The collapse of the condominium building in Surfside, Florida is starting to have ripple effects on the condo market in general.
The tragedy is so horrific it’s almost unfathomable, with more than 100 people still unaccounted for as workers mediculously go through the remains. So far, 27 bodies have been found, and with remnants of Tropical Storm Elsa set to hit soon, authorities decided to take down the remaining sections of the buildings Sunday as they were worried about more damage from the winds.
In a story published by Fox Business, a real estate agent was quoted as saying clients are understandably fearful of living in older condo buildings.
Here’s what Katrina Campins told Fox Business. “The knee-jerk reaction after the tragic Surfside building collapse has been fear of living the condo life in older structures. Many report not being able to sleep at night, especially those in buildings which are over 40 years old.”
Campins also said that the market for high-rise condos built before modern building standards were enhanced is disappearing. Instead, she’s seen clients show ore interest in single-family homes that the feel are much safer.
Here’s another quote from Campins. “The demand for single-family homes is already very strong with a lack of inventory in the market and the building collapse has created additional demand in the single-family space as well as the demand for newer condos. I do believe as a result many older buildings will be purchased by investors/builders in order to put up newer and safer product.”