Many original owners are simply letting their units go in foreclosure and moving away. This actually makes sense as units purchased before the realty bubble burst are just a monthly drain on their owners and it will be many many years before they can be sold anywhere close to what the original purchase price was.
So congratulations owners, you now own a condo in a rental property and remember that 56 condos remain unsold and are rented out by the developer. The developer actually owns 1 additional unit which is titled under Nautilus 708, LLC. This is the condo they bought back from me in January for $93,000.
For those who do not follow the blog regularly you might wonder why they bought #708. They did so because I was running for the BOD on a firm platform of getting rid of Concord Mis-Management LLC and getting both a decent management firm and also a lawyer who was not in the hip pocket of the developer and Concord. Now I am gone, and glad to be gone, and they can keep Concord for another 3 year contract.
