[quote=4plexowner]edit: just re-read your post – you are suggesting that the banks will foreclose on the construction loans and will let 11,000 condos sit vacant until the market recovers?[/quote]
Never underestimate the stupidity of banks!
I imagine what will happen is that they will hold on to the condos as long as they can, hoping the market will come back. Then they will probably declare bankruptcy or fail and close up shop. During the prevailing auction, someone will buy the condos for pennies and then will have to spend money re-habbing it for sale or for rent.
In this scenario, it sounds like the condos won’t hit the general population until a few years.
If the banks were smart, they would dump them on the market and just take the hit, but so far, all the banks with huge numbers of properties have not followed that particular line of thinking.
