Four years after Champlain Towers South in Surfside suddenly crumbled into rubble in the middle of the night, killing 98 people, aftershocks of that collapse continue to reverberate through the Florida condo market.
Condominium sales in Vero and many communities across the state are down along with closing prices. The median sold price of a condo on the 32963 barrier island in the first half of 2025 declined 15 percent, dropping from $785,000 to $670,000, according to MLS numbers.
But at the south end of our island, there was good news. In The Moorings, an iconic boating and country club community with 790 condos, prices are holding up surprisingly well.
“The number of condo sales in The Moorings was down in the first half, with 23 sold between Jan. 1 and June 30 this year compared to 33 last year, but our median sold price was only 7 percent lower,” says Marsha Sherry, broker at The Moorings Realty Sales Co., which handles most transactions in the community.
According to MLS data provided by Sherry, the median sold price of a condominium in The Moorings in the first half of 2025 was $695,000, $53,000 less than last year’s median of $748,000.
“I think those are pretty strong numbers,” says Sherry. “There’s great inherent value here and our sellers aren’t slashing prices. People want to live in Florida. They want to live in Vero. And they want to live in The Moorings.
“The country club lifestyle has tremendous appeal to many buyers, so we have an advantage. The housing in country club communities is standing apart.
“There are all kinds of reasons not as many people bought so far this year, but I think those buyers are still out there.”
Sherry says all 15 condo communities within The Moorings have passed the milestone inspections mandated by the state after Surfside, and she thinks the market is finally settling down in the wake of the pandemic real estate boom, which caused buyers to scurry to secure a home while sellers delighted in rapidly rising prices.
Even after the boom, sellers clung to sometimes unrealistic price expectations, while condo buyers reversed course dramatically. Instead of rushing to buy, they became perhaps overly cautious, concerned about higher carrying costs caused by new state requirements for condo repairs, maintenance and reserve funds.
With HOA fees up and big assessments for repairs and reserves in many communities, inventory shot up and prices began to drop.
Now, though, Sherry says the condo market is showing signs of finding a post-pandemic, post-Surfside equilibrium, as softer prices and more choices begin to balance higher carrying costs and lingering buyer trepidation.
“It has taken sellers a while to come to grips with the current market, but they are finally adjusting themselves to it,” Sherry says. “And they are not taking big hits.
“We just need buyers to feel more comfortable, and I think we are getting there. When you stop and take a closer look, it is an amazing time to buy a condo. Prices have come down somewhat and there is so much to choose from.”
New state requirements for building inspections by licensed engineers and architects, and subsequent higher condo carrying costs due to needed repairs and reserve requirements, have squeezed many current owners, especially retirees on fixed incomes.
But they have also made the condition of buildings and condo associations much more transparent, a major benefit for buyers, who now can see clearly the conditions they are buying into, which often wasn’t the case in the pre-Surfside past.
The exact status of the island-wide condo market is a little blurry. Running the MLS numbers for the first half, Sherry and Moorings Realty broker associate Collier Proctor found a 15-percent drop in median sold price, but others report an even deeper decline.
In its June market report, the Reynolds Team at Compass notes a median condo sold price of $603,000, down 19 percent from last June, while Redfin, looking from a distance, reports a 27 percent year-over-year decline in median sold price. Both figures brighten up the Moorings halo.
But there is good news about the overall 32963 market, too.
Take inventory, for instance. While there are still enough condos on the market to entice buyers with a wide range of choices – up 35 percent year over year, according to the Reynolds Team – inventory is now falling, which tends to support prices going forward.
Douglas Elliman’s monthly report for 32963 shows that condo inventory on the island dropped from 283 in April to 205 last week. It also reports that per square foot prices for condos have been stable over that period, basically unchanged from $452 in early April to $454 today.
And the Reynolds Team notes that “pending sales doubled in May, up 109 percent compared to May 2024,” suggesting that “buyers are waking up.”
“I am not worried about the market,” Sherry says.
“I’m looking forward to season to see how things unfold. No one knows for sure what is going to happen, but I do know that Vero Beach remains highly desirable, and this is a great time to buy a condo!”
“I think we will see a really nice recovery in the condo market on the island this coming season,” says Douglas Elliman broker associate Michael Merrill. “The impact of Surfside was very difficult, but we have mostly worked our way through that. The operation is over, and we are in the recovery room.”
Photos by Joshua Kodis
