Florida's real estate meltdown is leading to a second crisis: so many condo owners have stopped paying their fees that associations have had to cut back on maintenance and repairs, leading some to fear a "death spiral" for condos.
"Florida's condominium and homeowners' associations are facing what experts call a trickle-down disaster from the property crisis. Dozens and perhaps hundreds of condo buildings have budget shortfalls as thousands of owners, under water on their mortgages or in foreclosure, stop paying monthly fees.
Nearly half of Florida's 18 million residents live in condo or homeowners associations, communities where owners pay monthly fees for common expenses like cleaning, landscaping, pool maintenance and building insurance.
No one seems sure how many condo buildings are in trouble but the number of calls to Florida's condo ombudsman could be an indicator. They are up tenfold in recent months. The crisis could mean serious pain for Miami Beach, a resort town with 88,000 residents and 42,000 condos. If debtors walk away from their units, buildings could become derelict."
FULL STORY: U.S. Property Bust Threatens Condo "Death Spiral"
ADUs as Condos: What Does it Mean for Homeownership?
A California law that allows the sale of ADUs as condos may soon make homeownership more attainable.
San Jose Homeowners Can Now Sell ADUs as Condos
A new policy could help boost the supply of smaller, more affordable ‘starter homes’ in the first California city to legalize the sale of ADUs.
The Problem With Miami Beach's High-Rises
Last year's Miami Beach condo collapse could portend more tragedy to come if developers don't address the risks of aging buildings and climate change.
Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
National Parks Layoffs Will Cause Communities to Lose Billions
Thousands of essential park workers were laid off this week, just before the busy spring break season.
Retro-silient?: America’s First “Eco-burb,” The Woodlands Turns 50
A master-planned community north of Houston offers lessons on green infrastructure and resilient design, but falls short of its founder’s lofty affordability and walkability goals.
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Analysis: Cybertruck Fatality Rate Far Exceeds That of Ford Pinto
The Tesla Cybertruck was recalled seven times last year.
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