Seven urgent challenges that Miami condos and owners have faced the past year
Real Estate News Seven urgent challenges that Miami condos and owners have faced the past year
Miami condo living faces mounting financial and safety challenges, underscored by escalating repair costs, lawsuits and market instability.
New structural integrity mandates, enacted after the Surfside collapse, have led to financial strains for condo owners, including special assessments and association fees. Legal disputes, such as those involving luxury towers in Bal Harbour, highlight issues of deferred maintenance, structural risks and misallocated funds.
While some properties struggle with plummeting prices, others face buyer hesitancy due to rising insurance costs and repair fees, leaving both sellers and buyers in precarious positions. With legislative relief delayed until at least 2025, residents are left grappling with financial uncertainty in a tightening market.
The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories below were reported, written and edited by McClatchy journalists.
Miami skyline, including Bayside Market Place, Freedom Tower and the Miami Heat arena. By Pedro Portal
NO. 1: WHY HOMEBUYERS ARE POURING INTO SOUTH FLORIDA DESPITE RECORD-BREAKING HIGH PRICES
Miami-Dade County has a new historically high median sales price for single-family homes. | Published May 25, 2024 | Read Full Story by Rebecca San Juan
Single-family home and condo prices continue to climb in South Florida, despite a slowdown in sales activity. Above: A photo of the FTX Arena and several residential high-rises, including Zaha Hadid's One Thousand Museum. By Pedro Portal
NO. 2: HOME PRICES ARE UP AGAIN IN MIAMI, BUT WHERE ARE THE BUYERS? CONDOS ARE AN ISSUE
What to know about changes in the real estate market. | Published June 22, 2024 | Read Full Story by Raisa Habersham
Real estate properties sits off Lake Santa Barbara in Pompano Beach, Florida on Monday, April 26, 2021. By MATIAS J. OCNER
NO. 3: CONDO SELLERS IN MIAMI-DADE FACE A BITTER REALITY — PRICES KEEP FALLING. HERE'S WHY
What to know about the number of deals and the median prices in South Florida. | Published July 24, 2024 | Read Full Story by Rebecca San Juan
The Miami-Dade Marine Patrol Unit navigates as search and rescue personnel search for survivors through the rubble at the Champlain Towers South Condo in Surfside, Florida, Sunday, June 27, 2021. The apartment building partially collapsed on Thursday, June 24. By David Santiago
NO. 4: DESANTIS WON'T CALL LAWMAKERS TO TALLAHASSEE TO ADDRESS CONDO CRISIS. AT LEAST NOT YET
'Things need to be kind of teed up so that we're going to be successful,' DeSantis said. | Published September 19, 2024 | Read Full Story by Rebecca Liebson
An exterior shot from Collins Avenue of people walking past the St. Regis Bal Harbour Resort, in Bal Harbour, Florida, Tuesday, November 21, 2020. By Daniel A. Varela
NO. 5: MIAMI CONDO OWNERS IN LUXURY TOWERS ON THE BEACH SUE COMPANIES OVER SAFETY CONCERNS
What to know about the case at the Bal Harbour complex near Surfside. | Published November 14, 2024 | Read Full Story by Vinod Sreeharsha
The Miami-Dade Marine Patrol Unit navigates as search and rescue personnel search for survivors through the rubble at the Champlain Towers South Condo in Surfside, Florida, Sunday, June 27, 2021. The apartment building partially collapsed on Thursday, June 24. By David Santiago
NO. 6: NO DELAY ON LOOMING DEADLINE FOR CONDO REPAIR FEES, FLORIDA GOP LEADERS DECIDE
But condominium associations that don't comply with impending reserves budgeting will not be penalized by the state. | Published November 20, 2024 | Read Full Story by Ana Ceballos Alexandra Glorioso Rebecca San Juan
The partial collapse of the Surfside condo tower, Champlain Towers South, above, on June 24, 2021, has led to a Dec. 31, 2024, deadline for condo associations to file a structural integrity report on condo buildings three stories or higher. By Matias J. Ocner
NO. 7: FLORIDA CONDO CRISIS NEEDS TO BE ADDRESSED BY LAWMAKERS. HERE'S A STARTING POINT | OPINION
While the Legislature won't convene a special session before a key Dec. 31 deadline for condo owners, here's what lawmakers should address next year. | Published December 4, 2024 | Read Full Story by Gary M. Mars
This report was produced with the help of AI tools, which summarized previous stories reported and written by McClatchy journalists. It was edited by journalists in our News division.
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