Home Groan

It's the tops in Florida. And the banks are eating it up.

She bought her unit in November 2005 — just after the market peaked — for $185,000. "Of course it was in its heyday," Collins says, as her yellow-and-gray-flecked cockatiel Sunshine perches on her shoulder. She says she needs to sell for $270,000 to pay off the debt she has taken on. She held an open house this past Father's Day. No one came.

"I don't believe in the American way," says Collins. She tried to refinance her mortgage, but the original lender, Countrywide, told her the loan had been sold to a third party. She can't renegotiate the terms. "I'm sick of loans. I remember, growing up, with my dad — if you couldn't pay for it in cash, you didn't buy it."

But that was a different time. The story in Sunny Isles Beach, says local real estate analyst Jack McCabe, "is a great metaphor for the correcting market and for the kind of speculation that's been going on. It hasn't even started yet. These foreclosures are going to multiply as the new buildings are being finished.... Miami is the most overbuilt condo market in the country."

« Previous Page
 |
 
1
 
2
 
All
 
My Voice Nation Help
0 comments
Sort: Newest | Oldest
 
Miami Concert Tickets
Loading...