Palm Bay Towers’ Residents Treading Problematic Waters

Some Miami residents are literally, knee-deep in problematic waters. Biscayne Bay’s Palm Bay Towers currently has severe issues with several of the unit’s nine-foot-tall, floor-to-ceiling windows. The windows are so outdated and aged that some even have to be duct-taped to avoid leaking and flooding. Mariano Fernandez, a building official with the city, issued a notice right before the holidays, resulting in a condemnation the building. Although an emergency court order somewhat relieved the condemnation, preventing the immediate shut-off of all water and power in the building, residents now have only 45 days to figure out what to do, and if they can even afford the pricey solution to this difficult and very expensive problem. Replacing all 1,875 of the building’s windows is said to cost as much as $5 million, though Palm Bay Towers’ bank has agreed to a $1.5 million loan for the job. Even so, residents are still understandably unhappy with their predicaments. Though they may have been able to afford their condos when they were first purchased, many are unsure in the current economy that they can even halfway afford the units’ current assessments, ranging in price from $60,000 and $100,000 per unit.

Via: The Real Deal