The Real Deal Miami

Squatters in luxe condo

June 20, 2008 11:13AM

The manager of The Club at Brickell Bay discovered signs that someone had moved into a foreclosed 33th-floor unit, evidence of the latest headache stemming from a huge rise in mortgage defaults in some of Miami’s priciest condominiums. Other problems arising from the housing bust include fake landlords leasing units they don’t own, pocketing deposits and rent from unsuspecting tenants. There has also been a sharp rise in vandalism and burglaries. Investor-owners are also getting into the illegal hotel business and renting to tourists by the day, undercutting local hotels at bargain rates.