“These are the hidden costs of buying an apartment,” she said.
There are other complications: shortly after the crash last month, a number of insurance companies sent letters to apartment owners. demanding that they provide evidence that their buildings have been tested, according to The Miami Herald.
Insurance for buildings and individual housing units was already a problem for older coastal condominiums as they struggled with the recurring threat of hurricanes and tropical storms, as well as the impacts of climate change. Insurance companies have retreated in their willingness to cover this property in recent years, and rates have risen, Mr Clarkson said.
“It’s getting harder and harder to find what I would consider a legitimate company to come in and build a building like this,” he said, referring to insurers willing to cover such areas.
In his opinion, shoreline condominiums have a certain degree of sustainability. “I don’t think the condominium market will ever disappear anywhere,” he said. “How do you not want to come here and open the windows in the morning, open the slider in the morning and breathe a pleasant breeze?”
“It’s a question,” he added, “for strengthening buildings.”
However, the disaster heightened concerns and raised concerns about how old buildings could end up in the local property market, which, like much of the country, has grown rapidly in recent months.
According to Ana Bozovic’s analysis of sales data, demand for $ 1 million or more apartments has skyrocketed in Miami-Dade County this year, with sales up 300 percent from January to May over the same period last year. Broker and Founder of Analytics Miami. Apartments under $ 1 million are up 92 percent from last year.
Ms Bozovic said unavoidable inspections could increase both repair costs and buyer caution, leaving residents looking to sell their homes like Ms. Mason in a precarious position.