Real Estate Market Impacting Condo Craze
Thursday, January 24, 2008 1:18:06 AM
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13 CENTRAL FLORIDA NEWS
After a one day dip, stocks rallied Wednesday, closing up 300 points.
However, concerns over the economy continue. Here in Central Florida, it's condos that are bringing some concern.
Condo owners are now renting out their units.
One realtor blamed this trend on the high rate of foreclosures in Central Florida. With so many more renters, he said condo owners are getting desperate.
"Owners in wild, wild west mentality, essentially throwing in units that would rent for $2,000 a month. Now they rent for $1,500 a month, not doing background checks or taking security deposits," said Daniel Coombs from www.OrlandoRentals.CC
Coombs believes the market will eventually rebound. He estimates that could happen within the next 18 months.
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