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July 8, 2021

Florida condo tower collapse shows division of town's rich, middle-class

  • One broker says many buyers will now avoid older buildings, not just because they fear they might fall but because of repair costs.
    • By TERRY SPENCER and FREIDA FRISARO
    Associated Press

    SURFSIDE, Fla. — The condo tower collapse in Surfside could exacerbate the division that already exists between the tiny Florida town's new luxury buildings built for the global elite and those constructed decades ago for the middle class. It is already creating headaches for some small businesses.

    The town has seen the construction of numerous new condos in recent years, where large oceanfront units exceeding 3,000 square feet with modern amenities can fetch $10 million and up. Meanwhile, small units of 800 square feet in neighboring condo buildings constructed decades ago can be had for $400,000.


     
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