Miami Herald – July 2021
By Rebecca San Juan
Published July 15, 2021
What happened to Surfside’s condo market after the collapse? Here’s how sellers reactedWhat happened to Surfside’s condo market after the collapse? Here’s how sellers reacted
In the aftermath of the Champlain Towers South collapse, the number of new condo listings dropped by about half compared to early June.
Surfside saw 17 new condo listings added from June 7 through June 23 immediately prior to the collapse and seven new listings from June 24 — the day part of the building fell down — through July 11, according to Berkshire Hathaway HomeServices EWM Realty CEO Ron Shuffield, who pulled data from the Multiple Listing Service.
Shuffield said the drop says little about the collapse’s impact on the market.
“We are in the summer, which is typically when we don’t have a lot of buyers,” Shuffield said. “Many of our sellers are second-home owners and the majority of condos in Miami-Dade County are owned by investors. That probably accounts for why we’re not seeing as many listings. It has more to do with the seasonality of the market.”
One potential condo buyer canceled their contract in Surfside after the collapse, although the reason for that is not known, according to data from the MLS.
“People change their minds all of the time,” Shuffield said.
Still, some are drawing a connection between the collapse and cancellations nearby.
Avanti Way Realty Director of Strategy and Innovation Ines Hegedus-Garcia said she has had two condo cancellations in buildings 40 years or older, one in Bay Harbor Islands and the other in Miami Beach due to safety concerns.
“Realtors and sellers are being sensible to any particular need from the buyer,” she said. “If a buyer wants to back out of a contract after this happened, I would be under the belief that a seller would be sympathetic.”
South Florida’s condo market sizzled before June. In Miami-Dade County, condos decreased from 11.3 months of supply in January to six months of supply in May. The median sales price remains steady at $325,000 since April.