Florida Condo Owners Face Financial Strain

Miami-Dade County experienced a significant surge in condo sales and prices, with a Fisher Island closing at $37 million leading the top sales. The average sale price rose to $1.12 million, and the average price per square foot increased to $598. Concurrently, South Florida condo owners are grappling with unexpected six-figure assessments due to new legislation, causing financial distress and potential property sale losses. Legislation like HB 1021 in Florida addresses various condominium association issues, introducing criminal penalties and hurricane measures to enhance building safety and transparency. Additionally, the third anniversary of the Champlain Towers South condo collapse in Surfside is marked with ongoing efforts to understand the tragedy and prevent future occurrences.