Housing Bubble 2: Return of the Ugly

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A community for discussing and documenting the second great housing bubble.

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Florida hit by 'worst real estate crisis in decades' as desperate condo owners slash prices by up to 40%: 'It's paradise lost' (www.dailymail.co.uk)

submitted 3 months ago by SeattleRain@lemmy.world to c/housing_bubble_2@lemmy.world

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[–] Diplomjodler3@lemmy.world 21 points 3 months ago (1 children)

Reserves should be built up from the day the building was first constructed. If owners fail to do that because of greed, they should face the consequences.

[–] RestrictedAccount@lemmy.world 6 points 3 months ago (1 children)

The issue is that most of the owners that profited have sold and moved on years ago. Given that this is Florida, they are probably dead.

[–] Diplomjodler3@lemmy.world 11 points 3 months ago

That doesn't change anything about the responsibility of the current owners. If you own property you are responsible for the upkeep.