As we continue our series on South Florida’s housing crisis, tonight we focus on condos. Some of the estimated 3.5 million Floridians living in condo units face a perfect storm of financial problems, with no easy fix.
David Podein, attorney, Haber Law: “I think it is a dire situation on the horizon.”
Condo law attorneys David Podein and Jonathan Goldstein are sounding the alarm.
David Podein: “Between skyrocketing insurance costs, the huge capital needs for the structural repairs and the mandatory reserve funding, we felt that there is this confluence of factors that could create a ‘zombie condo.’”
“Zombie condos” are large buildings that are mostly empty because many of the owners couldn’t afford to live there anymore.
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