Sheila Ryan paid dearly for her front-row seat to the boom and bust of South Florida’s condo market.
She put down $239,900 in 2006 for what she thought was a gem, a one-bedroom condo near downtown Fort Lauderdale. Little did she know that would be the peak of the condo market.
Over the next two years, investor-owners walked away from nearly half of the 20 units in her complex. Taxes went up and condo association fees rose to $350 from $180 a month for the owners who remained.
As Ryan paid more, the recession cut into her income as a massage therapist.
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