Condo appreciation lags in South Florida

The penthouse unit in the Continuum South Beach is on the market for $50 million, courtesy of Zilbert International Realty

Bucking the national trend, South Florida houses are adding value faster than condos.

Nationally, condos appreciated 5.7 percent in the past year, compared to 3.7 percent for single-family homes, Zillow reports. But in Palm Beach, Broward and Miami-Dade counties, houses are up 8.8 percent, edging out condos’ 8.5 percent.

South Florida’s condo market remains hampered by strict lending requirements that call for heftier down payments than house buyers must cough up. Nationally, though, condos are benefiting as buyers look for bargains.

“Condos increasingly represent a strong-performing, often affordable choice, particularly for first-time buyers interested both in homeownership and in keeping a lower-maintenance, city lifestyle,” Zillow Chief Economist Svenja Gudell says.

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