Opportunities for the United States condominium foreclosure market to provide amenable affordable housing options: The case of Tampa/Hillsborough, Florida

Abstract

Residential foreclosure has been a serious issue during the recent economic recession in the United States, with a profound impact on individuals, households and communities. Various programs are being advocated and implemented to alleviate vacancy problems associated with concentrated foreclosures. This article explores how foreclosed condominiums might help provide affordable housing opportunities in urbanised areas of the U.S. We compare the selling prices of foreclosed and non-foreclosed condominiums in Tampa/Hillsborough, Florida, and then follow up with a neighbourhood study for four selected condominiums to assess their potential as amenable affordable housing options. It is found that foreclosed condominiums, although they do not have an overall statistically significant discount in market price, do show promise for potential affordable housing provision. The article contributes to the current discussion on foreclosures, vacancy and neighbourhood decline issues, and it especially seeks to offer policy implications in markets with a large stock of vacant condominiums but not enough affordable housing. However, the paper also acknowledges potential obstacles facing local communities when converting foreclosed condominiums into affordable housing.

Revitalisation of open spaces, changing centralities and neighbourhoods, and the importance of spatial planning for climate change adaptation

“…Higher satisfaction levels pertaining to the built environment may show a harmony between residents' actual situation and their preferred housing conditions, whereas lower satisfaction levels could indicate the opposite. This has already been discussed in Urbani izziv by Clinton Aigbavboa and Wellington Thwala (2014), Bijaya K. Shrestha (2013), John Gibson andYanmei Li (2013), Yung Yau (2015), and Bojan Grum and Darja Kobal Grum (2015). In their article "A model of real estate and psychological factors in decision-making to buy real estate, " Grum and Kobal report that people with a higher level of satisfied needs are more satisfied with their real estate and that people with a higher expression of the desire to gain recognition or better social status decide to buy real estate in order to improve their social status and prestige.…”

Absorption Rate as a Tool for Assessing the Dynamics of Development Activity

“…The cyclical nature of the real estate market, i.e. maintaining demand, supply and prices during periods of recession, recovery, etc., has been widely recognized in the literature (Mueller, Pevnev, 1997;Mueller, 2001;Pivo, 2006;Reed, Wu, 2010;Gibson & Li, 2013;Glaeser, 2017;Żelazowski, 2017;Gelain, Lansing, Natvik, 2018). During the oversupply of space, the demand for new space decreases, increasing the number of vacancies.…”