Showing posts with label when not to buy real estate. Show all posts
Showing posts with label when not to buy real estate. Show all posts

Sunday, August 02, 2009

The perfect setting for a horror story...


Thirty floors of luxury all to yourself doesn't sound too shabby at first but a new jersey family can tell you differently. They are all alone in a 200 unit condo building because everyone else failed to close on their unit or moved next door.

Shining-esque surprises like knocks on their door at 11pm, lounge chairs in the pool and a sign in sheet where the last entry was made over 6 months ago just up the creep factor for the poor family of five.

This is one of the stranger unintended consequences of the housing bust that I have read about. Not everyone goes into foreclosure and many people keep their commitments but when a whole building remains vacant it's both economically and psychologically frightening.

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