FLORIDA – Condo Owners Fight to Keep Their Homes
Clearwater, Florida — Palm Harbor condo owners being forced to sell their units at a price determined by a multimillion dollar corporation are fighting back. They were in court on Monday, taking steps to try to prevent the forced sale.
This is all happening because of a loophole created by the Legislature that allows a group of investors who buy 80 percent the units in a condo complex to force a sale of everyone else in the complex, even if those owners don’t want to sell. Additionally, the investors in the corporation can buy the condos at a so-called “fair market” price, which for many people is below what they actually paid for their homes.
Stephanie Krasowski, who owns a condo at Madison Oakes in Palm Harbor says, “This affects anybody in Florida, and people who own condos out of the state who are unaware of what the bulk buyers are trying to do, by eliminating and terminating the condo associations. Read more: