- May 26,2009
- In: foreclosed houses
Foreclosed Condos in Florida
Condo is the abbreviated form of ‘condominium’. It has a wide connotation and refers to an apartment or office building with multiple units. These units are owned individually having separate deeds and rights to sell or mortgage. But there are certain common areas like grounds and passage ways that need common attention. Thus a condo refers either to the entire complex or to the individual unit.
Florida is one of the worst affected by foreclosures. Foreclosed condos in Florida are of special headache to the borrower, lender, condo association and the community.
Florida is known as the sunshine state and many retirees have rushed here to settle down beside the sun and sea. Its prosperity attracted hectic building activity that finally led to the boom and then to the bust. Foreclosed condos in Florida are symptomatic of that bust. South west Florida has been worst affected by the foreclosure crisis. A couple of years ago condos were in great demand but today Foreclosed condos in Florida are lost and forgotten without any buyers. Most of the Foreclosed condos in Florida are located in Lee County, Coral Cape and Fort Meyers. In a day there are about 40 foreclosures according to a reliable estimate.
Foreclosed condos in Florida are leading to a special type of problem. The condo associations charges fees from the residents to maintain the premises, make repairs and see to utilities. But with Foreclosed condos in Florida on the increase more units are lying vacant and less number of people have to foot a larger bill for no fault of theirs. The others have to continually make up for a shortfall as Foreclosed condos in Florida marches on.
In South Florida about 40% of the units in condos are in foreclosure. Many of the owners of condo units actually never moved in. They are now facing foreclosure. They were investors who tried to make sharp quick profits. Now that the downturn has cornered them they are not interested in contesting foreclosure and are walking away. The condo units thus remain in a state of limbo negatively affecting those who are living.
The condo associations have gone to court to make the lenders bear the cost. But this is a time consuming process. Meanwhile the condos have to be looked after. The condo associations are running out of their reserve funds. Ultimately maintenance is seriously suffering.
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