If we look at the waterfront beautiful high rises, especially in Sunny Isles, we can see that most of them are empty.
The problem is not the cost, especially in today’s residential real estate market, the prices have fallen. The problem is the too large inventory and the developers and associations just cannot support the high maintenance and insurance costs of empty buildings.
In fact, if we look at a well established condo building, selling is not a problem, even at a higher price, because the costs are shared by a solid base of residents.
One thing is when the developers are still running the association; another is when the owners cover the expenses with the maintenance income.
The Governement needs to direct some of the funds to real estate market and regulate the lenders, this will help get rid of the too large inventory and start the market again.
Contributed by MLR Realty
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