MIAMI – South Florida faces a condo crisis as thousands of units flood the market, leading condo owners to sell due to rising costs.
Costs tied to upcoming safety deadlines to meet state requirements and rising insurance.
Last summer, the people living at Mariners Bay Condos made a difficult decision to eventually leave their homes on the water in North Miami to avoid paying over $100,000 each in dues and assessments to stay.
“I would get calls from some unit owners who were just in tears,” shared association president Laura Galeano.
She said the board knew in 2022, they were in trouble.
“Insurance went up 800%, and that’s insurmountable,” explained Galeano, along with other expenses.
“It’s not big, but you don’t know what’s under the hood, and that’s where, you know, it can really get pricey,” said Galeano, pointing to a crack above her balcony and other building issues. Some of the many reasons she says the association chose to sell to a developer last summer. A deal she says that’s near the finish line.