The Real Deal Miami

Drywall-tainted homes hit market

August 12, 2009 04:36PM

Homes made with tainted Chinese drywall are showing up for sale on Realtor.com. They list at very low prices, and buyers are informed in advance, as most listings included a drywall disclosure form developed by the Florida Association of Realtors. There are now nine houses listed on the site, all under $50,000, but rehabilitation costs will almost certainly exceed $100,000, from replacing the panels to fixing corroded wiring and fixtures. Jeff Tumbarello, president of the Southwest Florida Real Estate Investors Association, said the risks still outweigh the potential rewards.