Post-Champlain Towers South tragedy condo building crackdowns are coming and now Florida could be facing its biggest real estate “crisis” in decades, NBC reports. Prices have dipped nearly 40% in some areas after a rash of new laws offloaded proactive maintenance costs onto the HOAs, triggering a simultaneous gold rush for redevelopments and subsequent preservation fight statewide.
One concerned Floridian told the network it added to her personal cost of living concerns (“Every penny I make goes towards that concrete restoration.”) In some cases, the cost of repairs has been reported at northwards of $100,000 per unit. Three-quarters of all condo dwellers in the state now inhabit structures that are more than 30 years old. As NBC says, these are the “last bastions of relatively affordable housing along Florida’s coastline.“
2 Comments
Free fall enterprise. . . .
Structural analysis and transparency is the base of what government should be doing. Get out of the education and medical bloat industry and get back into analyzing structures to show what needs investment.
Apparently the Champlain structure had been flooded for years from a connected pool as well as natural flooding, which degraded the structure.
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