Latest news with #ChamplainTowers
New York Post
11-07-2025
- Business
- New York Post
Homes are taking longer to sell in these once-popular markets
Some of the hottest markets in the country are showing signs they might be in trouble as homes linger on the market longer—and those formerly flourishing metros aren't unique by any means. Among the 50 largest U.S. metro areas, 39 saw homes staying longer than last year, according to the June 2025 housing market report. All four regions—the South, Northeast, Midwest, and West—saw increases in time on the market, reflecting broader cooling trends, with the sunnier states seeing the longest slowdowns. Advertisement 4 Nashville, TN, tops the list of metro areas that see the longest time-on-the-market increase year over year. Kevin Ruck – Year over year, homes in the South spent eight more days on average on the market; the West showed seven more days; the Northeast three more days; and only the Midwest was essentially the same with one more day, due to its continued affordability, climate migration, and lack of inventory. And just over half (26) of the top 50 markets are now seeing listings sit longer than their pre-pandemic averages, with almost all of them in the South and West, according to the report. It's another indication of the geographic divergence in housing market conditions. Where is it taking the longest to sell? Advertisement These metros are seeing the longest time-on-the-market increases year over year: Nashville, TN (+20 days) Orlando, FL (+15 days) Miami, FL (+15 days) Advertisement Tucson, AZ (+12 days) It's not shocking that two of the four markets are in Florida, given the Sunshine State's issues with higher condo fees in the wake of the Champlain Towers collapse, skyrocketing insurance costs or the difficulty of procuring it, and the increase in extreme weather events. 'It's just returning to normal, how it was pre-COVID,' Jeff Lichtenstein, CEO of Echo Fine Properties in Miami, tells 'Miami has been in the news lately for slowdowns overall, but it's mostly due to the condo market. Homes are still being sold, albeit at a slower pace.' 4 The Orlando, FL, market is a mismatch between what buyers want and what sellers have, according to real estate expert. Kevin Ruck – Advertisement Another factor has entered the mix: President Donald Trump's crackdown on illegal immigration. 'Deportations and some foreigners feeling unwelcome have stopped foreign purchases from occurring,' Lichtenstein says. 'That has slowed down Miami, which is an international market dependent on South and Central America, Canada, and other countries.' Foreigners who would have previously purchased a property for their Florida college-bound children have also been scared off, he says. However, the agent sees hope on the horizon in the form of New York City's liberal Democratic mayoral candidate Zohran Mamdani. Lichtenstein adds that the election 'has already prompted interest from New Yorkers and businesses to escape more taxes, as a lot of the financial firms in New York City on Wall Street have already relocated to Miami.' 4 Miami is also showing signs of a slowdown of condo purchases on the market, while single-family homes continue to be a hot commodity. Earth Pixel LLC. – Branden Rivero of Prop Hunters in Miami Lakes says that while he clearly sees the slowdown in condos, single-family homes are still a hot commodity. 'There's a huge difference between single-family and condo, complete ends of the spectrum,' he tells 'We still lack quality inventory for the single family. Depending on the area, I still have homes sold before they are even listed.' Advertisement And Jill Penman of ONE/Sotheby's International Realty, who sells in South Florida, says that buyers and sellers are caught in a dance of one having little motivation to sell due to being locked in to their mortgage rates and the other being disinclined to shell out COVID-19-era prices. 'They aren't willing to overpay and will ride it out,' she says of these buyers. As for Orlando, local agent Martin Orefice of Rent to Own Labs says inventory is part of the problem—not necessarily the lack of it, but the mismatch between what buyers want and what sellers have. 4 'I do not think [the slowdown] is a bad thing,' says Jill Penman of ONE/Sotheby's International Realty. Eric – Advertisement 'Most of the homes on the market are big and expensive, and most people looking for homes are younger first-time homebuyers, many of whom work at local theme parks or have recently graduated from UCF or other nearby universities,' he tells 'People just can't afford the homes that are on offer. Even retirees, the other big source of growth for us, are looking to downsize and live near water.' Good news for buyers All in all, agents see the slowdown as an opportunity to separate the wheat from the chaff. In a time when the American dream of owning a home is out of reach for so many, this can only be welcome news to buyers as sellers are forced to let go of their inflated prices. Advertisement 'I do not think [the slowdown] is a bad thing,' Penman says. 'It just weeds out real motivated sellers from the ones that are not serious.' The report aligns with that sentiment. 'With growing inventory and homes taking longer to sell, the U.S. housing market is undoubtedly shifting in a buyer-friendly direction,' the report notes, finding more price reductions in 2025 than in any year of data. However, this signals selective discounts, not widespread plummets. In June, the national median list price held at $440,950, essentially flat since the previous month. However, prices are beginning to fall in the West and South, with -8% and -9% declines, respectively.
CBS News
28-06-2025
- General
- CBS News
Investigation into Surfside condo collapse is expected to finish in 2026, NIST says
More than four years after a Florida condominium collapse killed 98 people, federal investigators have yet to make a final determination of the cause — but they do have some leading theories. FILE - Rescue personnel work at the remains of the Champlain Towers South condo building, June 25, 2021, in Surfside, Fla. Gerald Herbert / AP The National Institute of Standards and Technology, the agency handling the probe, said this week it hopes to conclude the investigation in 2026. "We intend for our investigation of this failure to have a lasting impact, save future lives and ensure this never happens again," NIST investigator Judith Mitrani-Reiser said in the agency's latest report. Most residents were asleep in the 12-story Champlain Towers South when the beachfront condo building in Surfside, Florida, collapsed into a huge pile of rubble at 1:22 a.m. on June 24, 2021. As the investigation continued, a Miami judge approved a more than $1 billion settlement for personal injury and wrongful death claims from the disaster. Meanwhile, a new luxury condominium is going up at the Champlain Towers site, a few miles north of Miami. What caused the collapse? NIST has zeroed in on what it calls three "higher-likelihood" scenarios, all related to construction flaws that date to the beginning of the 40-year-old structure. "These conditions existed from the time construction was complete, 40 years before the partial collapse," said Glen Bell, co-lead investigator on NIST's National Construction Safety Team. One possibility is the failure of a connection between a building column and the pool deck slab that never met building code standards. Another is that steel reinforcement "was not placed where it should have been," which meant the column and pool deck were far too weak. And a third theory is that work done later around the pool — when heavy planters, sand and pavers were added — increased the weight load on a deck "that was already functionally and structurally inadequate." The NIST report also notes that support columns in the building's basement parking garage had been exposed to frequent flooding, which causes corrosion in steel reinforcements and concrete deterioration. Are there other theories? Investigators did not find evidence of voids in the ground under the building, known as "karst." Using satellite data, the NIST team found there was no sinking or settling underneath Champlain Towers, which would indicate existence of karst. In addition, investigators found the limestone upon which the condo was built was "sufficient to carry the building loads" and that testing of the concrete supporting Champlain Towers had "adequate material strength." One challenge for investigators was the lack of any available records from the original building construction and not many from its earlier years. How are other condo buildings handling new rules? After Surfside, state legislators enacted a law in 2022 requiring condo associations to have sufficient reserves to cover major repairs. Some residents were caught off guard by hefty fees imposed to cover years of deferred maintenance expenses required to bring their buildings into compliance with the law's standards. Gov. Ron DeSantis this week signed new legislation allowing some condo associations to fund their reserves through a loan or line of credit. It also gives residents more flexibility to pause payments into reserve funds while they prioritize needed repairs. It extends the deadline for condo associations to complete structural integrity studies and exempts some smaller buildings from those studies. "Now it's time to make the change," state Sen. Ed Hooper said. "Elderly people are losing their condos because they could not afford to make the increase in their monthly HOA fees. That's just wrong." What is being built on the site? It's a luxury condo building, dubbed the Delmore, with 37 "mansions in the sky" and a starting price of $15 million. The site was purchased at auction by Dubai-based DAMAC International for $120 million. According to the company, there will be amenities such as a see-through swimming pool, an indoor pool, an outdoor kitchen, a fitness center and a meditation garden. The new condo is expected to be completed by 2029. Will there be a memorial to the victims? A design for a memorial to the 98 victims and that honors their families was approved earlier this year by Surfside officials and a family committee. But the city's planning and zoning board objected to its appearance and recommended that alternatives be considered. The existing proposal envisions a tall "wall of water" and exhibition of materials from the collapsed building. Surfside officials say they want to keep the project on track but will consider additional input, especially from the family committee. "I understand the urgency. But this memorial is going to be here long beyond anyone in this room," said planning board chair Lindsay Lecour at an April city commission meeting.
Daily Mail
24-06-2025
- Business
- Daily Mail
Families of Surfside victims furious over luxury condo plans
The furious families of the Surfside victims have torn into plans for an ultra-luxury condo tower on the site of the collapsed complex. Ninety-eight people were killed when Champlain Towers South crumbled on the night of June 24, 2021, in Miami, Florida , sending shockwaves across the world. But new plans for a $15million-per-unit apartment block just four years later has sparked rage from loved ones still getting over the tragedy. Families say they have been ignored and shut out of plans for The Delmore, an ultra-luxury high-rise being constructed on Collins Avenue. Dubai-based developer Damac Properties is moving ahead with the mammoth project after purchasing the land for $120million less than one year after the collapse. They are marketing it as part of Miami's 'Billionaires Triangle', and buyers will have a sky pool, Michelin-star dining and over 55,000 sq ft of spa and garden space. What $15M will buy you at The Delmore Designed by world-renowned Zaha Hadid Architects, The Delmore will feature a futuristic twin-tower design with sculptural sand-colored concrete wrapping around floor-to-ceiling glass walls. The towers are split by a dramatic 'flow-through canyon' - and bridged at the top by a 75ft suspended pool, floating 125ft above Collins Avenue. Each of the 37 units will span at least 7,000 s1 ft, with penthouses topping 10,000 sq ft. All residences will be fully furnished, with four and five-bedroom layouts, private elevators, and sweeping views of the Atlantic Ocean. Despite the glitz, Langesfeld says the project's foundation is built on 'pain and profit'. 'There's an ongoing federal investigation,' he said. 'And they still can't say whether this land is even safe. 'I've asked NIST (National Institute of Standards and Technology) point blank. They refuse to confirm it. And yet they're building anyway.' What really caused the Surfside collapse? Federal investigators say they're closing in on what triggered the horror collapse at Champlain Towers South - and all signs point to major structural weaknesses lurking beneath the pool deck. In their latest update on Monday ahead of the fourth anniversary today, the NIST revealed three key failure points that may have set off the chain reaction that killed 98 people in Surfside, Florida. The top suspect is a vertical support beam directly under the pool deck. Investigators believe the concrete slab sitting on top may have suddenly 'punched through' - dropping like a trapdoor and triggering the building's eastern wing to fall like dominoes. Another likely weak spot was where the pool deck connected to a concrete wall, according to NIST. If that joint gave way, it could've caused the slab to buckle and compromise the structure around it. A similar flaw may have existed near the southern edge of the deck - and if that section also pulled away, it might have sparked the same catastrophic collapse, NIST states. According to the report, all, all three areas were decades old, possibly water-damaged, and no longer met modern building standards. NIST says further testing is still underway - but these structural flaws are now the leading suspects in one of the deadliest building failures in U.S. history. Market crash and 'mass exodus' in wake of collapse Compass real estate agent Nick Green, who works in both New York and Miami, says the Surfside tragedy has had a lasting and devastating impact on the Miami condo market - especially in Brickell and other high-rise neighborhoods . 'The current state of the condo market in Miami – it's completely crashed,' Green told Daily Mail. 'About 40 percent of Brickell is for sale right now. Clients who bought a place for a million dollars two years ago are now looking at $800,000, maybe $850,000. You're seeing buildings with 40 units for sale in them. It's pretty bad times.' Green said the aftermath of the collapse triggered sweeping changes to insurance and structural safety laws - changes that have disproportionately impacted older and mid-tier buildings. 'Insurance is higher, the laws changed. Now you have to fund two years of capital for the building upfront,' he explained. 'The super luxe buildings can afford that, but older ones are really getting hit. Some can't even get loans.' He described a 'total mass exodus' from older towers, adding: 'Developers are circling like sharks trying to get things cheap. But the actual owners just want out. There's so much leverage as a buyer right now.' Buyers are increasingly flocking to new construction to avoid structural uncertainty. 'They don't want to deal with assessments or worry about the building's bones,' Green said. 'They want something fresh and solid.' When it comes to The Delmore, Green said many of his clients won't go near the site. 'Foreign buyers still see it as a good investment. But locals? They won't touch it. They think it's going to be full of ghosts.' Despite working in luxury real estate, Green said he personally believes the site should have been preserved as a tribute. 'Honestly, I wish they had done more to memorialize the victims,' he said. 'Even as a realtor, I'd have rather seen a memorial park than another high-rise. Something like what New York did with the 9/11 memorial.' But for Langesfeld and other grieving families they will attend a remembrance even in Surfside today. 'We still don't have justice. We still don't have answers. And now, we don't even have a memorial,' he said. Pictured: Real estate agent Nick Green. 'If this building collapses again, who will be held accountable?' he asked. 'Because no one was the first time.' When Champlain Towers South collapsed four years ago rescue crews worked for nearly a month to recover and identify the 98 victims. It remains one of the deadliest structural failures in U.S. history. In Monday's release The NIST said the team is finalizing its analysis and has begun drafting its investigation report, which is expected to be completed in 2026. Daily Mail has gone to Damac properties multiple times for comment by phone and email since Friday and is awaiting their response.
Daily Mail
24-06-2025
- Daily Mail
The world watched as 98 were killed in unimaginable horror. Now shock plans for the site have left families furious
The furious families of the Surfside victims have torn into plans for an ultra-luxury condo tower on the site of the collapsed complex. Ninety-eight people were killed when Champlain Towers South crumbled on the night of June 24, 2021, in Miami, Florida, sending shockwaves across the world. Your browser does not support iframes. Your browser does not support iframes.
Miami Herald
24-06-2025
- Business
- Miami Herald
How did Trump's name get on a South Florida building? See real estate issues
Real Estate News How did Trump's name get on a South Florida building? See real estate issues These articles explore real estate issues in South Florida, focusing on challenges such as gentrification, building maintenance, and historical property values. One article details Donald Trump's effort to establish his name in South Florida's real estate market. He bought a condo in West Palm Beach and branded it Trump Plaza. Another article highlights the plight of Black South Floridians in rapidly gentrifying Miami neighborhoods. and a story about the Golden Key condo in Bay Harbor Islands illustrates how a board's foresight helped the building meet tough new state requirements after the Champlain Towers collapse. Read the stories below. A unit at Trump Plaza in West Palm Beach in 1987. NO. 1: HOW DONALD TRUMP PUT HIS NAME ON A SOUTH FLORIDA BUILDING FOR THE FIRST TIME A year after he bought Mar-a-Lago, he took on a new venture. | Published January 9, 2025 | Read Full Story by Miami Herald Archives Sabrina Guillaume stands outside the duplex she owns in Liberty City. Guillaume spent several years trying to buy a property in the neighborhood where her parents live and she grew up. By Carl Juste NO. 2: BLACK SOUTH FLORIDIANS STRUGGLE TO BUY AND KEEP HOMES IN MIAMI'S GENTRIFYING COMMUNITIES 'We're losing ground every day.' | Published April 18, 2025 | Read Full Story by Raisa Habersham Michael Butler Manager Heri Kletzenbuer, left, and board president Andre Williams stand outside the Golden Key Condominiums in Bay Harbor Islands. The managers of the modest 1960s condo have maintained affordability for owners while extensively refurbishing the building and successfully navigating recertification and stringent new post-Surfside state regulations. By Pedro Portal NO. 3: HOW A SMALL BAY HARBOR CONDO MET FLORIDA'S TOUGH RULES. AND KEPT COSTS DOWN DOING IT 'We wanted to get ahead of the curve , but we didn't want to financially cripple anyone.' | Published April 30, 2025 | Read Full Story by Andres Viglucci The summary above was drafted with the help of AI tools and edited by journalists in our News division. All stories listed were reported, written and edited by McClatchy journalists.
