SURFSIDE, Fla. (AP) — The condo building collapse in Surfside highlights the division between the tiny Florida town's new luxury buildings and those built decades ago for the middle class.
The town has seen the construction of several new condos in recent years, where large oceanfront units with modern amenities can fetch $10 million and up.
Meanwhile, small units in neighboring condo buildings constructed decades ago can be had for $400,000.
Analysts expect the collapse to exacerbate this divide as middle-class buyers steer clear of older buildings that might need massive repairs, while the global elite will bid up prices in the newer buildings.
