Deferred Maintenance Dilemma: Why Florida’s Condo Market Is Floundering
After the collapse of a Florida condo made national news in 2021, new safety regulations were enacted, requiring nearly 90% of Florida units to be updated. This left condo owners and buyers blindsided by a large backlog of deferred maintenance costs with no money saved to pay for them.
In this episode of Upzoned, co-hosts Abby Newsham and Chuck Marohn explain that this situation is an example of the Growth Ponzi Scheme, where maintenance costs are hidden by rapid growth until they eventually come due and bury people or communities in debt. They discuss the effect deferred maintenance has on individuals and communities and explore possible paths forward.
ADDITIONAL SHOW NOTES
“Why Owning (and Buying) a Florida Condo Has ‘Turned Into a Nightmare’” by Julia Echikson, The New York Times (October 2024).