America’s Condo Market Is Unraveling, As Coyotes Move In
Summary
An unfinished condo project in West Hollywood has been abandoned and taken over by coyotes, disturbing nearby residents. This situation reflects a wider decline in the U.S. condo market, where construction has slowed due to higher costs and legal risks, making condo ownership less affordable for many Americans.Key Facts
- A condo development in West Hollywood stopped construction years ago and is now home to a pack of coyotes.
- Residents near the abandoned site complain about noise and disturbance from the animals.
- Condos once offered an affordable way for Americans to buy homes, especially from the 2000s.
- The proportion of condos as part of the U.S. housing market grew from about 11% in 1960 to around 17-18% by 2000.
- Since 2008, condo construction has slowed due to legal risks from construction defects and rising costs like insurance and fees.
- Certain states, such as Colorado, have seen condo construction drop sharply, from 20% of new homes in 2005 to 2% today.
- The 2021 Florida Surfside condo collapse, which killed 98 people, led to stricter building rules and higher insurance costs, especially in Florida.
- Builders are cautious about building condos because unsold units and legal liabilities pose financial risks.
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