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The drop in Florida's condo prices can be attributed to several interlocking factors, many of which coalesce around the legislative responses to past tragedies involving condominium maintenance failures. One pivotal incident was the tragic collapse of a condo in Seaside, Florida, which resulted in loss of life due to deferred maintenance practices. In response, the Florida legislature enacted stringent regulations mandating that older condos, especially those near the ocean, undergo regular structural health assessments and maintenance plans to avoid future disasters.