That leaves only cash buyers and investors. If the investors reach more than 50%, that also keeps buyers from getting a government backed mortgage if the other financials get better. It's a very viscious cycle and has happened to many condo communities in Florida.
I asked a lender a few days would it would take to get this turned around, as the prices on condos are a good investment for first time buyers, and he said "A Miracle". Its a real shame.
When people lose their jobs.....have condo fees they cannot pay....when they purchase with no money down and many paying interest only.......when values "tank".....you have forclosures.....
If you are interested in knowing more about various condos in the Jacksonville area....contact my son, Hickory, or me, Donna, to expore ALL your options. Hickory Delegal/ email@example.com
(904) 463-5664 Donna Delegal ("The Real Estate Lady") firstname.lastname@example.org (904)732-PACK (904) 732-7225