Desperate times, desperate measures for condo associations
(dailybusinessreview.com)
2008-07-22
As bills mounted and revenue shrank, the board of Miami Beach’s luxury Bentley Bay condo knew it had to take drastic action.
Facing a spike in delinquencies and the need to pay the bills, the Bentley’s condo association opted to take a hard line with lenders that took over units there — many from investors who went into foreclosure.