I can only hope that you're out of your situation by now, however we've actually seen the end of this scenario in South Florida. During the great recession, many new properties failed to sell, and developers rented out the units instead. The streets filled with young, vibrant people, and bars, restaurants and stores followed. Now those same units are selling like hotcakes, and we have 170 planned condo towers in Palm Beach, Broward and Dade counties. And since someone will inevitably comment... the new condos are almost entirely cash buyers. There's no financing, and therefore almost no risk of future price decreases. A lack of buyers will just mean the units will be rented out... these folks will have no NEED to sell.
Keyes Real Estate