XPost: alt.politics.usa, alt.fan.rush-limbaugh
https://www.dailymail.co.uk/real-estate/article-14839107/florida-condo-law-home-values-hoa.html
Florida's condo market has become a nightmare for many residents
trying to sell.
The Sunshine State's retirees who flocked there for affordable
condos now find themselves stuck with old properties worth
virtually nothing that they are desperate to escape.
Pending mandatory repairs and rising HOA fees on aging towers
have driven owners to list in a flooded market.
In Boynton Beach for example, a two-bedroom, two-bathroom
condo at Hunters Run Country Club with access to a resort-style
pool and high-end amenities is selling for just $10,000.
The owner paid $60,000 for it in 2001. It's now worth $3
per square-foot.
. . .
The affected beachfront condos were built in a
huge wave in the 70s and 80s from S.Carolina
all around Florida and even into Texas. They
were built as fast and cheaply as possible -
and 'inspections' seemed to involve brown
envelopes full of cash.
My old man was involved building some of those,
he told tales and said to NEVER EVER live in one.
Now, salt air and crap concrete, they're totally
rotting away - UNSAFE. The one collapsed, but
state inspections revealed a LOT of them are in
nearly the same state.
Repairs are basically impossible - we're talking
the main supports on the first few floors - what
holds up everything else.
For a long time, major damage was just plastered
and painted over. Nothing to see here ....
With the new inspection/repair law, all those old
condos are TOAST. Shouldn't even be homeless
shelters.
Clue, beachfront ... stainless steel rebar and
extra GOOD concrete for the bottom floors
and pilings. A bit more expensive - but you
can use it as a SALES POINT, charge more.
--- SoupGate-Win32 v1.05
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