Ft. Lauderdale Condo Complex Abandoned After Foreclosures Hit - cbs4.com: "FORT LAUDERDALE (CBS4) When CBS4 News cameras first toured the property at the New River condos in Ft. Lauderdale back in November, we saw months' worth of garbage piled up and residents furious about living in filth.
When CBS4 Reporter Carey Codd went back in early April, the garbage bags were gone. And so were the residents.
New River Condos, located at 510 N. 24th Avenue, appears to have fallen victim to the foreclosure crisis. The complex, which has more than 50 units, is a haven for the homeless and a burden to the people who still own units there."
----------
This isn't the first condo complex to be abandoned, and it won't be the last. Thanks to Fred Pilot for the link.
2 comments:
I thought one of the purposes of CIDs was to prevent such blight. Now we have an instance of a CID caused blight, with many more no doubt to come.
This story isn't so much about CIDs but rather condominiums. It illustrates Tyler Berding's theory of condominium obsolescence -- as condos are currently constructed and managed -- which tends to be accelerated at the low end of the condo market during a real estate downturn.
Post a Comment