According to the latest Miami REALTORS® report, condos in older buildings are spending just 62 days on market, compared to 79 days for condos under 30 years old.
So why are buyers snapping up older condos at record speed? The answer is simple: affordability and opportunity.
Affordability Is Driving the Shift
With housing costs climbing across South Florida, buyers are turning to older condos as a cost-effective alternative:
- A 1,300 sq. ft., two-bedroom condo in a building less than 10 years old averages $1.15 million.
- The same layout in a 30+ year-old building averages just $505,000 — less than half the price.
Even with renovations, older condos are often a bargain:
- Buy for $700,000 + invest $300,000 in upgrades = $1 million total.
- Versus $2.5 million for new construction of similar size in Miami Beach.
“People are looking for affordability,” said Alex Tukh of BH Group. “Resales are less expensive in the same locations as new developments. It’s an affordability issue.”
From Risk to Resilience: Florida’s New Condo Laws
After the tragic 2021 Surfside collapse, Florida passed the Condo 3.0 law, requiring older buildings to fund reserves and complete structural repairs.
Instead of scaring buyers off, these reforms are boosting confidence:
- Owners must set aside money for future repairs.
- Inspections ensure long-term safety.
- Buyers see older condos as safer and financially stronger than ever before.
“The biggest misconception is that older condos are unsafe,” said Miami broker Scott Diffenderfer. “Tens of thousands of buildings have stood for decades — only one collapsed. With new laws, they’ll be even more secure moving forward.”
Developers See Opportunity Too
It’s not just homebuyers chasing older condos — developers are buying them up for prime redevelopment.
- Land scarcity in Miami means older properties on the water are prime takeover targets.
- Redevelopment offers existing owners relief from maintenance costs and a profitable cash-out.
- Investors are bullish on South Florida’s future skylines, with several condo redevelopments already underway.
“Location is everything,” Tukh noted. “Older condos sit in the best spots — and that makes them incredibly valuable for the future.”
What This Means for Buyers and Investors
✅ Buyers: Older condos = affordability, charm, larger layouts, and prime locations at a fraction of the cost.
✅ Investors: Redevelopment potential + rental demand make older condos smart long-term plays.
✅ Developers: With limited land, older condos are the gateway to the next wave of luxury projects.
How Lendworth USA Helps You Buy Smarter
At Lendworth USA, we provide the financing solutions you need to seize today’s opportunities in Florida’s evolving condo market:
- Foreign national mortgages — no U.S. credit required for Canadian & international buyers.
- Equity-based lending — fast, flexible approvals for investors.
- FHA, USDA, and VA loans — tailored to U.S. homebuyers.
- Refinancing options — lower payments, free up equity, or fund renovations.
📞 Contact Lendworth USA today to get pre-approved and explore opportunities in South Florida’s condo market. Whether you’re buying to live, invest, or redevelop, the future is bright — and older condos are leading the way.