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Old 06-01-2017, 05:45 PM
 
32 posts, read 61,719 times
Reputation: 14

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I own a unit in very old building facing the bay in the Edgewater area. The building has a little over 30 units and there is an investor that is interested in buying the building. There are a few unit owners That do not want to sell. Is there a percentage that needs to be met in order for the building to be sold? What kind of questions should I ask when we meet we the investors? Thanks so much for any feedback
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Old 06-02-2017, 06:49 PM
 
Location: Coral Gables / Bonita Springs
1,672 posts, read 984,883 times
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80% of the owners must agree. If that happens, the remaining 20% get 'market value'.

Usually those that agree get 1.5x-3x more than what's the unit is worth, depending on the potential of the lot.

Where you are, most likely its a large developer so hold out for probably double the value, in my professional opinion.

It can take about 6 months to finalize so don't expect it to happen right away. You have to dissolve the HOA as well and any remaining leases have to be worked out. This type of deal does fall apart a lot so hang in there.
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Old 06-03-2017, 09:29 PM
 
Location: Doral
874 posts, read 682,789 times
Reputation: 535
Here's a good article on the subject, but seriously, you should be seeking solid legal guidance from a lawyer, not just random real estate agents.

https://soflcooperator.com/article/d...ondos/full#cut

Also, this article doesn't address what happens when the building falls into receivership (similar to bankruptcy) where the courts start to take control when there's not enough funds being collected to fund the operations of the association.
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