Some prices for condominiums in the Miami area are under pressure a year after the collapse of the Surfside building.

Some prices for condominiums in the Miami area are under pressure a year after the collapse of the Surfside building.

The drop reflects security concerns and the prospect of hundreds of thousands of dollars in estimates to bring aging buildings in line with code.

A year after the deadly collapse of a 12-story condominium in Surfside, Florida, claimed 98 lives, condominium sales prices there and in nearby Miami Beach have dropped markedly.

The average selling price of the Surfside condominium in April and May was $1.3 million, or 64% lower than in those months a year earlier, according to a report by ONE Sothebys International Realty, a Miami-based real estate firm.

In Miami Beach, where prices have been falling since February, the average sale price was $1 million in April and May, down 22% from a year earlier, the report said.

The markedly lower sales prices reflect security concerns and the prospect of new estimates that could reach hundreds of thousands of dollars to bring aging buildings into line with the code, real estate agents say. These problems became more noticeable after the partial collapse of the Champlain Towers South building on June 24, 2021.

From desired residences to major commercial transactions.