Coastal region residents face significant costs for tower residences
South Florida high-rise condominiums maintain some of the highest monthly maintenance fees in the United States, second only to New York City co-ops. First Service Residential’s annual review shows Miami-Dade units average exceed $1,900 per month, while Fort Lauderdale and Palm Beach units approximate $1,800—a nearly $500 annual increase from last year.
Insurance expenses rose 25 percent to $377 monthly per unit, driven by recent hurricane activity and the 2021 Surfside building collapse. Operating costs, including management fees, increased over 40 percent compared with 2024 figures.
Associations allocated 12 cents of each budget dollar to reserves this year, up from 9 cents in 2024, though South Florida rates remain below most major metropolitan areas. State-mandated inspections and financial reviews for older buildings were implemented following the Surfside tragedy.
International buyers accounted for over half of all newly constructed condos sold in the past two years. Sales of units priced above $1 million in Miami-Dade County increased 7.6 percent in October.