The Sunshine State’s housing market is caught in a perfect storm that could soon drive condo owners to flee in droves.
Condo owners are scrambling to offload properties before the full force of the new laws hits. Some have slashed prices by as much as 40% to avoid enormous repair bills. The numbers are staggering. Listings for condos in Palm Beach, Broward and Miami-Dade counties jumped to 20,293 in the second quarter of this year, up from just 8,353 the previous year. Nearly 90% of those units are in buildings that are 30 years old or older — the same ones targeted by the new safety inspections.
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