The Sunshine State continues to face a potentially catastrophic real estate crisis that could soon cause a mass exodus.
Real estate expert and realtor Steven Kupchan has revealed what he thinks the ‘worst case scenario’ would be as the costs of condos have soared, especially in southern Florida.
Homeowner association fees (HOAs) – paid by residents for general maintenance of the neighborhood or for condos in the shared building – have also caused skyrocketing insurance costs for residents.
Kupchan, an agent for One Sotheby’s International Realty, told DailyMail.com he thinks the Florida housing market will become severely affected and cause an intense domino effect.
‘In the worst-case scenario, a significant number of condo associations could go bankrupt due to the inability to cover the costs of necessary repairs and maintenance,’ Kuplan said.
‘This could lead to widespread foreclosures, plummeting property values, and a ripple effect throughout the local real estate market.
Recently, a new law was introduced […]
Excellent Article, focusing on a trend covered in this venue for many years. Note however that the piece appears in a British newspaper. I would think that this would be big news in southern Florida. The real question becomes why not? What are the forces in place, if any, that would dissuade a news organization from covering these same trends? Answer those questions and you have a good take on how “news” really operates in the United States.