"Florida Condo Market Surges in Wake of 2021 Surfside Tragedy"
In Florida, a wave of luxury condominium development is replacing older waterfront buildings, spurred by new safety regulations enacted after the tragic Surfside collapse in 2021. These regulations require condo associations to conduct regular structural assessments and maintain fully funded reserves for repairs, leading to increased costs for condo owners. Some owners, unable to afford these costs, are selling to developers, who face the challenge of persuading multiple unit owners to agree to sell. While the law mandates fair market value compensation, disputes have arisen over what constitutes a fair price, with some residents feeling pressured or undervalued. Developers like Ian Bruce Eichner see potential for profit and are advocating for legislative changes to facilitate redevelopment, but they must navigate the interests of current residents, some of whom are resistant to selling.