Home Sweet WORTHLESS - Can't Even Dump Miami Condos

https://www.dailymail.co.uk/real-estate/article-15717685/florida-condo-owners-laws-market-collapse.html

Florida condo owners are waking up to a brutal new reality:
their homes are becoming virtually worthless.

Desperate sellers all over the Sunshine State are slashing
prices to as little as $10,000 - and still failing to find
buyers.

The property problem across the state has been triggered by a
tough new safety law brought in after the 2021 deadly
Surfside condominium collapse that killed 98 people, forcing
aging buildings to undergo inspections and fund massive repairs.

. . .

   Well .....

   Most of the condos along the east coast were slapped
   up virtually overnight in the 70s/80s - as fast and
   cheap as possible and 'inspections' tended to be a brown
   bag of cash into some official's lunch box. Then they'd
   price-gouge residents (and afflicted them with HOAs
   run by the worst Karens that could be found).

   But, 'By the sea, By the sea, By the beautiful sea'
   was all the residents thought of. The idea of being
   an elite beachie overwhelmed all sense. Image was all.
   I knew some who'd built the things - THEY knew, said
   NEVER live in one.

   NOW, after one horrible collapse, the laws in Florida
   (elsewhere too I hope) have changed. They actually
   did structural inspections ... and the results were
   really scary. Salt and sea breeze have rotted much
   of the steel in the supports ... and the owners just
   slapped some plaster over the damage, "ALL FIXED !".
   Those supports were the cheap minimum in the first
   place ... now ......

   So why WOULD you pay a penny for a structurally
   defective building ? Insurers and govt aren't
   gonna pay to replace several floors worth of
   big concrete columns - and in-place fixes would
   be far more expensive than they'd be worth.

   Proper ... deeper pilings and then use columns
   and slabs with STAINLESS rebar for the first few
   floors. But that'd be EXPENSIVE !

   Well, tuff titty. The old condos should be torn down
   for safety reasons. Cheaper to build new ones, right,
   than try to fix the old.