Friday, May 16, 2008
You'd have been better off renting love.
New York Times: Collateral Foreclosure Damage for Condo Owners
Barbara Sanz has never missed a mortgage payment, but the plunge in real estate is punishing condominium owners like her anyway.
Four years ago, she bought her first condo in a glassy new Miami tower when the building was filling up. Now nearly one in six residents in the 43-story building is battling foreclosure and their contributions to the building association are shrinking. Each of the remaining owners has had to chip in an extra $1,000 assessment and $50 more a month for cable and Internet. That is on top of Ms. Sanz’s $450 monthly maintenance fee.
Posted by lvmreader @ 05:26 PM (282 views) Add Comment
3 Comments
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1. drewster said...
Hmmmm, those shiny new apartment blocks in Liverpool, Manchester, Leeds, Sheffield, ..... Who will be left paying the maintenance fees when the BTL landlords go bankrupt? Until recently I lived in one such building; out of the thirty apartments only four were owner-occupied!
2. lvmreader said...
How many were occupied at all?
3. malct said...
would it help to take some pressure off this evolving website if admin created at system whereby posters could communicate one 2 one but still annon?
just a thought.