A process known as condo termination has cropped up across the U.S. Developers buy out unit owners, tear down the buildings and construct new ones. This has been prevalent in Florida for the past decade with at least 400 buildings experiencing buyouts, according to the Florida Department of Business and Professional Regulation. The frequency reflects the large stock of aging condo buildings in the state and the lack of developable land near the ocean.
Photos by Sydney Walsh for The Wall Street Journal