Florida’s Skyscrapers Are Sinking, and That’s Actually a Good Thing

According to a recent study, dozens of Florida condo towers are slowly sinking. Researchers documented differential settlement in several buildings along South Florida’s coastline, raising concerns about potential structural damage and costly repairs.

But development consultant Graham Whitmore says that’s great news for the economy.

“Florida has always benefited from new construction,” Whitmore explained. “Now we’re seeing a sustainable redevelopment economy, where existing properties create new investment opportunities.”

“These buildings are essentially creating their own demand for replacement. From an economic standpoint, that’s a very encouraging sign.”

Costly repairs would also generate business for engineers, contractors, and attorneys.

“People focus on the cost of repairing these buildings, but what they’re overlooking is where that money goes,” he said. “That money is being reinvested directly into Florida’s economy.”

Asked about enormous repair bills, Whitmore praised owners for contributing.

“One of the great things about condo ownership is that the financial responsibility transitions from the developer to the owners,” he explained. “That allows developers to move on to new projects while residents take a more active role in maintaining their investment.”

Whitmore acknowledged some owners might be unable to afford repairs, but suggested that, too, could create opportunities.

“If a building needs to be demolished, that opens the door for something newer, taller, and considerably more expensive. Everybody wins.”

When asked what would happen to residents who could no longer afford to stay, Whitmore said the market would decide.

Asked about the possibility of collapse, Whitmore offered reassurance.

“We’re doing everything we can to make sure nothing like Surfside ever happens again,” he said. “And if we see any indication that a building might collapse, we’ll certainly look into it.”

Attempting to lighten the mood, Whitmore joked about the buildings reportedly leaning toward the water.

“Technically they’re getting closer to the beach. That’s usually something people pay extra for. Have I mentioned that Sunken Condos is my favorite Donald Fagen album?”

Despite the potential risks to residents, Whitmore remained optimistic about the long-term economic implications.

“The worst thing that could happen to our construction industry would be to build something that never needed to be repaired or replaced,” he said. “Fortunately, that doesn’t appear to be a problem here.”