The high cost of high-rise condo living in South Florida

"An annual review of condo buildings of at least seven stories managed by First Service Residential finds the average association fee of a Miami-Dade high-rise condo is up almost $500 a month compared to last year. Average monthly assessments now run more than $1,900 a month for these types of buildings. The cost is just over $1,800 a month for units in Fort Lauderdale and Palm Beach."

""Miami seems to be a highly desirable area," said Robert Smith, the south region president of First Service Residential. "What you're seeing is that strong international buyers are here (with) different types of expectations around service." High-end luxury buildings have dominated the new construction market as developers look to recoup costly land and higher building expenses. Newer buildings not subject to reforms put in place after the 2021 collapse of the Champlain Towers South building in Surfside also have experienced more demand."

Owning a high-rise condo in South Florida carries higher monthly association fees than almost anywhere in the U.S. except Manhattan. First Service Residential's review of buildings at least seven stories tall found Miami-Dade average fees rose nearly $500 from last year to more than $1,900 monthly. Fort Lauderdale and Palm Beach averages exceed $1,800. Only New York City condos and co-ops have higher cost per square foot. Luxury new construction and strong international buyer demand are driving higher-service expectations. Rising insurance costs, increased personnel expenses, and bolstering financial reserves are the primary fee drivers.

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