Subscribe to this blogCondominium Associations Get Into The Fray
With condominium foreclosures up significantly this year, associations across the country are try innovative tactics to save themselves from financial disaster with the growing foreclosures in this particular market.
Foreclosures affect condominium association revenue. If the owner is not paying their mortgage, they certainly are not paying their condominium fees either. Many associations plan to use funds in reserve to acquire foreclosed condos and rent them out for income and to repay the association plus eventually they hope to sell them when the market improves.
If you are interested in investing in the condo market, these associations could be a gold mine of opportunity.
November 3rd, 2009 at 12:05 pm
Because condos are usually the first to fall and last to rise, wouldn’t it make more sense to invest for cash flow elsewhere? For example in a single-family home or small apartment complex where your actions can affect value you get cash flow and value without speculation.
November 5th, 2009 at 11:19 am
Yes, depending upon the goals and objectives of the investor. This strategy may not always make sense so the investor needs to know what direction they are comfortable going in and do the due diligence on their particular investments.
I try to never recommend one strategy as my needs might be different than my readers.
Thanks for your comment Jeff!
Lisa