CIRCL

   Back in the mid -1960’s, when the condominiums were born, they were meant to become an affordable housing, alternative to the traditional homes. Just because of their low prices, many rented aspired for the better quality living arrangements and bought a condo unit. Over the time, Condos became pricey due to a substantial increase in their construction and sales, driven by demand fueled by the low-interest rates. The industry eventually becomes saturated with many condo units, which caused two major economic crashes in the history. Condos markets became saturated as the pool of available buyers dried out. This placed the condos complexes in the precarious position of having unsold units not contributing to monthly maintenance dues. The empty units were eventually rented out. Consequently, many such complexes became a mixture of condo owner- residents and renters. In the condos ownership arrangement, all unit owners strive to ensure that the condo complex i...