Condo Buyouts to Rise After Surfside Collapse
Real Estate developers are increasingly targeting bulk buyouts of neglected condo buildings as a way to acquire waterfront land for future luxury developments in South Florida. In the wake of the Surfside collapse of Champlain Towers South, condo owners and condo associations are more likely to embrace developers’ offers, as reported by The Real Deal.
“The sales pitch is enhanced, unfortunately, by the safety factor,” Brinkley Morgan attorney Bill Kramer told the The Real Deal. “If you’re living in a $200,000 condo and it’s going to cost $100,000 in repairs, could you possibly afford it? It kind of doesn’t make sense.”