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.
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.