You may have seen the headlines: “Condo owners plead for fix to forced apartment sales” and “Investors besiege condo owners”.
Governor Scott, Tampa Bay legislators, and the local media are calling for action on an issue involving fractured communities. The residents of fractured communities can be owners or renters. Many of these properties were built as apartment communities and were converted to condominiums in the lead-up to the recession. Many of the conversions were unsuccessful because a large number of the units were never sold. Today, some apartment companies are buying these distressed properties at “bargain prices” and “reverting” them to rentals. These transactions become complicated with unit owners living next to renters and property managers co-existing with weak condo associations that are in financial trouble.
Unit owners are complaining to government officials and the media that they are being forced to sell their units at prices far below what they paid.