Condos built more than 30 years ago are becoming some of the hottest properties in South Florida, with recent data showing they’re selling faster than newer units — often for less than half the price.
“I think these old condos are going to be like classic cars,” Miami-based Compass broker associate Scott Diffenderfer told Fox News Digital. “There’s just some people that prefer them. They have a lot more charm to some people, some of them have great layouts and great closets, and things that are way more expensive in new condos.”
“People are looking for affordability,” BH Group’s head of acquisitions Alex Tukh also told Fox News Digital, “and the resales, generally, are less expensive in the same locations as new developments, so it’s an affordability issue.”
A July report from Miami REALTORS found that Miami-Dade condos in buildings 30 years or older are spending less time on the market than those in buildings 29 years or younger — 62 days compared to 79.
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The trend is tied to affordability pressures, new regulations and redevelopment opportunities, according to Diffenderfer – who specializes in older condo sales – and Tukh, whose firm is leading redevelopment of older condos into luxury projects.
“People are becoming very comfortable with the new law that went into effect in January requiring older buildings to repair and maintain their structures,” Diffenderfer said, referring to the so-called Condo 3.0 bill.
The law followed the June 2021 collapse of the Champlain Towers South condominium in Surfside, Florida, which killed 98 people and prompted sweeping changes to the state’s condo safety rules. Federal and state investigators later determined the tragedy stemmed from serious structural deficiencies, especially in the pool deck, where concrete was inadequate and reinforcing steel had corroded.
“The price of new construction and new buildings is so much more than older buildings that… the market is speaking and a lot of people can’t afford those new buildings,” he continued. “In Miami-Dade County, the recent average sale price of a 1,300 square foot, two-bedroom, two-bath condo in a building less than 10 years old is $1.15 million… The same [in an] older building… is $505,000. So you can see it’s less than half.”
Renovations also factor into the value of older condos: “If you buy a $700,000 condo and you put $300,000 into it, you’re still at a million dollars versus $2.5 million for new construction of the same size condo in Miami Beach.”
BH Group, on the other hand, has been working to scoop up older buildings for eventual demolition for new luxury builds. In the developer’s view, older condos attract investors when considering market demand and land scarcity.
“Any investment we look at, we start with location,” Tukh said. “And a lot of these older condos are in prime locations. There’s no more land, necessarily, in these prime markets. So we have to look [for] other ways to create additional value in those markets, and redevelopment is one of them.”
“Redevelopment is an option, especially when it’s not feasible to continue to try to maintain property that’s functionally obsolescent or just doesn’t have the density that the new zoning allows… Definitely, the new regulations do have an impact for the owners and boards of the older communities, and it could be a win-win for everyone involved. It doesn’t just have to be for the developer, a good play. The owners of these older condominiums can get some relief on maintenance and also can have, you know, a decent payday as well.”
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Tukh also pushed back on any criticism about older condo resident displacement and affordability across the Sunshine State’s southeast.
“Florida, South Florida, it’s still affordable,” he argued. “You may not get ocean fronts, but you can still get a good-quality neighborhood, safe, good schools. Florida has many things going for it: safety, pro-business, no state income tax… There’s been a lot of influx of people, and it continues.”
South Florida’s condo market has also been fueled by continued migration into the region. Between 2020 and 2024, Florida’s population grew by roughly 8.2%, the fastest rate in the nation, adding nearly 1.8 million residents. The Miami–Fort Lauderdale–West Palm Beach metro area – which includes Miami-Dade, Broward and Palm Beach counties – ranked among the top three U.S. regions for population growth from 2022 to 2023, driven largely by international migration, according to U.S. Census data and Miami REALTORS.
Diffenderfer aims to bust myths about safety around older condos and the No. 1 misconception that they’re a “money pit.”
“The biggest is that it’s a money pit… right behind that, though, is safety. There’s people that think they’re unsafe and you really have to go back and look – only one building has collapsed. There are tens of thousands of condominium buildings in Florida on the water that are old, and only one has collapsed,” the Compass agent pointed out.
He predicts confidence will grow as repairs are completed: “This new law also requires reserves to be put in place so that these buildings are prepared for future repairs. Once this initial huge financial reckoning happens, I think it’s gonna be great for the market. All buildings will be able to feel like they’re safe, that they’re financially stable.”
For buyers, the real estate agent holds optimism that older condos represent affordability and opportunity, while on the developer’s side, they exemplify the future of South Florida’s skylines.
“The future’s so bright, we gotta wear shades right now,” Diffenderfer noted. “The old condos, the opportunity is so amazing… Once these repairs are done, it’s gonna be a no-brainer and I think you’re gonna see the value of older condos come much closer to newer condos.”
“We recently closed on three redevelopments of older condominiums… The future looks very bright,” Tukh said. “There’s a lot of older associations and co-ops that are great targets for redevelopment. So, we are very bullish on the market.”
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