Saturday, January 10, 2015

Reports of the Ward 8 condo crisis have NOT been exaggerated.

The Advoc8te will continue to ring the alarm until her arm falls off about the current crisis facing Ward 8 condo owners.

This three bedroom and 1.5 bathroom duplex BUILT IN 2002 has been on the market for 414 days and is being offered as a short sale. Note the high investor and delinquency rates in the listing. 

What is a homeowner to do when they can't sell their homes because the appraisals are significantly lower than what they owe on their mortgage? What happens when homeowner's walk about from their homes?

Go HERE to view the full listing. 

1 comment:

Alan Page said...

What does it mean when 20% of the owners are delinquent? That 1 out of 5 are late on their condo fees? What is the effect of that? Is the building in disrepair as a result?