Foreclosure in 33141>Question Details

R. Davis, Both Buyer and Seller in Miami Beach, FL

We have 65% foreclosures, shortsales and delinquent condos in our building and more to come.

Asked by R. Davis, Miami Beach, FL Thu Apr 23, 2009

I am one of the short sales. It seems as all renters are also moving out because they got laid off.
For some reason buyers don't buy in our building because they know what bad financial shape
it is in.
What happens to my condo and the building if it can't stay open and running?

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Answers

1
Mott Kornicki’s answer
Your story sounds very familiar. I have yet to see a condominium "shut-down". There are many associations that are running on shoe-string budgets- but somehow stay afloat. Obtaining financing has become a huge challenge in buildings with percentages of delinquency, short-sale and REO's.

I am still very bullish on Miami Beach and know that things will improve over time. The units in YOUR building will eventually sell and owners will become more current in the dues.

Mott Marvin Kornicki, Broker | Associate
Real Estate In Miami Beach, Florida
0 votes Thank Flag Link Thu Apr 23, 2009
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