Downside of buying a condo.
I read they were starting up $15 million in repairs. I think that works out to $95,000 per unit for condos in the $600,000 to $700,000 range. How long did the HOA board delay starting repairs? Think someone is going to be sued?
Imagine needing $95,000 in repairs to your house. That would cause a hit to your equity, perhaps put you under.
Imagine if you bought it one or two years ago and just found out it needed this much in repairs? Think somebody is going to be sued?
Wonder what this will do to the large condo market in Florida and elsewhere? What about timeshares?
I've no doubt, they...and the mayor (& "media) will put the blame on DeSantis for issuing a stay at home order, except for essential workers.
That work couldn't start last year because of it.
He's a raising star in the (R) party, and they have to find some way to take him out politically. This may be it.
I would have seen the concrete damage and walked away without buying a condo in that building