Condo owners across America are discovering that their supposedly affordable homes may come with an expensive catch: They can be extraordinarily difficult to sell.
Soaring homeowners association fees, costly special assessments and insurance problems are scaring off buyers and making it harder for some to obtain mortgages — leaving existing owners stuck in properties they no longer want, MarketWatch reported.
Will Hudson, 43, bought a two-bedroom condo in Golden, Colorado, sight unseen for $260,000 in July 2024, according to the outlet.
The public employee had previously lived in the complex in his 20s and hoped to return to a place he remembered fondly.
Instead, he now calls the purchase “the greatest mistake of my life.