10% of Americans consider themselves wealthy (youtube.com)
Florida's condos are mostly a few decades old. This season, normally busy, sales were down 22%, price down 2%, and listings up 60%. 3/4 of condos for sale are over 30 years old and subject to new rules that require owners to get inspections. Pool of buyers now is small. Some buildings are being sold to investors to redevelop.
Condos have fees, and if some residents don't pay their fees that leaves more costs for the others.