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Two weeks ago, the Champlain Towers South condo building in Surfside, Fla., collapsed. Fifty-four people are confirmed to have died, while 86 remain missing. The collapse has begun to spark a broader conversation about aging condo buildings, which house roughly one of every five Americans. 

Axios Re:Cap talks to Peter Coy of Bloomberg Businessweek about the fundamental flaws of condo management and conflict surrounding owners and maintenance.

Go deeper

We still want to live by the water

Expand chart
Data: ATTOM; Chart: Thomas Oide/Axios

Despite the horrific condominium collapse in Surfside, Florida — which led us to worry that structural flaws in beachside buildings could be more pervasive than we know — prices continue to climb for oceanfront condos around the U.S., according to ATTOM, a property database company.

Driving the news: The national median condo value in 86 oceanfront counties was $305,000 in the second quarter of 2021, up from $236,000 in the same quarter last year, per data that ATTOM released Thursday.

  • Prices rose by at least 20% year-over-year in slightly more than half of the 86 oceanfront counties ATTOM included in its report.
  • "Less-expensive oceanfront condo markets, concentrated in the South, generally showed bigger year-over-year gains, while the most expensive counties, located mainly in the West, showed the smallest," ATTOM said.

Details: Four of the five highest median prices were in California — San Francisco County ($1,175,000); San Mateo County ($915,500); Kings County (Brooklyn, New York) ($876,250); Marin County ($723,000) and Santa Cruz County ($693,500).

  • The lowest median prices were in Atlantic County (Atlantic City), New Jersey ($124,000); Jefferson Parish, Louisiana (west of New Orleans) ($135,000); Citrus County, Florida (north of Tampa) ($145,000); Mobile County, Alabama ($148,000) and Onslow County (Jacksonville, Florida), North Carolina ($155,000).

Context: Given the national housing boom, it's entirely in keeping that prices should be ticking up for oceanfront condos. ATTOM reports that median single-family home and condo prices are rising annually by more than 15% across much of the U.S.

What's next: “We will keep an eye on this trend to see if it changes following the Florida incident,” says Todd Teta, chief product officer with ATTOM.

The biggest headline from Biden's town hall

President Biden greets attendees during a commercial break in Baltimore last night. Photo: Nicholas Kamm/AFP via Getty Images

What matters from President Biden's town hall with CNN's Anderson Cooper at Baltimore Center Stage on Thursday, via Axios night owl Hans Nichols:

The biggest headline: Biden is jettisoning the corporate tax increases that White House officials have insisted, for the past 10 months, are wildly popular across the country. He admitted he doesn't have the votes.

Trump, your 2024 GOP nominee

Illustration: Shoshana Gordon/Axios

Former President Trump is telling most anyone who'll listen he will run again in 2024 — and poll after poll shows the vast majority of Republicans would gladly cheer him on and vote for him. 

Why it matters: Trump is the heart, soul and undisputed leader of the Republican Party and will easily win the nomination if he wants it, the polls make unmistakably clear.