Urbani izziv Volume 24, No. 1, June 2013
: 90–106
(Articles)
UDK: 365.24(735.964.1)
doi: 10.5379/urbani-izziv-en-2013-24-01-001
Author
Huston John GIBSON
Kansas State University, Faculty of Regional and Community Planning, Department of Landscape Architecture/Regional and Community Planning, Manhattan, Kansas, USA
hgibson@k-state.edu
Yanmei LI
Florida Atlantic University, Faculty of Urban and Regional Planning, School of Urban and Regional Planning, Ft. Lauderdale, Florida, USA
yli22@fau.edu
Title
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.
Key Words
housing affordability, condominiums, United States foreclosure market