May 15, 2024 - News

Safety regulations pushing Miami condo owners out

A golf course with buildings in the background.

High-rondominiums and residential apartment buildings in Aventura. Photo: Jeffrey Greenberg/Universal Images Group via Getty Images

Miami condo owners are being priced out of their homes due to new safety regulations brought on by the 2021 Surfside condo collapse.

Why it matters: The Champlain Towers South collapse killed 98 residents and spurred the passage of Florida's Building Safety Act, which requires condo buildings to fund their reserves and conduct safety inspections after 30 years.

  • Owners who cannot afford steep special assessments to make repairs are now trying to sell their homes for pennies on the dollar, the Wall Street Journal reports.

Zoom in: Ivan Rodriguez, an owner at North Miami's Cricket Club, paid $119,000 for his unit in 2019, but was forced to sell it after his building passed a $30 million special assessment for repairs, the Journal reports.

  • It sold last month for $110,000 after originally listing for $350,000.

The big picture: There are more than 18,000 units for sale in South Florida — more than double the number in the first quarter of last year, per the Journal.

  • Most of the units are in buildings older than 30 years.

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