CREATING MOMENTUM IN FLORIDA’S CONDOMINIUM MARKET

[Troy Fowler]

Florida’s overbuilding of the condo market will require strategic and proactive strategies to accelerate sales.
As condominium associations struggle with financial burdens and defaults increase, the lifestyle and environment they were built for facing increased strains.
Unlike other types of real estate, condominiums face additional challenges. Each community has an annual budget to operate. As owners fail to pay fees they are responsible for in keeping with this budget, an increased burden falls on the association and other residents. Condo associations often have the power to expedite a foreclosure process and can result in lenders being responsible for retroactive fees and maintenance fees moving forward.
With so much at stake including:

.Carrying costs
.HOA Fees
.Interest Expense
.Taxes
.Liability

The status quo for traditional marketing and sales of many condo units will result in both economic and emotional pain that could last for months or years.
In my next discussion, I will address how auctions may play a pivotal role with certain types of condominium communities to accelerate the sales process and support a return to a more balanced relationship for all parties.