Are Condo Fees Delaying Foreclosures

Real Estate Blog Article

Tuesday, May 04, 2010

Despite the recent influx of slowly improving sales figures for property like Miami Beach condos, many have predicted an imminent wave of foreclosures that will mar whatever progress has been made.  Nearly six months into 2010 however, this wave hasn’t quite hit just yet, could it be that condo fees of all things are keeping things from getting worse?

Generally speaking, owners who are unable to make mortgage payments aren’t paying their condo fees either, and this goes for any market besides Miami Beach condos.  Because of this, lenders are often saddled with the task of taking care of those fees when they take ownership of a unit that’s about to go into foreclosure.  The thing is, many of them are trying to escape having to pay these fees and in order to do that, all they need to do is hold out until a buyer shows up who is willing to pay these outstanding fees.  The length of time can be quite considerable.

With banks already doing what they can to prevent their glut of Miami Beach condos foreclosure inventory from getting worse, there is a strong possibility that condo fees may be preventing things from being worse.  However foreclosures can only be delayed for so long, is the “dam” about to burst?

Comments: 0
There are no comments for this post.
Post a comment below
LEAVE A COMMENT
 
Name
 
Email Address
 
URL
 
 
Comment
 
Captcha

Type the characters you see in the picture above.
 
 
< Back

Updated: Wednesday, September 20, 2017

HOA Meeting Basics...
HOA board meetings are designed to transact essential business. They should be carefully cho...

No Pets Allowed: What About A ...
Your condominium rules prohibit pets of any kind except fish and birds. A unit owner asks th...

9 Marketing Mistakes Agents Do...
Whether you run a large business or youre a one man show, its important to have a strong mar...

Copyright ©2017Realty Times®. All Rights Reserved

Housing Rebound: Factors to Consider
In Miami we have had an incredible year of growth with an ever shrinking supply of condos...

Hoteliers Buy Versace Mansion at Auction
Gindi Family and Nakash Family of New York were the winners of the auction for Casa Casuarina...

Stunning Estate for Sale on Allison Island
Allison Island is one of the man made islands comprising Miami Beach. One half of the island...

Avant Garde and Luxurious Penthouse on Fisher Island
Fisher Island is home to some of the highest net worth individuals in Miami. It is a private...

6000 Indian Creek, Condominium Spotlight
6000 Indian Creek is a Sieger Suarez project that was completed in 2007 and consists of...

$35 Million Buys you THIS on Star Island
$35 Million for a home on Star Island is par for the course in Miami Beach real estate....

Development Update
It is looking like a dusty winter season in Miami, with all the construction rapidly underway,...

North Bay Road Charm, 4330 North Bay Road
4330 North Bay Road is a stunning example of Mediterranean architecture in Miami Beach....

Best Home Improvements for Resale Value
It could not be a better time for a homeowner to list their home for sale in Miami. The...

Biscayne Gets a New Development
The Melo Group of developers acquired 601 NE 23rd St last year and have conceived of 23...

520 West Ave Residence 2301
520 West Avenue is home of the Bentley Bay. Bentley Bay is comprised of two modern towers...

Spice 2013, Guide 101
Miami Spice is a program whereby most of the restaurants in the city encourage people to...

Hollywood has a New Hotel
Margaritaville Hollywood is coming to Hollywood Beach and is likely to completely alter...

Sustainable Waterfront Home on Normandy Isle, 1.85 Million
Rarely on the market do we find completely sustainable, off the grid, homes in Miami Beach....

Housing Inventory on the Rise at the Close of Summer
The Wallstreet Journal released numbers via Realtor.com regarding the inventory of available...

Warm Spanish Style Home Listed on the Sunset Islands
1844 W. 23rd Street is listed on the Miami Beach luxury real estate marketplace for $11...

Former Gansevoort Getting Complete Eco-Renovation
Last year the Perry Hotel, formerly the Gansevoort, was purchased for $230 million. The...

Affordable Luxury Waterfront on Hibiscus Island
A home that is considered affordable in Miami terms for waterfront is generally between...

Bart Reines New Masterpiece Released on the Market
Bart Reines is one of the worlds most impressive modern architects living, and he has just...

New Listing on La Gorce Island
98 La Gorce Court has just been listed for sale. This over 7800 square foot home with 8...