shades of ‘08?
Nope, “08 was caused by bad lending practices. These condos are just being repositioned to the true market. As the article notes, owners are having to put additional funds in reserves to meet the challenges of deferred maintenance and management.
Also this is only effecting a small part of the total market, even in Florida.
I suspect that with the example shown, that the home owner will walk away with a profit, if he owned it for 20 plus years. And they had a place to live for 20 years.
“These condos are just being repositioned to the true market.”
*************
Another depreciating factor has come into play: a painful inflationary period that has significantly eroded disposable income. With costs rising its harder to come up with money to pay for things outside of the daily necessities of life. Money is no longer freely flowing like it once was.