Florida's aging waterfront condos become gold mines as owners cash in on developer buyouts

Aging waterfront buildings become redevelopment jackpots as residents choose bulk buyouts over rising costs

Along South Florida's sunny shorelines, aging waterfront buildings are turning into redevelopment jackpots as condominium owners increasingly choose control — and cash — over uncertainty.

"The residents, the owners, understand how hard it is to keep up the maintenance of the buildings, and they understand that it's getting harder and harder every year with the increase of everything," North Bay Village's Harbor Condominium Homeowners Association treasurer Juan Llorente told Fox News Digital.

"It's a great opportunity to live on your own terms, basically. That's what we’re trying to do here — we’re trying to anticipate the inevitable by putting ourselves on the market."

Earlier this month, after interviewing nearly a dozen real estate firms, the 29-unit bayside condominium announced the exclusive bulk-sale listing of the building with Blanca Commercial Real Estate and MSP Group. The buyout gives a potential buyer or developer the opportunity to reimagine one of Miami’s most sought-after waterfront neighborhoods, which has seen more than $2 billion in new development in recent years.

Click Here to Read More