What can you do if you are stuck in condominium you can’t sell? In resort and vacation destinations, some owners may be able to wring more income out of a property with short-term rentals to vacationers than from a long-term tenant, if condo association rules permit. Some popular areas for vacation condo rentals include Orlando, Fla.; Cape Cod, Mass. and Los Angeles according to HomeAway.com, a website that links property owners and managers with travelers
In some gentrifying neighborhoods of Boston, for instance, where condo conversions of the city’s storied triple-decker row houses were rampant in the last decade, many owners now find they can’t sell their units, partly because of tougher lending requirements by government-sponsored mortgage backers including the Federal Housing Administration, some real-estate experts say.The new rules, enacted recently to help forestall rising foreclosures, mean many condo projects no longer qualify for financing by some GSE-backed mortgages because they require more information about the financial soundness of the entire condo project than in the past.
By Michal Czerwonka, Oct 29, 2010 WSJ