'Should We Sell?' After Collapse, Hot Florida Market Faces Uncertainty.

[BlueWavePsych]

The partial collapse on June 24 of Champlain Towers South in Surfside has plunged older beachside condos and high-rise buildings like it into a swirl of uncertainty. Local government officials and condo associations are rushing inspections, some of them long overdue. Insurance companies are demanding proof that aging buildings have been evaluated or are threatening to cut off coverage.

And real estate agents across the region are bracing for how the disaster might ripple through an otherwise scorching housing market.

“No one ever asked about a 40-year recertification before,” Ines Hegedus-Garcia, a real estate agent with Avanti Way Realty in South Florida, said of the process of assessing the structural condition of buildings constructed decades ago. “Nobody ever did that, but buyers are now asking for that.”

Cordelia Anderson, a Miami real estate agent, said five clients who had been looking at units in older condo buildings asked for hefty discounts after the collapse, or abandoned the coast altogether and instead wanted to search farther inland.

https://www.nytimes.com/2021/07/06/us/florida-condos-insurance.html



As Warren Buffett would say ... 'There's never just one cockroach in the kitchen'

[3Hotdogs]

1. Would you buy an east coast condo? Not just Florida.

[BlueWavePsych]

2. With the rising seas, probably not.

Worse, with DeathSantis deregulating everything including inspections, FL would be top of my avoid list even if further inland (swamps can erode foundations too).