Condos forced to revert to apartments to survive [North Florida]
When a developer converts a building into condominiums, it’s taken as a sign of prosperity and success.
And when the wheels fall off the real estate market and condominiums languish back into apartments, it’s the opposite.
Those condominiums are “fractured.” In Jacksonville, more condominium owners are finding that when sales run out of steam in new condominium complexes, developers rent out adjacent units as apartments to pay the bills.
“If you bought a condominium in a development that’s yet to be completed, you are in a bad position. It’s just the times,” said Ray Rodriguez, owner of the Real Estate Strategy Center of North Florida. “Nobody’s going to buy a condominium when half the units are rentals. The resale values have been shot.”