Dolphin Tower condominium owners spend more on repairs
Dolphin Tower condominium owners may be spending as much as $100,000 each to make necessary repairs to the 15-story building. The building was evacuated two years ago when a crack in the concrete foundation caused the City of Sarasota to condemn it as a safety risk. The average price of a condominium unit at Dolphin Towers was $290,633 in 2009, while last year Dolphin Tower’s sale prices decreased to $57,926.
The loss in value is mainly due to the approximately $13 million in repairs needed to repair the concrete slab on the building’s fourth floor and to make the structure up to current hurricane codes.