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Coach
I think it's already here. My parents have a condo they want to sell, prices for comps have dropped $200k in the last nine months. My parents reaction is "prices are down because people don't want to buy condos due to the hurricanes and the structural problems with the concrete/iron so we are going to wait for prices to rebound" - I'm not sure they are gonna rebound. I don't know any of my peers (35-45yo) who are dreaming of a retirement on the Florida coast. I grew up loving Florida and the beach condo lifestyle but no way I'd touch owning one of those places now.
Yeah, Florida is on my heck no list for retirement because of climate change.
I tried to buy a townhouse on the water in Tampa over the past summer and it fell through. The townhouse was built in the 80s and classified as a condo, so don’t think the condo problem is just for high rise condos. They all have to go through an expensive recertification process now and most don’t have the reserves to pay for it. The bank won’t provide a mortgage either if it hasn’t been recertified. The selling Real estate agent will also not tell you about this until you are about to go under contract. The problem is already here and known but it will just be getting worse as people try and sell their condos.
Can someone give some more details on this? I’m interested in learning because I’d like to buy a condo as a vacation home in the west side of Florida in the future.
Wow