The Great Recession hit economically un-diversified Miami hard. Homes plummeted in value, and foreclosures ran rampant. Of course it helped if you were rich, and you had more money to cushion the fall. Or did it? Thousands of unresolved foreclosures still fatten court dockets, and real estate in Miami's less glamorous reaches remains in the dumps while desirable houses - like the $47 million record breaker - sell like water in the desert. But money doesn't solve your problems, as the poor rich folk who lost thirty Fisher Island condos (and counting!) to foreclosure since the economic crash learned the hard way, as reported by CondoVultures. The lesson learned here? Money sucks, and even the ridiculously wealthy can spend too much on that dream condo.
· 2 Fisher Island Condos Head To Foreclosure Auction [CondoVultures]