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Thousands of South Florida Condo Owners Forced to Sell Due to Rising Costs

Residential Rajkumar Ramkerath September 7, 2024

South Florida is experiencing a condo crisis as rising costs force many owners to sell. Upcoming safety deadlines and skyrocketing insurance rates, which have increased by 800%, are significant factors. Mariners Bay Condos residents faced over $100,000 in dues and assessments, prompting them to sell to a developer. Currently, nearly 18,000 older condos are on the market, with values dropping 19% from last year. Local lawmakers are considering solutions but have decided to wait until the regular legislative session to address the crisis.

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