FLORIDA – Palm Beach Gardens investor backs off threat to dissolve condominium association, force out elderly residents
“So I’m glad, I’m glad it’s not going to happen,” said David Israel, president of the United Civic Organization, which acts as property manager for Century Village. Israel said people were in a panic when Kelly sent 71-year-old Nancy Salmi a letter in March, saying, “I am in the process of taking steps to dissolve the association of Sheffield O, whereby all of the apartments that I do not own would be forced to sell to me at the Palm Beach County appraiser’s value.”
“I mean, that’s really a threat,” Salmi said in July. Salmi and others in the longtime retirement community said they were scared because, according to Florida law, if an investor like Kelly owns 80 percent of the units, he can legally force the other homeowners to sell. The law was originally intended to let investors take over hurricane-damaged buildings and rebuild, but has been used in recent years to snap up lower-priced properties – which often belong to the elderly – and resell or rent at a profit. Read more:
Posted on August 19, 2015, in Uncategorized. Bookmark the permalink. Comments Off on FLORIDA – Palm Beach Gardens investor backs off threat to dissolve condominium association, force out elderly residents.