How The Real Estate Slowdown Is Affecting The Miami-Dade Condo Market
Imagine this: You're smack in bed asleep, in your newly rented Miami condo, only to be awakened by someone knocking at your door first hour in the morning. You suddenly find out that on the other side of that door is a sheriff, who is there to serve your landlord one of many Florida foreclosure notices. As sad as it may seem, this unfortunately is all too common a scene to many tenants of South Florida condominiums. While many say that the housing slump is not going to be that protracted and bloody, just how is it felt in many condo households in the Miami-Dade area? Housing Market Prospects For 2008 As we go into the early months of 2008, the housing market in this vibrant and diverse area of the state, is seeing a large number of condominium developments with hundreds of millions of dollars in defaulted mortgages, and are struggling to keep their heads afloat. ...
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