Among the losers: Condo associations
In cities where investors were diving into condos on hopes of flipping it for a quick profit, there's a new trend: When said buyers realize they made a losing bet and they either can't (beyond their "option ARM" loan just reset much higher than they expected) or choose not to keep paying the mortgage (because values have plunged and they're now underwater on their loan), these owners also quit paying their condo association fees. Which means there are a growing number of condos where the owners' association is coming up short on collecting the dues they need to maintain the property (i.e., keep the elevators functioning, fix the furnace, shovel the snow off the sidewalk, etc.). This story in the Washington Post documents the problem that deadbeat condo owners are creating there.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Billionaire Tom Barrack Throws Harvey Weinstein a Lifeline
- Everything Is Crazy and the Markets Aren’t Freaking Out
- Facebook Is Looking for Employees With National Security Clearances
- Gulf of Mexico Oil Spill May Be Largest Since BP Disaster
- Kushners’ Control of Family’s NYC Crown Jewel Is Now in Jeopardy