INSURANCE costs have pushed the cost per sq ft per month TODAY to app 50-60 cent range-for some buildings maybe even higher!
I have lived in an 800 unit condominium building of grand standing in miami on the bay for 17 years: that is large room sizes full service with gym pool attended garage valet service et..
our maintenance fees were app38-40 cents per sq ft per month UNTIL the time of the hurricanes in 2004 -2005.
Before the storms hit the cost of insuring the building structure against storm damage - not the individual units- was app $ 300,000 -400,000 for an average cost per unit of $ 375-500 per year- or $30-45 per month..
but AFTER the storms the cost QUICKLY rose to nearly $1.7 MILLION- or up 4-5 X!!
thus the average cost per unit for building insurance alone has risen to 150-200 per MONTH
this is happeneing all over so fl a s insurance companies have scrambled to raise rates but on the basis that anticipates an ONGOING disiaster scenario
we have been lucky that no storms occurred in 2006-2007 BUT we are being taxed by the carriers as if they had...
but you must compare this to the cost of insuringa private home which has also gone up in the same proportion so no one is spared...