Who are the owners of the Florida condos?

Last year, the complex was sold to a group of investors calling itself Madison Oaks Partners. They said the condominium “failed,” and claim they are within their legal rights to buy out the current owners at “market value” and convert the condos back into rental apartments.

Where can I find list of recently sold homes in Florida?

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Can a condominium owner in Florida be forced to sell?

Florida state law used to require that 100 percent of owners approve termination of a condominium agreement, but an amendment to that law in 2007 dropped that to 80 percent. It did stipulate, however, that if 10 percent of owners disapproved, the termination could not move forward.

Why was Ricky Penna forced to sell his condo?

Ricky Penna stands to lose more than $100,000 on his condo and could be forced to pay taxes if his mortgage lender considers it a short sale, that is, agreeing to take less than Penna currently owes on his mortgage. He and his wife used to use the condo as a vacation home, but moved into it full time last year for their retirement.

Where are the condos in Palm Harbor Florida?

Schafer is referring to a group of investors who recently bought 80 percent of the condos in her development, Madison Oaks in Palm Harbor, Florida.

Why was the condo law passed in Florida?

The amendment to the Florida condo law was passed, ironically, to protect homeowners from natural disasters, such as hurricanes. At the time, few could foresee the economic disaster that would blow through Florida and the rest of the nation.

What happens if all the owners decide not to build a condo?

Usually, such a vote is also subject to the rights of the institutional holders of first mortgage liens (even if all the owners decided not to build, if those same owners have all mortgaged their property, their lenders will override the decision—you borrowed their money, after all, and that money is secured by the property).

Can a hostile takeover of a condominium association?

In most cases, a condo “deconversion” – also knows as a condo takeover – is initiated by real estate investors that purchase 75-80% of the units and then vote to terminate the condominium association, usually forcing remaining unit owners to sell their condos and vacate, or rent them back from the new apartment owners.

What happens when you sell a condo unit?

Selling a piece of pro (Continue reading) , Owns a condo unit and understands the fundamentals of condominium law. As far as your actual unit is concerned, you still own it even though it may not be tangible. A percentage interest in the remaining common elements. A percentage interest in the common expenses.

Who are the owners of a condominium building?

In a condominium (commonly known as a condo) some parts – your residence – are owned privately, while others – common areas – are owned collectively by all of the condominium’s residents. A less technical way to think of a condo is an apartment that you own.

Why did Etobicoke condo project go into receivership?

(John Lancaster/CBC) About 200 people who bought condo units in an Etobicoke high-rise project may lose their homes after the development was placed into court-ordered receivership due to massive financial problems.

Are there any condos that have failed in Toronto?

Lash says while “it’s rare” for condo projects to fail in Toronto’s red-hot housing market, buyers should always “research the developer. There are resources do your due diligence when you’re buying.”

Are there any downsides to owning a condominium?

There are some potential downsides to owning a condo. For example, even if you don’t use your condominium’s amenities, you still have to pay for them. You also pay for the maintenance on the grounds and any communal spaces in the complex.

Schafer is referring to a group of investors who recently bought 80 percent of the condos in her development, Madison Oaks in Palm Harbor, Florida.

Can you live in a condo in Florida?

I know for certain that for some people, these annoyances would be enough to get them to leave. Years ago when I sold homes in a Florida active adult community, I saw people that lived in condos come in every month and buy houses after realizing they could not hack condo living for one reason or another.

When was the condo we live in built?

The condo we live in was built in 2003 so I thought condo construction practices had evolved to the point of eliminating this pesky problem, but apparently not. Everyone gets along here at the condo, but I think everyone has moments where they wish the people above them would just stop moving around.

Can a co owner of a property be forced to sell?

So selling property shares like this isn’t a feasible option unless the co-owner knows and likes the new co-owner. However, in some cases– such as within a marriage –the right to sell co-owned shares of property is suspended. Getting the Court to Force a Sale

Can a married couple own real estate in Florida?

Tenants by the Entirety Married couples under Florida law are allowed to co-own residential real estate as “ tenants by the entirety. ” This means that title to the real estate is in both of their names. When either spouse passes away, the surviving spouse automatically becomes full owner of the entire interest in the real estate.

Is it good to have fractional ownership in Florida?

It can be a significant expense and requires a lot of care and maintenance, but luckily there are other options. If you want the convenience and comfort of a vacation home, but none of the hassle at a fraction of the cost, Florida fractional ownership might be a good idea for you.

Who is the sole owner of real estate in Florida?

Banks, realtors, title companies, etc., correspondingly, all recognize Florida real estate held as “joint tenants with right of survivorship” as being the sole property of the surviving tenant when one of the owners passes away.

When did Madison Oaks condominiums become condos?

To us, it’s everything,” said Schafer, who said she owes more than $90,000 on her mortgage and is being offered just $40,000 by the investors. Madison Oaks began as rental apartments in the late 1980s, but in 2006, only moments from the start of the housing crash, developers converted the apartments into condominiums.

What kind of ownership does a condominium have?

A condominium is a form of property ownership involving multiple unit dwellings where a person owns his or her individual unit, but the common areas are owned in common.

Can a condominium be created before January 1, 1984?

The law allows condominiums created before January 1, 1984 to amend their declaration, bylaws, or surveys and plans to achieve any result CIOA permits regardless of what the applicable law provided before January 1, 1984 (CGS § 47-218).

What are the rights of unit owners under the Condominium Act?

2009-R-0123 CONDOMINIUM ACT-RIGHTS OF UNIT OWNERS By: George Coppolo, Chief Attorney You asked what actions unit owners can take under the Condominium Act to contest decisions and actions taken by the association of unit owners’board of directors.

What do you need to know about Florida’s condo laws?

The laws that govern Florida condominiums are different and take many rights away from owners. 1. The only qualifications for board membership is that a person needs to be breathing and not owe any money to the association.

What kind of ownership is possible in Florida?

The most common form of ownership, where more than one person owns an interest in Florida real estate, is called a “ joint tenancy ” and it is one of three kinds of ownership possible in Florida (the other two are “tenancy in common” and “tenancy by the entireties.”)

Are there benefits to owning a condo in Florida?

There are multiple benefits to becoming a condo owner if it suits your lifestyle. including condos on the beach and Florida condos for sale near the beach! It’s the perfect compromise between renting and owning.

Where to buy a condo in Orlando Florida?

If so, consider buying a condo in downtown Orlando. With tons of options on the market today, you can find “home sweet home” close to many of Orlando’s most attractive hangouts. Start browsing Downtown Orlando condo listings today. But don’t delay.

How old do you have to be to live in a condo in Florida?

There is no requirement that the remaining 20% of the occupied units be occupied by persons under the age of 55, nor is there a requirement that those units be used only for persons where at least one member of the household is 55 years of age or older.

Is a home bought before the marriage divided in a divorce in Florida?

Is a home bought before the marriage divided in a divorce? In a Florida divorce a pre-existing house is normally not marital property and therefore is not divided. One exception is if marital funds are used to pay down a mortgage, significantly improve the house, or are used to refinance the house.

Can you buy a house before marriage in Florida?

You could have bought the house 20 years prior to the marriage and paid for it in full prior to the marriage. Once you place your spouse’s name on that deed, you have provided them with a very generous gift. This cannot be reversed.

What was the value of the marital home in Florida?

Mrs. Kaaa appealed this ruling, seeking one half of the value of the passive appreciation of the marital home, the market-driven appreciation of the property. In other words, Mrs. Kaaa believed she was entitled to one half of the $212,128.54 in equity, and the Supreme Court of Florida said she was right.

Where did Lionel Messi buy a condo in Florida?

Barcelona soccer star Lionel Messi has reportedly continued his goal of snapping up property in the Miami area by paying $7.3 million for the entire ninth floor at Regalia, an ultra-luxury condominium development in the city of Sunny Isles Beach, Florida, according to The Real Deal .

How are condos sold in the United States?

To ease the process, the government in 1994 established a process called en bloc sales: With the consent of 90 percent of condo owners (since reduced to 80 percent), buildings can be sold in their entirety without engaging in costly and time-consuming negotiations with holdouts.

When did people start to live in condos?

Hell…people in England, France and Italy live in buildings which are HUNDREDS of years old and which have been inhabited continuously for most, if not all, of that time. Condominiums only came into the fore in the United States in the 1970s and 1980s. Prior to that most people lived in homes, apartment buildings or on rural farms and ranches.

Are there any condos that will be demolished?

Very few condo buildings will ever be demolished. Mostly all will continue to either get older or be updated with the agreement of the majority of the unit owners. Just like private homes, very few people decide they will tear down their home to build something new. I don’t understand why you consider these a losing investment.

Can a public housing complex be turned into a condo?

The rules vary on how a condo building can be redeveloped, but in practice it’s rare to see one leveled completely. In Washington, D.C., residents of a public housing authority complex have been stymied in their attempts to cash out on rising land values by a lack of unanimity about the sale to a developer.

Why did Jackie Schafer have to sell her Tampa condo?

Jackie Schafer is not behind on her mortgage payments, and despite owing more on the loan than her Tampa area condo is worth, she has no desire to move. She wants to stay and pay, but she still may lose everything. “I thought this was something that I would have, and eventually it would be paid off,” said Schafer.