Elephant in the Room: Older Condo Buildings Face Surging Insurance Costs, Special Assessments

For older condominium buildings in Coral Gables and throughout Greater Miami, there is no hiding the elephant in the room. Associations at these buildings must prepare for skyrocketing insurance costs and special assessments to cover required repairs under Florida’s new state law that takes effect in 2024.

These converging challenges reinforce why Merrick Manor is truly the best buy in Coral Gables. An analysis of Multiple Listing Service data shows that the average age of $1 million-and-under condos across Miami-Dade County (inventory and sales) is 33 years old – older than the 30-year recertification threshold. Many of these buildings are facing a harsh financial reality.

In a new Miami Herald column, an association attorney writes that the “budgetary strains that Florida community associations are now beginning to experience have been daunting, and boards of directors and property managers are finding it particularly difficult to reconcile required increases with many community home and condominium owners. Significant increases in insurance and staffing costs, combined with the coming reserves and inspection requirements for many condominiums, are creating the need for budgetary growth that requires substantial raises to monthly association dues.”

As a brand-new condo building that is well-maintained and financially sound, Merrick Manor unit owners do not have to worry about unwanted surprises. Merrick Manor has very little remaining inventory, so buyers must act now to avoid the headaches condo ownership at an older building brings.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.” The building is surrounded by three championship golf courses and is just 20 minutes from Miami Beach.

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.