FLORIDA – “Threatened” Boynton Beach condo owners sue takeover company

The Palm Beach Post:  “Threatened” Boynton Beach condo owners sue takeover company
By Kim Miller
June 16, 2014
Owners in a Boynton Beach condominium community are suing a company that is trying to turn the development into apartments, saying they were “threatened” and told that they should sell to the company or lose their homes no matter what. Via Lugano, which suffered huge drops in property values after the real estate bust, now has 90 percent of its units owned by the Newtown, Mass.-based Northland Investment Corp. A state condo termination law gives the company the ability to turn the units back into apartments, but it must offer fair market value to owners or give them a share of the new converted complex in exchange for their units.The Palm Beach Post first wrote about the owners’ dilemma in September when the company owned about 77 percent of the units. The lawsuit filed last week, says the firm now owns 90 percent.  Read more:http://realtime.blog.palmbeachpost.com/2014/06/16/boynton-beach-condo-owners-threatened-by-takeover-company/

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