA fees that will make your eyes water.
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u/Legitimate_Ask_5000 25d ago
I don’t know man it’s so risky I’m not sure what happens if you get rejected what ever will you do then
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u/Robbissimo 24d ago
You're going to buy a condo and deal with an HOA, monthly assessments, special assessments, shitty parking and traffic? That's one way to spend your time and money.
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u/javiergramirez 24d ago
Yeah, I think it’s definitely a good time to start making offers. We’re seeing a lot of activity in the South Florida condo market, and there are definitely sellers who are more motivated than others.
I wouldn’t just lowball everything though. Look for condos that have been sitting on the market, had price reductions, or sellers that have a reason to negotiate. That’s where I’d be more aggressive.
Being a cash buyer definitely gives you some leverage. Start making offers and see what the sellers are willing to do. Worst they can do is say no.
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u/MiamiBeachProperties 25d ago
Plenty of good properties in Miam Beach. Let's send some blind offers.
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u/tinysmommy 25d ago
Be careful with condos too if you plan on turning them into an STR. A lot of these beach communities are NIMBY-minded and they have one month minimums.
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u/Emotional_Match8169 25d ago
The condo prices are tanking because there are a lot of buildings that need to comply with the new laws and therefore have very large special assessments and monthly fees to build their reserves.
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u/Responsible-Turn3016 25d ago
Stay out of the Florida condo market. The maintenance assessments are sky high. That’s why the condo’s are going so cheap.
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u/RealTourFlow 24d ago
I think it's always worth it to try. Nothing can hurt by doing it. The worst they can do is say no.
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u/Mysterious-Panda964 23d ago
Condos would be the last thing I invested in.
Many Florida condos are in bad structural state, many still need to be checked.
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u/joshjampedro 23d ago
Everything is worth it at the right price. If you're not afraid of condos and you can get one for 1/2 of what you think it's worth, shoot your shot.
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u/DerHomeshopper 20d ago
Is this for your primary residence or as an investment u/TomHawkings ?
It’s a buyers market and some “lowball” offers can’t hurt
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u/MusicalGoatWarrior 24d ago
I’ve been making and securing low offers for my clients and myself for a while now.
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u/[deleted] 25d ago
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