Florida Billionaire Family’s $8M Condo Purchase Shakes Things Up – Residents Sell

Photo byTraded Mia

If you’re a condo owner in Florida, you’re probably aware that the landscape has changed quite a bit since the Surfside condo tragedy in 2021. With stricter inspection rules now in place, many condo associations are finding themselves facing some pretty hefty repair costs – and these bills often end up in the hands of homeowners through special assessments. It’s one of the reasons why some condo owners in Miami-Dade County’s North Bay Village recently made a big decision: selling their entire building to Florida’s billionaire Ansin family.

Who Are the Ansins, Anyway?

In case you’re not familiar, the Ansin family is one of the wealthiest families in South Florida. They own WSVN, a popular TV station, and the late Edmund Ansin had an estimated net worth of $1.5 billion, according to the Miami Herald. The family isn’t new to big real estate deals either – they recently proposed a massive 126-acre mixed-use development project in Miramar, Florida.

So, What’s the Deal with This Condo Purchase?

The Ansin family's company, Sunbeam Properties, just bought out the Treasure Island Cove Condominium at 1639 N. Treasure Drive in North Bay Village for a cool $8 million. Here’s the backstory: The residents of this condo building were facing an upcoming recertification exam, which meant they were looking at some major repairs that would be paid through a special assessment. On top of that, residents were going to have to temporarily move out during parts of the work, which added to the inconvenience.

Instead of facing these challenges, the condo owners unanimously voted to sell to the Ansin family. Each unit sold for roughly $333,333, which, for many owners, was a pretty good deal since their units were assessed in the mid-$100,000s range by the Miami-Dade County Property Appraiser. In other words, some of them walked away with a nice profit!

Special Assessments Are a Growing Concern for Floridians

This situation is a familiar one for many Florida condo owners, who have been hit with steep special assessments for repairs and renovations. For some, these unexpected bills can mean the difference between staying put or being forced to sell, especially in a market where finding a buyer isn’t always easy. There have been cases where homeowners faced five or six-figure assessments, leaving them with no choice but to either sell their property or even return to work to cover the costs.

In this case, it looks like the residents of Treasure Island Cove made a smart move, turning a potentially stressful situation into a pretty sweet deal. And now, the Ansin family is one step closer to expanding their real estate footprint in Florida!