Vida Residences Edgewater Announced, Will Have 121 Units – The Next Miami
Something similar to Opera happened to Icon Brickell.
Note that these two buildings were delivered in the banking crisis. Before construction, individuals paid installments with the intention of becoming owners. Miami was highlighted when banks collapsed and no individuals qualified for loans as property values plummeted.
The major investors came in and paid cash to buy units wholesale, or the developers (Opera) kept the units and renegotiated with their banks. They used their votes to modify the condominium documents and began to manage these buildings as apartment buildings without taking into account the intensive selection of tenants. Axis Brickell, Club at Brickell Bay, The Vue, they were all overrun with parties, kids with nappies in the pool, cigarette butts raining down on the balcony, etc.
Good building management can turn the situation around.
In buildings starting out with the freedom of short-term rental as an option, they will attract investors concerned about protecting their real estate investment and their furniture. Smart owners/managers will use technologies such as in-room tobacco/cannabis/vaping detectors, noise detectors, cell phone counters and a robust screening process, etc. to restrain unruly fools.