Years After Surfside Collapse, Florida Condos Are In Crisis

The Journal.

The Wall Street Journal

Daily News, Business News, News

4.2 • 5.3K Ratings

🗓️ 22 May 2024

⏱️ 19 minutes

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Summary

Florida condominium buildings are undergoing inspections after the state set new requirements for how often the structures are put to the test. WSJ's Deborah Acosta explores how costs in one building have climbed to over $134,000. Further Reading: - New Florida Law Roils Its Condo Market Three Years After Surfside Collapse - Florida Condo Owners Brace for New Inspection, Reserve Requirements Further Listening: - Who's in Charge of Fixing Miami's Aging Condos? - The Mixed Signals from the Collapsed Condo's Past Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Sorry, Pappir, lives in North Miami in a 21-story building called The Cricket Club.
0:10.0	Sorry moved into the Cricket Club in 2018 with her partner.
0:17.0	They were looking for a place to retire.
0:19.0	And she says that the building checked a lot of their boxes. What did you like about it?
0:24.7	First of the apartment, it's a three bedroom, three bath, which you can't find anywhere.
0:30.4	So I have a his and her bathroom which was that is the world.
0:35.0	A balcony that like I said, it overlooks Miami and the ocean,
0:43.0	it has Valais, it has a great gym,
0:46.0	it has a beautiful pool by the water.
0:50.0	The building looked great.
0:52.0	It seemed like a great place. As a matter of fact, we bought it to spend the rest of our lives here.
1:00.0	And did it live up to your expectations?
1:03.0	It didn't until now.
1:08.0	Earlier this year, Sari got an unexpected bill from her condo association for $134,000.
1:17.9	And her dream retirement home
1:20.2	started to feel more like a nightmare.
1:23.4	It's a story that's happening all across Florida,
1:26.6	after the state passed new laws in 2022
1:30.0	to improve building safety.
1:35.4	That triggered a wave of costly repairs, forcing many condo owners to make a choice. Pay up or move out. Welcome to the journal, our show about money, business and power.
1:49.0	I'm Kate Leimbaw.
1:50.0	It's Wednesday, May 22nd.
	...

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