Condominium. For many, the word conjures up images of luxurious living, with all the amenities and niceties of life.
For decades, condominiums have represented an affordable option for homeownership for America's working class. However, according to the Washington Post, an ongoing financial crisis is currently putting condo ownership across the United States at risk. While developments thrive in trendy neighborhoods, other communities are in a state of turmoil. Foreclosures, and a spate of related lawsuits, are on the rise.
At present, there are dozens of condominiums going up throughout central Florida, representing thousands of units - the most robust growth in nearly a decade. Not everyone is cheering these developments, however. In fact, many industry experts expect the furious pace of new construction to lead to a rash of lawsuits over construction defects and are advising prospective buyers to be wary.