FLORIDA – Owners face losing condos in Kissimmee
ccfj.net: Owners face losing condos in Kissimmee
Article Courtesy of The Orlando Sentinel
By Mary Shanklin
Published June 2, 2017
Polk County resident Laurel Harris and a handful of Legacy Grand condo owners — including a few full-time residents — have been put on notice by their association that the Kissimmee property is becoming a hotel.
The main reason the condo association at Legacy Grand is able to transition the condo property into a hotel, against the wishes of some owners, is that an ownership group holds more than 80 percent of the units and controls the association.
The “takeover,” as Harris and her attorney call it, is a new twist on something that has been happening in Florida for years: Investors bought apartments at the height of the real estate market and tried to sell them as condos. But the real estate market crashed and left the buildings largely empty. Throughout the state, investors who accumulated large shares of units have been able to pressure the few remaining owners into selling so they could control the entire property. Read more: