Majority of Florida condo board quit in 2019 as squabbling residents dragged out plans for repairs

[sop]

52. Waterfront condominiums in Miami-Dade are rapidly becoming unaffordable for the average

person. All the new towers being put up on the beach, from Government Cut at the tip of South Beach all the way up along Collins Ave. to Aventura and the Broward County line, replacing all the hundreds of older, crumbling buildings like Champlain South, are "exclusive, luxury residences" catering only to wealthy beautiful people, where even the smallest units sell for millions of dollars.

Units in the swanky new condo right next to Champlain South are selling for tens of millions of dollars. Gone are the days of your grandfather's South Florida, where the average retiree or middle class worker could afford living in these waterfront buildings. And owners of existing units in these older condos, purchased twenty or thirty years ago for a reasonable sum, will no longer be able to pay the maintenance fees and reconstruction costs required to remain in their dream homes.

The county will now be forced to increase inspections and mandate expensive repairs. Many residents won't be able to afford the reconstruction these buildings require. Developers will come in, make offers to buy the valuable waterfront land, tear down the old structures and put up new luxury mega-towers. That's been the trend in South Florida real estate for the last twenty years, and this collapse will only accelerate the process.