Southern state hit by mass exodus of condo owners spooked by 'catastrophic' market in wake of costly new law that could 'bankrupt' residents

Daily Mail UK ^ | August 9, 2024 | Bethan Sexton

[Chgogal]

BTTT

[Rockingham]

I know something about Florida condos. I spent years as a real estate attorney often dealing with condos, years in Tallahassee with close friends who dealt with condo regulation issues as legislative staffers, and years on GOP party staff often called on to research and explain complex statutes and legislative issues.

[xoxox]

But have you ever owned one?

[Rockingham]

Some years ago, I lived in a new condo in south Florida for about a year, and also advised and represented condo associations and developers. Fundamentally, owning a condo never appealed to me because of the forced affiliation of condo living.

[EVO X]

Boo fugging hoo. It sounds to me as if the condo owners did not do any due diligence before buying their condos and are not shocked to discover they bought a piece of Kommie-La housing.

I followed the collapse after it happened. Lots of blame to go around. What was never mentioned is the lack of due diligence by lenders. The condo complex was a beach front condo with 100+ units. Condos were in the million dollar range and higher with a likely regular turnover rate. It was another miss in a long string of failures leading up to the collapse..

[Svartalfiar]

Well if all these prices drop that much, it’ll make insurance cheaper, saving all those companies going bankrupt from the hurricanes!