LEE COUNTY -- At the Seascape Condos on Little Hickory Island, it looks more like a construction zone than the coastal paradise residents are used to.

Nearly three years after Hurricane Ian brought more than 12 feet of storm surge to the property, they are still rebuilding.

"I would have imagined it done at most a year,” Ron George told Gulf Coast News. “It's really been, I have to say, a nightmare.” George is a resident and the president of the board at Seascape. Part of the nightmare has been the rising cost of living there. When George moved in nine years ago, the annual association fees were about $5,000. Now, due mostly to surging insurance rates, those fees are $13,000 a year. That's not to mention the money needed to rebuild, which has cost each condo owner nearly $50,000 more in assessments. “Had we known how much effort we were going to be dealing with, we would have had more serious talks about throwing in the towel. But we never got there,” George said.

But with widespread storm damage and rising costs across the Gulf Coast, some associations are choosing to throw in the towel — terminating condos altogether and selling the properties.

“In Florida, over 95% of our condos are over 30 years old,” FGCU professor and real estate expert Shelton Weeks explained. “As a result, this is a very significant issue today. But it's only going to be more important as we move forward.”

Weeks wrote a research article on the topic, examining the "Death of a Condominium" and the legal process.

Another challenge for owners is new rules passed by lawmakers after the Surfside condominium collapse. They’re meant to make things safer but have also brought more expense.

“It's harder for condominium owners, just like it is for folks with single-family homes,” Weeks said. “Every aspect of home ownership is more expensive today than it was a few years ago."

When an association considers terminating, there is a legal process. Unlike some states, Weeks said Florida does have strong protections for individual owners.

“The most important thing is to understand your rights. Understand the process. And realize that this is something that's governed by state statute here in Florida,” he explained.

At Seascape, about 10% of the owners have sold their individual condos since Ian, but most have held on during the rebuild.

They’re determined — like Ron George — to see this through.

They’re determined to reclaim their paradise.

“I know there's developers out there that would probably just drool over the thought of getting this property. But we drool over having this property,” George said.