The real estate markets in Florida and New York are undergoing significant adjustments as the pandemic’s effects fade and local forces regain influence. Grace Folias, Owner & Team Lead at the Modern Approach Real Estate, in both Queens, New York, and Fort Lauderdale, Florida, sees these changes firsthand and describes how each region is now charting a different course.
Florida’s Market Correction Gains Momentum
Florida’s real estate market, once defined by rapid price gains and bidding wars, is now experiencing its first real downturn since the pandemic began. More homes are for sale than there are buyers, leading to longer listing times, fewer multiple-offer situations, and falling prices.
“This is the first time that we’ve seen a decline and a buyer’s market in Florida in years,” Folias says. “There’s more inventory than buyers, so instead of bidding wars, prices are going down, and people are getting great deals.”
This reversal marks a clear departure from the seller-dominated market that prevailed during the height of pandemic migration. The new environment gives buyers leverage, forcing sellers to adjust expectations and accept lower offers.
Several factors are driving this correction. One of the most significant is the lasting impact of the Surfside condominium collapse in Miami. The tragedy prompted stricter inspection requirements for oceanfront buildings, forcing owners to address structural concerns and comply with new safety mandates.
“Ever since then, they’ve really cracked down on inspections for all the oceanfront buildings,” Folias says. “They’re looking for the same red flags that caused the Surfside collapse, so now owners have to pay assessment fees for the buildings to make appropriate renovations.”
These mandated upgrades come with steep special assessments, often costing tens of thousands of dollars per unit. When combined with rising insurance premiums and already-high HOA fees, the total cost of ownership for many seasonal property owners has become unsustainable.
Seasonal Property Owners Face Financial Pressure
The financial strain on seasonal condos highlights a key weakness in Florida’s coastal market. Many oceanfront units were purchased as vacation or part-time homes, not as primary residences. When expenses rise, these owners are often the first to reconsider whether keeping a second home is still cost-effective.
“A lot of people who own condos, especially beachfront condos, use them as vacation homes,” Folias explains. “With HOA and insurance fees increasing so much, it’s become unaffordable to keep both a primary residence and a seasonal property.”
This financial pressure is a significant reason Florida’s condo market is now underperforming other regions. For example, Palm Beach condos have dropped 5–9% in value, while New York condos in neighborhoods like Astoria have increased by nearly 19%.
“In New York, especially places like Astoria, condos are mostly owned by people who live there full time,” Folias notes. “That market is stronger, because full-time residents are less likely to sell just because of rising fees.”
New York’s Steady Market and Shifting Migration Patterns
In contrast to Florida, New York’s residential market—especially in Queens and Long Island—remains resilient. However, affordability is a growing concern, reshaping where buyers look for homes.
“A lot of single-family home buyers in Queens can’t afford it anymore, so they’re moving out to Nassau and Suffolk County,” Folias says. “Buyers from Queens are looking to Long Island, where home prices are a little lower.”
This migration is creating new competition on Long Island, with entry-level homes priced between $650,000 and $700,000 often selling above asking due to bidding wars. Buyers seeking relief from high prices in Queens are finding equally tough competition farther east.
The result is a ripple effect: as affordability in Queens declines, demand intensifies in Long Island suburbs, pushing prices higher and making the region one of the state’s most competitive housing markets.
Social Media Changes Lead Generation for Agents
Beyond the housing market itself, the way real estate agents attract clients is also changing. Folias, who generates most of her business through social media, has watched platforms like Instagram evolve from simple networking tools to powerful lead generators.
“In 2021, Instagram was just a social platform—people weren’t really monetizing it,” she says. “I started using lead magnets, like offering a free relocation guide if someone commented on my post. To get the guide, they had to enter their name and email.”
This shift from casual posting to structured lead capture has become essential for agents looking to build a consistent pipeline. The most successful agents now use social media to collect contact information, nurture prospects, and convert leads into clients, moving beyond traditional word-of-mouth referrals.
Buyers Demand More Due Diligence
Across both Florida and New York, buyers are conducting more thorough research before making offers, especially in the wake of high-profile building failures in Florida. In the condo market, this means scrutinizing a building’s financials, reserve funds, and inspection history to avoid costly surprises after closing.
“They’re definitely doing a lot more research,” Folias says. “Especially in Florida condos, it’s a harder sell now because the more buyers learn, the more hesitant they become. We’re looking at the building’s financials, reserves, and whether they’ve completed the required 10-, 30-, or 40-year inspections to avoid future assessments.”
This heightened scrutiny is a marked change from the pandemic’s urgency, when buyers often waived inspections and moved quickly to secure properties. Today’s buyers are more cautious, weighing long-term costs and risks before committing.
Closing Timelines Highlight Regional Differences
The mechanics of buying and selling also differ sharply between Florida and New York. Florida’s closings typically take about 30 days, with fewer contingencies and a faster pace. In contrast, New York transactions typically take 60 to 90 days and carry a higher risk of deal breakdowns.
“There’s a lot more room for error over 90 days to get to the closing table,” Folias says. “The inspection periods are longer, and there are more contingencies, while in Florida, it’s usually a quick 30 days with fewer contingencies.”
These differences affect not only transaction speed but also the likelihood of closing. New York’s extended timeline and multiple contingencies increase the risk of deals falling through, while Florida’s streamlined process tends to produce faster, more certain outcomes.
Outlook: Opportunities Amid Normalization
Despite the cooling in Florida, many industry professionals remain optimistic about the state’s long-term prospects. Factors such as favorable tax policies, a warm climate, and ongoing corporate relocations continue to draw new residents and businesses.
In New York, especially on Long Island, the outlook is even stronger. Recent analyses suggest Nassau County could be one of the nation’s best-performing markets by 2026, fueled by migration from more expensive boroughs and consistent demand for suburban homes.
“We haven’t really seen a decline since COVID in the Long Island market,” Folias says. “You have people moving within Long Island, plus buyers from Queens and Brooklyn heading east for more affordable options and a short commute to Manhattan.”
The current environment rewards agents and buyers who understand the unique pressures in each market. In Florida, that means carefully evaluating the total cost of ownership, especially for condos facing rising assessments and insurance premiums. In New York, it means recognizing the value of moving eastward to find affordability, even as competition remains strong.
As the market settles into a new normal after the pandemic surge, success increasingly depends on local expertise and a clear-eyed view of each region’s risks and opportunities. National headlines may paint broad strokes, but it is the details—building inspections, fee structures, and migration patterns—that now determine who wins and who waits in today’s real estate market.
