Thousands of Massachusetts homes are at risk
So far, state officials believe around 7,500 homes across Massachusetts could be at risk of pyrrhotite contamination.
"If you are thinking of buying in this area, you absolutely have to have the seller test the concrete first," Haynes said.
A cluster of homes run by a condo association in Westminster, Massachusetts, has had at least 10 of 96 units, all built in the 1990s, test positive for pyrrhotite — racking up repair fees of $115,000 to $130,000 per unit — according to Spectrum News 1. This caused homeowners association (HOA) fees to skyrocket.
“I don’t know how many increases on the HOA that I can justify,” Tammi Roscoe, who moved into her home in spring 2021, told the news outlet. “That was a huge jump. It went from $366 to $434.”
Invest in real estate without the headache of being a landlord
Imagine owning a portfolio of thousands of well-managed single family rentals or a collection of cutting-edge industrial warehouses. You can now gain access to a $1B portfolio of income-producing real estate assets designed to deliver long-term growth from the comforts of your couch.
The best part? You don’t have to be a millionaire and can start investing in minutes.
Learn MoreHomeowners and state officials are calling for help
Starting in July, Massachusetts is mandating quarries test their product to ensure it doesn’t contain any traces of pyrrhotite. However, homeowners and some state officials are calling for financial aid to help cover the costs of new foundations.
"It's time for legislators and the governor to act on this," Haynes said. "There's a very real chance there's far more people affected by this than we even realize today."
Tens of thousands of homes in Connecticut constructed between 1983 and 2000 are believed to be impacted by the same problem. But the state has set up a trust fund to help — with homeowners receiving up to $190,000 toward foundation replacement.
The fund is paid for by a $12 per year surcharge on every home insurance policy in the state.
“Connecticut has done this; Massachusetts needs to follow suit,” Michelle Loglisci, a founder of Massachusetts Residents Against Crumbling Concrete, told MassLive. “Massachusetts is probably going to be in worse shape than Connecticut.”
Become the landlord of Walmart, Whole Foods or Kroger
Looking to hedge against market volatility? First National Realty Partners offers accredited investors access to premium commercial real estate opportunities. Their team of experts vet every deal and provide white-glove service which means you get to enjoy quarterly distributions without the headaches of being a landlord.