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New Condo Law in Florida

June 30, 2007

pier550.jpgOn June 7th, I first reported about a proposed new law that will make it easier to redevelop existing condominium projects.  The proposed law has now been signed by Governor Charlie Crist.  The new Condominium Termination Law will affect about 1.5 million existing condominium owners.  Most directly affected will be the oldest waterfront condominiums.  These older condos in prime waterfront locations have always been sought after by developers looking to build new projects.  In the past many developers have bought out the existing owners and were often forced to pay high premiums to holdouts that refused to sell.  In the past condominiums could not be bought out unless every owner was willing to sell.  Under the new law only 80 percent of the owners will be required to give consent to sell.   Condominiums in Sarasota that are most likely to be affected are Pier 550 on golden Gate Point, Sarasota Harbour East and Sarasota Harbour West. 

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