While we are all starting to enjoy what is looking like a resurgence in condominium development and sales in South Florida, the courts are just getting to addressing issues that arose during the heart of the burst bubble, when unit owners were upside down, not paying their condominium associations’ assessments and not paying their mortgages. In two recent cases, the associations elected to foreclose on their condominium association liens and take title to the units while the mortgage foreclosure actions were still pending.
Whether it be rental or retail, the real estate market is buzzing and it has everyone moving again. During the residential condominium market boom, several buildings were converted from rental to condominium, thereby reducing the supply of rental units on the market. The long-established developers that were able to make it through the recent storm, coupled with international investors’ thirst for Miami, has created a mini-boom for new rental apartment buildings in the city.