| County | Failure Rate | Approximate Compliance |
|---|---|---|
| Miami-Dade | 56% | ~44% |
| Broward | 59% | ~41% |
| Palm Beach | 72% | ~28% |
| South Florida Overall | 62% | ~38% |
Source: Miami Realtors Chief Economist Gay Cororaton, Condo Summit, Feb 14, 2025. Published by Condo Vultures.
| Building | Location | Per Unit | Total |
|---|---|---|---|
| Mediterranean Village | Aventura | Up to $400,000 | — |
| Palm Bay Yacht Club | Miami | $140,000-$175,000 | $46 million |
| 1060 Brickell | Brickell, Miami | $30,000-$110,000 | $21 million |
| The Cricket Club | North Miami | Up to $134,000 | — |
Carriers are fleeing Florida or tripling premiums. Buildings that can't obtain insurance can't get mortgages. Units become cash-only, which eliminates 80%+ of potential buyers.
Federal lending guidelines require reserve and insurance compliance. Non-compliant buildings become "non-warrantable" — conventional mortgages unavailable. This effectively kills market liquidity.