Florida condo owners are slashing prices by up to 40 percent as they strive to dodge massive incoming repair costs.
Some units have had almost half a million wiped off their asking price as safety fears trigger a wave of sell offs in what realtors have described as the worst real estate crisis in decades.
One three-bedroom, two-bathroom condo in Saint Petersburg was listed at around $1.2million at the start of the year.
But still without a buyer, the owner slashed the asking price first to $898,000 and last week to $715,000.
State legislation brought in following the 2021 collapse of the Champlain Tower South in Surfside, Miame-Dade County, which killed 98 people, means hundreds of thousands of condo owners must now fork out hefty sums for previously neglected maintenance.
Maryland also now requires a condo slush fund, which has imposed increased fees.
The problem in FLA was a legal disagreement with the builder and owner of the apt building.
But now the burden falls on the owners to financially build a cushion.
Thank your over re-acting government
all good things gotta come to an end and its the same as the wildwood weed