The Real Deal Miami

Rates put condos under water

June 15, 2009 02:09PM

The Crossings, a Boynton Beach condominium development, has lost so many owners that the cost of water rates has become too much for the remaining occupants. The city raised rates about 37 percent last year, and now one in every seven units at the 280-condo complex is in foreclosure. The combination is costly. The economic crunch has hit residents hard, said Crossings property manager Kathleen Carroll.