So this building of $1m+ condos seems to be built… on sand? Ft. Myers, FL.

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Surely nothing can go wrong

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I’m sure the structural engineers accounted for piles and deep foundations to support the structure. If you think about to, columns supporting long bridges are too on sad/mud/whatever is under there.

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Yeah that doesn’t make me feel any better when I drive over them 😂

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At one point do decisions to build in such environmentally irresponsible locations just not get supported anymore – no more loans for builders, no more insurance coverage, etc.?

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Well it’s Florida so probably… never I’d guess. They already have their own effed up homeowners insurance market.

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These developers blow my mind. Just google “Utah Edge Homes” to see what happens

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Wow!

Also I can’t imagine what insurance rates are in this building. I wonder if lower floors rates would be higher than upper floors (water damage.) is that a thing?

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Oh and the HOA is $750/month.

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HOA says it includes a gym and pool though there’s no pics of either. (Which is always a red flag.) No doorman. Also price was recently reduced $200k and has been on the market since November. Will be interesting to see if and for what price it sells.

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When I was in Miami, I was pretty surprised at how cheap some of the South Beach condos were. Of course, I assume that was probably because they were all castles made of sand and, well, Jimi explained what happens to those.

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I live in SWFL, sounds about right 😅 these developers will build on a tiny patch of grass if they could. I don’t mind some of the new construction, but there’s definitely overkill in a lot of areas.

Yeah they are if you’re on the water on the gulf. A lot of companies won’t insure homes by the gulf or the Atlantic because of hurricanes.

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That’s a metaphor to the stock market right now 😂

Isn’t it always, if you think about it? 🫠

HOA is normal for this area.

My guy, the entire state of Florida is built on sand. The whole state is just one big sand bar. If you dig more than 1 foot into the ground just about anywhere in the state guess what you’re gonna hit

Gold?

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Yiiiikes. After that big condo collapsed in the middle of the night…I couldn’t live full time in something like this.

Yeah I’m not putting this in THAT category quite yet (appears that there were several factors in that building’s demise which converged), but I just don’t know how long we keep putting hundreds of people a few yards from the water in a highly hurricane-prone area that’s already seeing its insurance rates become untenable.

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