Holdouts from condo sales fear bill

Holdouts from condo sales fear bill

Some Florida condo owners are fearful of legislation that they say could make it easier for developers to force them to sell their properties.

Right now, many condo projects are safe from a hostile purchase by developers because of contracts that say all owners within the project must agree to a sale.

In particular, those contracts have protected aging waterfront condo projects that are targeted by developers who want to buy them, tear them down and build vastly more expensive and profitable new condos in their place.

The bill, now sailing through the Legislature, would allow a developer to buy a condo complex if only 80 percent of owners agree. The sale could be blocked, however, if more than 10 percent of owners oppose it (some owners may not be present for a vote but still oppose the sale.)