Miami condo owners asked to pay $175,000 in assessment

File this story in the misery loves company section for Key Biscayne condo owners who are facing special assessments on their units.

This week, a condominium in Miami Beach - Palm Bay Yacht Club – a 27 stories, 235-unit complex located in the Upper Eastside neighborhood – were outraged over a $175,000 assessment for each unit due to repairs needed as part of the building’s recertification process.

The building, at 780 NE 69 Street in Miami, is going through its required 40-year recertification, and the engineering firm brought in by the building’s management company – AKAM – the proposed bill for repairs and improvements was estimated at $46 million, CBS Miami reported.

Palm Bay Yacht Club was built in 1982.

"Asking for $46 million is really extraordinary," attorney Jane Muir – who has been hired by the homeowners to represent them.

According to the CBS Miami report, Palm Bay Yacht Club owners hired an independent engineer who provided an estimate of $23 million to make the

"Asking for $46 million is really extraordinary," said attorney Jane Muir.

Structural engineer Juan Fernandez-Barquin told CBS Miami that, "In my 44 years as an engineer, it was a shock to see an assessment that high."

At the present time, there are 16 units for sale at Palm Bay Yacht Club with list prices falling between $329,000 and $695,000 according to Condo Black Book.

Some Key Biscayne condo owners in communities like Casa de Mar and The Towers are also facing special assessments due to repairs needed as part of the recertification process.

For more from CBS Miami, click here.


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