They get sold for cash, and prices plummet.
In Florida, there are condos that were $200K a few years ago that were recently $30K-$40K.
I knew someone that wanted to give a damaged unit away, just to get rid of it. The monthly assessment was up to $600+ a month, and it had been hurricane damaged.
There are local condo complexes that are headed for trouble, especially conversions.
There are lots of foolish “investors” who have more money than brains. Some things never change, greed is one of them.
It’s also harder to finance a condo bought as a rental property vs. primary residence.
