MIAMI – The tragic collapse of a residential tower spooked South Florida homebuyers and real estate investors alike into reassessing the risk of buying in the Miami-area condo market.
The market had been booming before Covid. Then it soared even higher as the work-from-anywhere culture took hold. But then in late June, scores of people were crushed to death in the Champlain Towers South collapse in Surfside.
Now, the market is focused on engineering inspection reports from older towers, which are required by the state to get recertified every 40 years. Insurers are also under scrutiny, as they hold the keys to new purchases in the market.
“No one in their right mind is going to buy a…