Empty Condo Complexes Face Condemnation

Mish relates the tale of a condo complex that cannot maintain its common spaces, because it is 1/3 empty, and as a result, it was nearly condemned.

It is in, no surprise, in Dade county, and the quote from City of Miami Commissioner Angel Gonzalez is the scary part, "This is going to be happening all over Dade County pretty soon, with the foreclosures and people not being able to pay for their mortgages."

Actually, that's not the scariest quote. Mich also quotes Dave, who asks:

I wonder how many of these people will be forced to walk away from their mortgage even though they can afford to pay, but can't make up for all the other condo owners not paying monthly dues because of foreclosure. I wonder if anyone has calculated this out in their models?

I have a friend at another condo whose monthly association fee just went up 35% due to non payers and there is nothing anyone can do about it.

This phenomenon is becoming increasingly common.