We see this first hand in older condos in florida due to the new laws post the collapse of the Champlain Tower from a few years ago. The older condo market has been destroyed. Some buildings have 50% of the units for sale as people cannot afford the assessment which could be more than they paid for the unit 40 years ago. Couple that with skyrocketing insurance costs and it is chaos. Units for sale in Florida are + 500%+ since the COVID lows of 2022.
The nightmare of property reassessments is becoming all too common in the Carolinas, especially in Charleston and many of the older sea island communities. Long-time residents who have lived there for years are being displaced as they can no longer afford soaring homeowners insurance. Rising property taxes are only making things worse.
We see this first hand in older condos in florida due to the new laws post the collapse of the Champlain Tower from a few years ago. The older condo market has been destroyed. Some buildings have 50% of the units for sale as people cannot afford the assessment which could be more than they paid for the unit 40 years ago. Couple that with skyrocketing insurance costs and it is chaos. Units for sale in Florida are + 500%+ since the COVID lows of 2022.
The nightmare of property reassessments is becoming all too common in the Carolinas, especially in Charleston and many of the older sea island communities. Long-time residents who have lived there for years are being displaced as they can no longer afford soaring homeowners insurance. Rising property taxes are only making things worse.