Waterfront North Bay Village Condo Building Targeted For Potential Buyout
A developer in South Florida expressed interest in buying out a nearly 60-year-old waterfront condo building in North Bay Village. The firm’s portfolio includes other older condos, which are becoming more common in South Florida. Now, developers are directing their buyout efforts towards older buildings located on land with favorable zoning. The process of condo buyouts and terminations can be lengthy. However, older properties are becoming increasingly expensive to maintain, leaving owners, including those on fixed incomes, struggling with the rising costs of insurance and construction, particularly when major upgrades are required. While the potential sale is still in its early stages, it remains uncertain if the majority of owners are willing to sell, especially given the high cost of real estate in the area and the reluctance of owners to do so.