Bulk Acquisition of Florida Distressed Condominiums
Unbridled development of Florida condominium projects from 2003 to 2007 and subsequent collapse of the residential real estate market have contributed to the latest trend in Florida real estate investment: acquisition of the fractured condominium. Investors in Florida fractured condominiums include a significant number of out-of-state companies. As these investors look to their primary legal counsel for initial guidance on such transactions, this article is intended to introduce the non-Florida attorney to the legal issues and concerns associated with the bulk acquisition of units in a distressed Florida condominium project.1
By 2007, development of condominium projects, both new construction as well as conversion of apartment communities, far exceeded demand. The real estate bubble ultimately burst, leaving in its wake hundreds of failed projects.