Complex owners’ dilemma: Condos or apartments? [South Florida]
With the real estate market showing little signs of revival, some condo converters are facing this dilemma: Should I keep trying to sell these units as condos, or just give up and go back to apartments?
The owner of the 450-unit Mizner Court at Broken Sound will wait until December to make that decision.
Owner Skip Stoltz says he’s lucky he has a choice. Unlike some developers, he has waited to file documents classifying the former Coral Harbor apartment complex as a condo. Closings haven’t yet taken place on some 80 contracts, either.