Finally, the end looks near for the Chinese Drywall issue that has hit many states, particularly Parkland and South Florida. Chinese Drywall manufacturer, Knauf and its Chinese affiliate Knauf Plasterboard Tianjin, recently agreed to a settlement that would give cash to help replace the Chinese Drywall in affected homes.
The settlement will cost approximately $600 million to $1 billion. According to NBC Miami, the company will cover all of the necessary Chinese Drywall repairs on all 4,500 houses that were affected. Among the homes affected, 55% of the homes are in the State of Florida. There are thousands of homeowners, mostly in the South, affected by the installation of tainted Chinese Drywall.
Attorneys for the plaintiffs said that Knauf knew that the Chinese Drywall that they installed in homes was defective and neglected to tell customers. Chinese Drywall gives off a foul odor. It also corrodes wiring and metal in appliances and causes health problems. Settlements have been reached with other Chinese Drywall manufactures and more should follow.
This is great news for many Parkland and Florida homeowners that have been dealing with the Chinese Drywall saga for many years. This news will also help stabilize the overall Parkland and Florida real estate market as more and more homeowners will receive settlements in order to finally remove the Chinese Drywall in their homes. As a result, homeowners, and their families, will soon be able to enjoy their homes that they had built. We will continue to provide the Parkland community with updated information on the Chinese Drywall court proceedings.
Know the neighborhood. Know the value. Know your hometown agents: The Parkland Parrot Real Estate Team. If you are interested in buying or selling real estate in Parkland or South Florida and are looking for experienced local Realtors, please do not hesitate to contact the Squawk at 954-609-0591 or send us a message here.