https://www.dailymail.co.uk/news/article-13739993/florida-real-estate-crisis-condo-owners-slash-prices.html
All of Florida's coastal real estate will collapse in 20-30 years. My parents' home in Key Largo will be worthless or wiped out.
And even non-coastal real estate will face high insurance premiums due to increasing hurricane risk.
Happened to relatives of mine bay-side near Fort Myers a while ago. Hurricane hit the area, pretty much every apartment in that 11 floor building was devastated by wind and water.
Even worse: the foundations were affected too and the place has not been inhabited for more than year.
At least everyone made it out. Building next door partially collapsed and there were fatalities.
Daily Mail? They’re probably right about this one, but I always assume they’re lying about everything.
If they'd been doing necessary maintenance their units would be getting top dollar now. Florida should have been enforcing this all along but it's not like nobody knew.
It's paradise lost predictably collapsing due to direct human influence and decades of active policy failure by conservative politicians
My family's condo went from $450 per month maintenance to over $1100! It's causing some problems and my folks can't retire anymore, taking odd jobs to make it work
I dont understand, and not your fault it is clearly the environmemt, but retiring with bills that are so variable is insane to me. Here we mostly retire with out own home and not a maintenance contract.
Yeah, agreed. It wasn't that variable when they started winding down work 😅 idk what they are going to do. I am trying to fix up my house up north to have a little guest space in the basement if they have to come live with me. But my flood insurance just went up 45% too and my town is giving me a hard time with permits due to increased risk of flooding. feeling pretty powerless tbh
Now DailyMail.com can reveal an estimated 360,000 property owners in south Florida alone - the home of the condo boom - may not be able to afford the repairs required by the new law.
Could the law be phased in? I know maintenance needs to be funded but it takes time to build up those reserves.
Reserves should be built up from the day the building was first constructed. If owners fail to do that because of greed, they should face the consequences.
The issue is that most of the owners that profited have sold and moved on years ago. Given that this is Florida, they are probably dead.
That doesn't change anything about the responsibility of the current owners. If you own property you are responsible for the upkeep.