“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.
In the wake of the tragic Champlain Towers collapse, Florida legislators overhauled the state’s condo laws to mandate much stricter financial and structural oversight. Many industry observers and experts predicted that these changes would produce a wave of condo terminations or “buyouts,” with ambitious and deep-pocketed developers snapping up outdated units from distressed buyers at above-market rates, then razing these older buildings to make way for new luxury projects. While there has been an uptick in buyouts, the predicted wave has so far been more of a ripple, with multiple complications making terminations harder to complete than anticipated. Will new condo laws trigger a surge of buyouts, or is this a quagmire doomed to challenge the market for years to come? We explore it in this edition of “South Florida by the numbers.”
$17.3 Million
Price Miami-based Canero Group recently paid to purchase all 25 units of Chateau Grove, near the Cocowalk shopping center in Miami’s Coconut Grove. The developer plans to rent out units in the short term, but may eventually redevelop the site. While most buyouts are notoriously difficult and time consuming to complete, Canero was able to complete the deal in just six months. [TheRealDeal]
39
Total number of units currently at the Bayshore Park condominium in Miami’s Coconut Grove, where local developers Mast Capital and BH Group have teamed up to purchase more than 30 units, putting them above the 80 percent threshold needed to seek a termination of the association. The joint venture is planning to redevelop the site into a larger luxury condominium along South Bayshore Drive. [TheRealDeal]
1972
Year in which the four-story El Vedado condominium in Miami’s Brickell was constructed. The 36-unit building was recently bought out by Miami-based condo developer Habitat Group for a combined $21.76 million between December 2024 and May 2025, and then sold to multifamily developer Grupo T&C for $27.55 million four days later. [SFBJ]
913
New Florida House of Representatives bill introduced by Miami Republican Vicki Lopez, proposing significant changes to condominium regulations in response to safety concerns. The bill would also address the process of condo terminations, particularly in cases where repair costs exceed property values. It clarifies conditions under which associations can be dissolved, potentially facilitating redevelopment efforts by majority stakeholders. The bill also introduces provisions for electronic voting, aiming to increase participation among absentee owners and foreign investors. [TheRealDeal]
$3,500
Per-square-foot price that an attorney representing more than 20 percent of the owners at The Solaris at Brickell Bay is encouraging a prospective buyout contender to offer. The building is among a 4-acre group of properties that billionaire Ken Griffin purchased in 2022 to become the new headquarters for Citadel hedge fund, with plans for office space, a hotel, restaurants, retail and residential units at the site. Unit owners say mysterious LLCs have been buying condos in the 138-unit building, fueling speculation that Griffin is seeking to take control of the site. Owners who originally purchased their condos for between $200,000 and $450,000 have recently sold them for between $500,000 and $1.1 million to these LLCs, according to county property records. [MiamiHerald]
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.