South Florida’s condo market is under mounting pressure, especially for aging buildings. A 1,358-square-foot (126 m²) Palm Beach unit in a 60-year-old building was recently cut from $849,000 to $649,000—symbolic of a broader slowdown. While showings remain high, actual buyers are scarce.

The causes are structural. Nearly 87% of the 25,000+ condos for sale are over 30 years old, and since the Surfside collapse, new laws require costly repairs and full reserves—making financing difficult. Many owners struggle to afford special assessments.

International demand, once a key ...