Florida’s condo building boom has resulted in a widespread oversupply and devaluation of condo units.  Unoccupied condo units owned by developers and investors currently on market entertain little or no sale activity.  Consequently, condo values have dropped in value 15-45%, and will likely continue dropping until owner occupied demand returns.  Unoccupied and under valued units coupled with a statewide economic downturn and the sub prime mortgage crisis has resulted in many condo owners’ inability to meet both their mortgage and condo association obligations.

A small number of delinquent assessments can jeopardize an Associations ability to pay time sensitive obligations such as insurance, unexpected capital improvements, and other expenses.  Larger numbers of delinquent assessments can force an Association to levy special assessments.  The threat of special assessments deters condo buyers and lowers property values.

An Association that currently has some delinquent assessments will likely have more and more delinquent assessments over the next two years.  The sooner LM Funding gets involved, the sooner delinquency issues can be controlled.  Don’t let Mr. Housing Bubble get the best of you…