And so it begins...
As expected, condo listings have doubled in South Florida as assessments have also doubled in many condo buildings, leaving condo owners with no choice but to sell at prices lower than the actual value, to cash buyers who will actual help keep the owner from facing the foreclosure process.
This is not a Florida problem alone, just as we've been saying, this same issue will soon affect the rest of the US with aging buildings and under and unfunded reserves, even without the legislative requirements Florida is facing.