"Someone is going to have to pay, there’s no way around it."
The rising cost of living in older, once affordable condominiums has sparked a crisis in Florida’s real estate market.
Condo owners across the state are scrambling to sell to avoid rising insurance rates and special assessments, but buyers aren’t biting.
Sales are down nearly 15% compared to last year. That’s according to April data from Florida Realtors. The outlook is even bleaker in the Tampa Bay metro area, where sales fell 20%.
It’s been nearly four years since the Champlain Tower South condo collapsed in Surfside, killing 98 people. The South Florida disaster prompted lawmakers to strengthen safety inspections for older condos and require associations to save for routine maintenance.
But those changes have led to hefty special assessments and skyrocketing insurance premiums in many buildings, said Dimitri Karides, a broker associate with Sand Key Realty in Clearwater Beach.
Read more at the Tampa Bay Times