SeattleRain@lemmy.worldM to Housing Bubble 2: Return of the Ugly @lemmy.worldEnglish · 3 months agoFlorida 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.ukexternal-linkmessage-square26fedilinkarrow-up197arrow-down15cross-posted to: [email protected][email protected]
arrow-up192arrow-down1external-linkFlorida 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.ukSeattleRain@lemmy.worldM to Housing Bubble 2: Return of the Ugly @lemmy.worldEnglish · 3 months agomessage-square26fedilinkcross-posted to: [email protected][email protected]
minus-squareDiplomjodler@lemmy.worldlinkfedilinkEnglisharrow-up21·3 months agoReserves 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.
minus-squareRestrictedAccount@lemmy.worldlinkfedilinkEnglisharrow-up7arrow-down1·3 months agoThe 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.
minus-squareDiplomjodler@lemmy.worldlinkfedilinkEnglisharrow-up11·3 months agoThat doesn’t change anything about the responsibility of the current owners. If you own property you are responsible for the upkeep.
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.
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.
That doesn’t change anything about the responsibility of the current owners. If you own property you are responsible for the upkeep.