The Real Deal Miami

Family members face difficult decisions in down market

December 17, 2008 02:00PM

In the current distressed real estate market, people who inherit
condominiums face a tough choice about whether to refuse to take the
condo, sell it at a low price, rent it out, or keep it and pay thousands of dollars in taxes, assessments and a mortgage. Kitchen and bathroom upgrades
can help condos be competitive for sale even in a market with a lot of
unsold inventory. Condo associations may also allow owners to
rent out units, even if renting is not usually allowed, to keep units
that would sell for very low prices off the market until conditions
improve.